The Advanced Tires Market is projected to grow at a CAGR of 17.98%, during the forecast period, to reach a market size of USD 1,148.3 million by 2030 from an estimated USD 219.7 million in 2020.
Increasing premium car production and developments in connected car technologies are estimated to increase the overall demand for advanced tires across the globe. Additionally, the increasing focus of tire manufacturers on the advanced technologies such as 3D printing, organic raw material, and the autonomous vehicles is expected to further boost the demand for the advanced market in the future.
The advanced tires market is dominated by a few globally established players such as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland),CEAT (India) and Toyo Tire (Japan).
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The market in Europe is expected to grow at the highest CAGR for advanced tires, in terms of value, during the forecast period. Countries such as Germany, the UK, and France are the key markets for advanced tires. As per the German Trade & Invest (GTAI), Germany and the UK account for 35% of total premium car production worldwide. Furthermore, the adoption rate of connected technologies in automotive is high which is boosting the demand for advanced tires in Europe.
The pneumatic tires segment is projected to hold the largest market share from 2020 to 2030. Pneumatic tires are estimated to have a high installation rate in passenger cars as they deliver a better performance in terms of grip and movement of the vehicle. Additionally, pneumatic tires are easy to mass produce for all tire manufacturing companies with existing production capacity. Moreover, the high durability of pneumatic tires coupled with high load-carrying capacity fuels the demand for advanced pneumatic tires.
The LDV market is estimated to account for the largest market share. Increased production of premium vehicles in regions such as North America, Europe, and some countries from Asia Oceania along with an increased demand for connected technologies has resulted in the growing demand for advanced tires. Additionally, the high-end SUVs are also driving the demand for the advanced market as premium cars, and high-end SUVs are estimated to be the early adopters of advanced tires.
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The self-inflating technology is estimated to show the fastest growth for on-highway vehicles during the forecast period. Increased production of commercial vehicles and demand for better tire performance in commercial vehicles are estimated to fuel the demand for self-inflating tires. The growing number of fleet management technologies in developed regions such as North America and Europe are expected to drive the demand for self-inflating tires further as they enable the vehicle to maintain tire pressure within a range which increases the tire durability. Additionally, safety and convenience needs in passenger cars will propel the self-inflating tires market providing a high growth opportunity for tire companies.
The elastomers are estimated to lead the advanced tires market by the material. The need for lightweight and durable raw materials will fuel the demand for elastomers. Also, the price fluctuations and a decrease in the production of natural rubber are estimated to hamper the tire manufacturing companies. This has led to the demand for elastomers.
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