Advanced Tires Market to Grow with a CAGR of 12.5% Globally through to 2028

The Global Advanced Tires Market is primarily driven by growing environmental concerns and regulations, pushing for eco-friendly and fuel-efficient tire solutions. Additionally, continuous technological advancements in tire technology, such as run-flat and self-inflating tires, as well as smart tire sensors, are bolstering safety and convenience, further fueling market expansion. 

 

According to TechSci Research report, “Global Advanced Tires Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Advanced Tires Market stood at USD 1.1 billion in 2022 and is anticipated to grow with a CAGR of 12.5% in the forecast period, 2024-2028. The global Advanced Tires market is witnessing significant growth, driven by multiple factors. Firstly, the increasing demand for fuel-efficient vehicles is a key driver, as consumers are increasingly conscious of the environmental impact of their vehicles. Additionally, rising safety concerns among consumers have led to a growing emphasis on advanced tire technologies that offer enhanced grip and stability on the road.

Moreover, technological advancements in the automotive industry, such as the advent of autonomous vehicles, have a profound impact on the demand for advanced tires. These vehicles require tires with advanced features like improved traction control and adaptive performance, further boosting the market growth.

Furthermore, government regulations and initiatives promoting the use of energy-efficient vehicles are playing a crucial role in driving the demand for advanced tires. As governments worldwide strive to reduce carbon emissions and promote sustainable transportation, consumers are incentivized to choose vehicles equipped with advanced tire technologies.

Lastly, the growing preference for high-performance vehicles, coupled with the increasing disposable income worldwide, fuels the expansion of the advanced tires market. Consumers are seeking tires that offer superior performance, durability, and comfort, leading to a surge in demand for advanced tire solutions.

In summary, the global Advanced Tires market is experiencing robust growth driven by the increasing demand for fuel-efficient vehicles, rising safety concerns, technological advancements, government regulations, and the growing preference for high-performance vehicles.  

 

Browse over 26 market data Figures spread through 91 Pages and an in-depth TOC on "Global Advanced Tires Market” 

 

The Global Advanced Tires Market is witnessing robust growth driven by a confluence of factors that are reshaping the automotive industry. These advanced tires, equipped with cutting-edge technologies and sustainable materials, are becoming increasingly popular among consumers and fleet operators. As environmental concerns and regulatory pressures intensify, the demand for advanced tires that offer improved fuel efficiency, safety, and reduced carbon emissions is on the rise.

One of the primary drivers of the Global Advanced Tires Market is technological innovation. Tire manufacturers are continually pushing the boundaries of tire technology, resulting in the development of advanced features such as low rolling resistance, run-flat capabilities, self-inflating systems, and smart tire sensors. These innovations are aimed at enhancing vehicle performance, safety, and convenience while meeting stringent environmental standards. Advanced tires are now equipped with smart sensors that provide real-time data on tire pressure, temperature, and tread wear, allowing for proactive maintenance and safer driving experiences.

Environmental sustainability is a growing trend in the automotive industry, and advanced tires play a pivotal role in reducing the carbon footprint of vehicles. Manufacturers are focusing on eco-friendly tire solutions by using sustainable materials and optimizing tire design for improved fuel efficiency. Low rolling resistance tires, in particular, have gained prominence for their ability to reduce energy consumption and greenhouse gas emissions. These green initiatives are in line with global efforts to combat climate change and reduce the environmental impact of the transportation sector.

The proliferation of electric vehicles (EVs) and hybrid vehicles is a significant driver of the advanced tires market. These alternative propulsion vehicles have unique tire requirements due to their silent operation, different weight distribution, and torque characteristics. Tire manufacturers are developing specialized tires tailored to the specific needs of EVs and hybrids, prioritizing attributes like reduced road noise, maximized energy efficiency, and enhanced safety. As the adoption of EVs continues to grow, the demand for advanced tires designed for electric mobility is expected to surge.

Tire safety remains paramount, and consumers are increasingly seeking tires that offer superior performance in terms of traction, handling, and braking. Advanced tires are designed to provide enhanced safety features, ensuring better control in various road conditions, whether wet or dry. These safety-focused innovations are attracting safety-conscious consumers and contributing to the growing popularity of advanced tire options.

Consumers are looking for tire solutions that align with their specific driving preferences and vehicle types. This trend has led to an array of customization and personalization options offered by tire manufacturers. Customized tire solutions cater to varying terrains, weather conditions, and driving styles, allowing consumers to optimize tire performance based on their individual needs. Manufacturers are providing a wide range of tire options to meet these specific requirements, ensuring a more tailored driving experience.

Leading tire manufacturers are expanding their global presence to tap into emerging markets with burgeoning middle-class populations and urbanization. They are establishing manufacturing facilities and distribution networks worldwide to meet the demand for advanced tire technologies. Additionally, the convenience of online tire shopping and e-commerce platforms is transforming consumer purchasing behavior. Consumers now prefer to research, compare, and purchase tires online, where they have access to a wide selection of tire brands and models, along with user reviews and recommendations.

Despite the significant growth prospects, the Global Advanced Tires Market faces challenges such as high initial costs, limited availability, and the need to balance environmental sustainability with tire production. However, these challenges present opportunities for tire manufacturers to innovate and develop more cost-effective and eco-friendly solutions to meet the evolving demands of the market. The increasing emphasis on tire safety, sustainability, and performance ensures a dynamic and competitive landscape where advanced tire technologies will continue to evolve and redefine the automotive industry.

In conclusion, the Global Advanced Tires Market is poised for continued growth as consumers and the automotive industry prioritize sustainability, safety, and technological innovation. Advanced tires are at the forefront of this transformation, offering solutions that align with evolving consumer preferences and regulatory standards while contributing to a greener and more efficient future for the global automotive sector.  

 

Major companies operating in Global Advanced Tires Market are:

• Michelin
• Pirelli & C. S.p.A
• Continental AG
• The Goodyear Tire & Rubber Company
• THE YOKOHAMA RUBBER CO., LTD.
• Sumitomo Corporation
• Nokian Tyres plc.
• Hankook Tire & Technology Co.,Ltd

 

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“The global Advanced Tires market is primarily driven by the increasing demand for fuel-efficient vehicles and the rising safety concerns among consumers. Technological advancements in the automotive industry, such as the advent of autonomous vehicles, also contribute significantly to market growth. Furthermore, government regulations promoting the use of energy-efficient vehicles are further boosting the demand for advanced tires. Lastly, the growing preference for high-performance vehicles, coupled with the increasing disposable income worldwide, fuels the expansion of this market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Advanced Tires Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (On-Highway Vehicle and Off-Highway Vehicle), By Technology (On-Highway Vehicle Technology and Off-Highway Vehicle Technology), By Tire Type (Run-Flat, Airless and Pneumatic), By Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers and Others), By Region, Competition”, has evaluated the future growth potential of Global Advanced Tires Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Advanced Tires Market.

 

 

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