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The industry landscape is continuously shaped by environmental concerns and technology breakthroughs, causing a substantial shift in market trends within the Advanced Tires sector. Advanced tires, sometimes called smart or intelligent tires, are becoming increasingly popular because of their capacity to increase overall safety, fuel efficiency, and vehicle performance.
The increasing integration of sensor technologies is one significant development in the advanced tire market. These tires have sensors that track several variables in real-time, including temperature, tread wear, and tire pressure. In addition to giving drivers vital maintenance information, the data these sensors gather also enables predictive analysis, which lowers the possibility of unplanned tire failures. This pattern aligns with the larger shift towards intelligence in the automotive sector.
An additional significant trend is the growing focus on sustainability. As environmental awareness grows in importance, tire producers are concentrating on creating cutting-edge tires using environmentally friendly components and production techniques. This covers the application of bio-based, recycled, and energy-efficient production techniques. The move toward sustainability satisfies legal demands for cleaner and greener automotive technologies and the growing consumer demand for environmentally conscious products.
The market trends for advanced tires are also being impacted by the increase in electric vehicles (EVs). Tire producers are adjusting by creating tires specifically tailored to the needs of electric vehicles (EVs). With these tires, the electric vehicle range is intended to be increased, rolling resistance is optimized, and energy efficiency is enhanced. As the adoption of electric vehicles soars across the globe's automotive sector, the market for innovative tires is lining up to be a key component of the sustainable mobility ecosystem.
Furthermore, the advanced tire market dynamics are being shaped by the idea of autonomous or self-driving cars. The development of tires that can interface with the vehicle's control system is receiving more attention as driverless vehicles become more commonplace. These smart tires can improve performance and safety by giving the car's autonomous driving system feedback in real-time. The auto industry's dedication to delivering a safe and smooth driving experience is demonstrated using cutting-edge tire technology. Along with these technological developments, industry participants are forming strategic alliances and collaborations to increase their market share.
The market trends in the Advanced Tires sector show how quickly this dynamic business is changing to meet shifting consumer wants, shifting regulatory environments, and expanding technology capabilities.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | New product launches and R&D Amongst major key Players |
Advanced Tires Market Highlights:
As per Market Research Future (MRFR)’s new analysis, the global advanced tires market share is projected to reach USD 406.44 Mn, at a CAGR of 10.8% during the forecast period 2022-2030.
Advanced Tires Market Snapshot:
Advanced tires are a result of various combinations of different types of materials. Generally, advanced tires are airless and have no chance of being punctured. Its surface contact area is less than other tires, which in turn increases the fuel efficiency of the vehicle. The grip of advanced tires is not lost when the vehicle is traveling at a higher speed and is less dangerous on wet roads. In addition, the advanced tire is a new technology that enhances the functioning and performance of the tires by sensing the conditions of roads.
The propelling market factors such as an increase in automobile production and stringent regulations toward vehicular emission are anticipated to propel the growth of the advanced tires market. However, fluctuating price of raw materials required for the production of advanced tires is expected to hinder the market growth. Further, the rise in concern for fuel efficiency and automobile safety offers a remarkable growth opportunity for the players operating in the market.
The staunch focus of the industry leaders and governments on the reduction of carbon materials is expected to catapult the advanced tires market on an upward trajectory in the forthcoming years. However, the inability of mass production coupled with high investment costs is predicted to restrict the expansion of the market over the next couple of years.
Advanced Tires Market Companies Covered:
Some of the key players operating in the global market are 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).
Recent Developments
The automotive industry has observed a robust growth in the last decade, mainly in China, the U.S., Japan, India, Germany, and the U.K. In its early stage, the global automotive industry was only concentrated in developed countries such as Japan, the U.S., and Germany. As the automobile industry becomes standardized, manufacturing facilities will focus on developing countries such as China, Thailand, and India. Recently, the automobile industry has been increasing due to speedy industrialization, which has led to an increase in the sale of commercial vehicles such as trucks, tractors, and trailers. Developing nations have witnessed a rise in demand and production of the automobile. For instance, India became the fourth largest automobile industry globally, with an increase in sales of 9.5% year-on-year to 4.2 million units. The automobile production rise in developing nations has led to increased production of automotive catalysts for emission control devices in automobile exhaust systems.
Advanced Tires Market Report Overview:
This MRFR’s report offers an outlook for global advanced tires market based on a detailed analysis of the key elements likely to influence the market foresight. A detailed segmental study of the market based on material type includes natural rubber, synthetic rubber, steel, elastomers, and other materials. By on-highway vehicle type, the market has been analyzed under HAD and LDV. The revenue analysis based on different types of off-highway vehicles covers agriculture tractors, construction and mining equipment, and industrial equipment. Furthermore, the types of advanced tires identified in the report include pneumatic tires, run-flat tires, and airless tires. The regional evaluation of the market encompasses Americas, Europe, Asia Pacific, and the Middle East & Africa.
Advanced Tires Market Report Coverage:
The report covers market dynamics, key developments, past trends, forecast, and market factor analysis which includes supply chain and Porter’s five forces analysis. It also presents market players’ share analysis along with revenue breakdown of market segments by region and a country-level analysis of each segment.
Advanced Tires Market Segmental Analysis:
Insights By On-Highway Vehicle Type
- LDV
- HDV
Insights By Off-Highway Vehicle Type
- Agriculture Tractors
- Construction and Mining Equipment
- Industrial Equipment
Insights By Material Type
- Natural Rubber
- Synthetic Rubber
- Steel
- Elastomers
- Other materials
Insights By Type
- Pneumatic Tires
- Run-Flat Tires
- Airless Tires
Insights By Region
- Americas
- Europe
- Asia Pacific
- Middle East & Africa
Advanced Tires Market Research Methodology:
MRFR leverages its industry expertise for drawing actionable insights into the market. A detailed qualitative as well as quantitative assessment of the market is extrapolated from data sourced through credible sources, including but not limited to, interviews, surveys, SEC filings, whitepaper references, etc. under primary and secondary research. A multi-level verification process eliminates deviations and discrepancies. Additionally, top-down and bottom-up approaches ensure the accuracy of the statistical observations available in the report.
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