As per Market Research Future (MRFR)’s analysis, the global advanced tires market is projected to strike a CAGR of 10.8% during the forecast period 2018 to 2023. The market’s valuation is prognosticated to touch USD 298.8 Mn mark by the end of 2023 up from USD 155.9 Mn in 2017. The strong value maintained by the automotive sector across the globe is likely to dictate the growth trajectory of the market over the next couple of years.
The developments in the global economy reflect on the growth of the automotive sector. In the past few years, the latest trend of demand generation for high-end automobiles has been witnessed and is projected to continue across the review period. This, in turn, is expected to drive the growth of advanced tires market in the foreseeable future.
Advanced tires facilitate in minimizing maintenance and replacement costs associated with conventional tires. Thus, it is forecasted to witness large-scale adoption in the forthcoming years. In addition, the integration of automation in the tire industry has paved the way for an increase in production of these tires. It is presumed to favor the expansion of the advanced tires market across the projection period.
By on-highway vehicle type, the global advanced tires market has been segmented into LDV and HDV. The LDV segment is currently leading the market. However, the HDV segment is likely to gain momentum and expand at a higher CAGR over the next couple of years.
By off-highway vehicle type, the advanced tires market has been segmented into agriculture tractors, construction and mining equipment, and industrial equipment. The mining equipment segment is poised to exhibit maximum growth in the foreseeable future and attract a larger customer base.
By material type, the global advanced tires market has been segmented into natural rubber, synthetic rubber, steel, elastomers, and other materials. Among these, the synthetic rubber segment is gaining popularity and is projected to exhibit a similar trend in the upcoming years.
The advanced tires market, by type, has been segmented into pneumatic tires, run-flat tires, and airless tires. Among these, the run-flat tires segment is anticipated to grow at a substantial CAGR across the projection period.
The global advanced tires market, by region, has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. North America holds the forefront position in the global marketplace over the assessment period. The strong economic growth rate of the region has facilitated to minimize the gap between demand and supply of advanced tires. In addition, the growing demand for luxury cars is expected to drive the growth of the advanced tires market in the region.
Europe is an important growth pocket projected to grow substantially in the forthcoming years. It has been projected to expand at a relatively higher CAGR through the forecast period. The growth of the regional market can be ascribed to the growing technological developments in the automotive sector of the region.
Some of the key players identified in the report are Continental (Germany), Michelin (France), Goodyear (US), Sumitomo (Japan), Bridgestone (Japan), Yokohama (Japan), Pirelli (Italy), Hankook Tire (South Korea), CEAT (India), Nokian (Finland), and Toyo Tire (Japan).
In January 2019, Falken Philippines, also known as M Far East Inc., has launched a line of three high-performance and all-terrain tires - WildPeak A/T 3W, WildPeak M/T 01, and Azenis FK510-SUV.
In January 2019, Gratomic, a leader in the mining and commercialization of graphite products, has announced the introduction of Graphene Ultra Fuel Efficient Tires (GUET).
In October 2018, Michelin North America (Canada) Inc., has announced its plan of investing USD 16 Mn at its Granton plant for supporting the launch of its 2020 winter tire.