Advance Tires Market Global Trends, Market Share, Industry Size, Growth, Opportunities
Advanced Tires Market is projected to value over US$ 1 Billion by 2026 end and grow at a CAGR of over 17% during the forecast period of 2019 to 2026.
The rise in connected car technologies and premium cars production has stimulated the size of the advance tire market. Tire manufacturer focusing on raw materials to reduce environmental pollution is also boosting the growth of the market.
High maintenance and replacement costs of conventional tires have spur the size of the market. Increasing demand for industrial automation is also stimulating the size of the market. The rise in off-high vehicles like tractors has also led to further growth of the advance tire market. With government policies focused on reducing environmental harm, it's projected to have a positive influence on the advance tire market.
Advance tires market is segmented on the basis of on-highway vehicle type & technology, off-highway vehicle type & technology, advanced technology, material type, tire type, and region. On-highway and Off-highway are segmented into vehicle type and technology type. On-highway vehicle type is further divided into HDV and LDV. Off-highway vehicle types consisting of technology segment is divided into industrial equipment, agricultural tractors, construction & mining equipment. By technology, both on-highway and off-highway are bifurcated by all-in-one tires, self-inflating tires, chip-embedded tires, multi-chamber tires.
Off-vehicle are vastly used for industrial purpose. Incidents of tire failure may impact the efficiency or output of the industry. In order to avoid it, self-inflating tires are widely preferred. They are economical and provide better convenience. Self-inflating tires offer better on-time monitoring of tire pressure.
Based on advanced technology type, the market is divided into autonomous vehicle advanced tires, and 3D printed tires. Furthermore, advanced tires market is branched out by material, elastomers, steel, synthetic rubber, natural rubber, and other materials. By type of tire, the market is segmented into run-flat tires, pneumatic tires, and airless tires.
Pneumatic tires are projected to dominate the market in the forecast period. Pneumatic tires are the most common advance tire type and vastly used in on-highway vehicles. Pneumatic tires provide excellent grip and offer compatibility in all terrains. They are produced through chips and sensors. Easy mass production of these tires alongside high load carrying capacity is the factors expected to drive the growth of the market.
However, high capital investment regarding the production of advance tires has hindered the growth of the market. Complication regarding mass production is also limiting the growth of the market.
In terms of region, Europe currently holds a vast share of the market. Rising demand for autonomous vehicles and expansion of automotive industries are the factor behind the growth of the market in the region. North America comes next to Europe. It's expected to dominate the market in the forecast period. High GDP per capita income coupled up with growing demand for autonomous vehicles remains the key factor behind the growth of the market in the region.
Some of the prominent companies are Pirelli, Michelin, Bridgestone, Toyo Tire, Continental and CEAT.
Advance Tire Market Restraints:
- Expensive capital costs
- The inability of mass production
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Advance Tire Market Segmentation
By On-Highway Vehicle Type:
- HDV
- LDV
By Off-Highway Vehicle Type:
- Industrial Equipment
- Agricultural Tractors
- Construction & Mining Equipment
By On-Highway & Off-Highway Technology Type:
- All-In-One Tires
- Self-Inflating Tires
- Chip-Embedded Tires
- Multi-Chamber Tires
By Advanced Technology Type:
- Autonomous Vehicle Advanced Tires
- 3D Printed Tires
By Material:
- Elastomers
- Steel
- Synthetic Rubber
- Natural Rubber
- Other Materials
By Region:
- Europe
- North America
- APAC
- Latin America
- Rest of the World
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Competitive Landscape:
- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
FutureWise Takeaways
- Growth prospects
- SWOT analysis
- Key trends
- Key data points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on global advanced tires market by on-highway vehicle type & technology, off-highway vehicle type & technology, advanced technology, material type, tire type, and region
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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