Advanced tires market have become the need of the hour as the automotive sector is witnessing a constant surge in innovation. The industry demands a sync between the advanced features of a car and its tires for better performance. This is providing substantial ground to the global advanced tires market to gain 10.8% CAGR during the forecast period (2018-2023). Market Research Future (MRFR) claims that the market can achieve a valuation of USD 298 million by the end of 2023.
Factors like high integration of advanced technology in the automotive sector, hike in the manufacturing of luxurious automobiles, changing automobile industry in the APAC and North America are influencing the global market considerably. However, the industry is benefitting much because of the high initial investment associated with it. Also, the mass production is a bit difficult which can hinder the expected market growth.
MRFR segmented the global advanced tires market by on-highway vehicle type, off-highway vehicle type, material type, and type.
Based on the on-highway vehicle type, the advanced tires market includes LDV and HDV. The LDV segment has the maximum of the market share and is expected to dominate the market during the forecast period. Meanwhile, the HDV segment is touted to record the higher CAGR during the forecast period.
Based on the off-highway vehicle type, the advanced tires market comprises agriculture tractors, construction & mining equipment, and industrial equipment. The agriculture tractors segment dominates the market, whereas, the mining equipment segment is deemed to enjoy the maximum growth during the forecast period.
Based on the material type, the advanced tires market consists natural rubber, elastomers, synthetic rubber, steel, and other materials. The natural rubber segment has the maximum market share and it can achieve considerable heights by attaining considerable CAGR during the forecast period. Meanwhile, the synthetic rubber segment has the potential to reach out to a robust customer base at a faster speed.
Based on the type, the advanced tires market can be segmented into pneumatic tires, run-flat tires, and airless tires. The pneumatic segment is anticipated to grow faster as its load-bearing capacity makes it the choicest preference for many industries. The run-flat tires segment is touted to grow with the faster CAGR during the forecast period.
MRFR segments the advanced tires market on a region-scale into the Americas, Europe, Asia Pacific, and the Middle East & Africa. North America’s global market share is outdoing its peers and the market would remain the same during the forecast period. High per capita income and increasing sale of automotive are driving the market ahead. At the same time, the revamped automotive sector is also providing a much wider scope for the regional market expansion.
Europe’s market is witnessing a surge as the robust automotive infrastructure is expected to drive the regional market’s growth ahead. The APAC, on the other hand, is witnessing the boons of developing economies and rising per capita income which is spurring the regional market growth.
There are several companies who are engaging in a fierce competition to stay ahead of the rest. This competition witnesses several strategic moves getting deployed and, in their attempt, they also take the entire advanced tires market forward. MRFR, while discussing the market, integrated profiles of companies like Michelin (France), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), Continental (Germany), Goodyear (US), Pirelli (Italy), CEAT (India), Bridgestone (Japan), and Toyo Tire (Japan).
In 2019, Goodyear is planning to launch their concept tire for flying cars that would work both on the road and as propeller in the air. The concept has been named AERO which would use a multimodal tilt-rotor concept and magnetic propulsion with AI to support seamless performance.
In February 2019, Firestone announced the extension of their supplier partnership with NTT INDYCAR series till to 2025. This extension would allow more integration of the advanced tires and allow research and developments to prosper.