Inevitably, tires are one of the most essential commodities in the automotive sector. The automotive sector comprises of innumerable vehicles working on motors and all of these vehicles are supported by respective tires. The development in the rubber industry has emerged with the innovative option of tires. Different terrains demand different tires, therefore, the tire companies are coming up with relevant products. Advance tires have a range of products including but limited to mud terrain tires, pneumatic tires, run-flat tires, tubeless tires, and airless tires. The growing demands in the automotive industry all around the world are the major growth driver in the global advance tires market. The production of a motorized vehicle surpassed 91 million units in 2018 and the demands and production are still on a rise. Considering the exuberant volume of production, it is evident that the segment will demand a significant number of tires which will subsequently benefit the global advanced tire market significantly. Robust investment for the development of advance tires is shaping the advance tires market place. Top companies active in the advance tire market are competing over digitally developed tires that are economically sustainable, environment-friendly, and gives optimum performance. A few of the companies are also leveraging up on the 3D printing technology to develop advance tires with minimal resources and wastage.
The demands of tires are cyclic which tremendously impacts the advanced tires market which held the global market size of $150 million in 2018. Foreseeing the rampant demands in the automotive industry, the opportunities in the global advanced tires are expected to grow at an above-average CAGR of 17.66% during the forecast period 2019 to 2025.
North America: Most Lucrative Advance Tire Market
The North American region was observed as the most productive region in the global advance tire market and was accounted for 20.32% of the total market share in 2018. The presence of some of the most developed economies such as the United States and Canada is a factor resonating the advance tire market growth. Additionally, the autonomous and electric vehicle ecosystem in the region is witnessing a remarkable growth due to the presence of top companies such as Google, Uber, and Tesla. Since the research and development are comparatively high in North America, therefore, the innovation rate here is greater than other regional demography. Thus, the rapid adoption of emerging technologies and a massive consumer base are the aspects supporting the growth of advance tires market in the region.
Application Analysis in the Advanced Tires Market
On-highway tire application was observed as the most rewarding application in the global advance tires market. The demand for on-highway tire application is poised to grow at a double-digit CAGR of 18.66% during the forecast period. The increased production of different variants in light-duty and heavy-duty vehicles are responsible for the heavy application of the on-highway tires. Further, the demands for on-highway tires are expected to surge owing to the growing production of premium segment vehicles which will ultimately support the global advance tires market.
Growth Drivers in the Advanced Tires Market
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Advanced Tires Market Competitive Landscape
The companies influencing the advanced tires market are Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire and Rubber Company, Pirelli & C.S.p.A, Sumitomo Corporation, The Yokohama Rubber Company, The Hankook Tire & Technology Group, Nokian Tyres, Cavi Elettrici e Affini Torino (CEAT), and Toyo Tire Corporation.
OTR Tires Market
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