Advanced Tires Market: Introduction
- An advanced tire is manufactured by using a combination of different types of rubber. Advanced tires are airless; therefore, they do not puncture and hence, reduce the maintenance cost of vehicles. Advanced tires offer super grip even when the vehicle is moving at higher speeds. Moreover, advanced tire technology enhances functioning and performance of tires by means of sensing the conditions of roads.
- Technological advancements adopted by major tire manufacturers, in terms of vehicle tires, are anticipated to propel the global advanced tires market. Major tire manufacturers are anticipated to increase investments toward R&D of advanced tire technology during the forecast period. This, in turn, is expected to drive the global advanced tire market. For instance, major tire manufacturers, such as Goodyear and Michelin, have already introduced concept advanced tires.
Key Drivers of Advanced Tires Market
- Increase in consumer preference toward premium cars and connected car technologies is estimated to fuel the demand for advanced tires across the globe. Connected car technologies such as tire pressure monitoring system and self-inflating tire technologies enhance the safety of vehicles. Advanced tires technologies, such as chip-embedded tires, self-inflating tires, multi-chamber tires, and all-in-one tires, are expected to increase the vehicle convenience significantly. Furthermore, the aforementioned technologies help increase the durability of the tire through real-time tire pressure monitoring.
- Increased focus of tire manufacturers on advanced technologies such as 3D printing, organic raw material, autonomous vehicles coupled with integration of sensors, and ECUs to monitor tire performance are expected to further boost the advanced tires market in the near future.
- Globally, several government organizations are increasingly enacting stringent emission regulation for automobiles, thereby compelling automakers to improve performance of vehicles and increase fuel efficiency. Advanced tires are produced in a way that the surface contact of advanced tires is less than that of other type of tires, which reduces the friction between tire and road; which in turn increases vehicle fuel efficiency. Ongoing new product developments by leading tire manufacturers are likely to further propel the advanced tires market during the forecast period.
Advanced Tires Market: Restraint
- Advanced tires depend on sensors, computing devices, and monitoring devices for their operation. This increases the cost of tires.
- Additionally, the commercialization and mass production capacity of advanced tires is limited to a few players in the tire industry. The setup for manufacturing advanced tires requires high investment. High initial cost required to manufacture advanced tires is likely to hinder the advanced tire market globally.
North America and Europe Cumulatively to Account for Prominent Share of Global Advanced Tires Market
- In terms of region, the global advanced tires market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- North America and Europe have presence of economically stable countries. These regions are also home to technologically advanced research institutes catering to the development of advanced tires. Additionally, major tire manufacturers have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France. Several new players emerging from these regions are focused on the development of advanced tires. All the factors mentioned above contributed to the major share held by these regions in the global advanced tires market.
Key Players Operating in Advanced Tires Market
The global advanced tires market is concentrated owing to the presence of top manufacturers. A few key players operating in the global advanced tires market are:
- Continental AG
- Hankook Tire
- Toyo Tire
Global Advanced Tires Market: Research Scope
Global Advanced Tires Market, by Vehicle Type
- Agricultural Tractors
- Construction & Mining Equipment
- Heavy Duty Vehicle
- Industrial Equipment
- Light Duty Vehicles
Global Advanced Tires Market, by Material Type
- Natural Rubber
- Synthetic Rubber
Global Advanced Tires Market, by Type
- Pneumatic Tires
- Run Flat Tires
- Airless Tires
Global Advanced Tires Market, by Technology
- Chip Embedded Tires
- Self-Inflating Tires
- Multi Chamber Tires
- All In One Tires
- Tire Pressure Monitoring System (TPMS)
Global Advanced Tires Market, by Region
- North America
- Nordic Countries
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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