The advanced tires market size is estimated to grow from USD 1.3 billion in 2023 to reach USD 3.2 billion by 2030 at a CAGR of 14.4% over the forecast period.
The growth of the advanced tires market is influenced by factors such as increasing government regulations related to tire emissions and brakes, growing consumer preference for advanced safety and convenience features, rising sales of electric vehicles equipped with advanced tires, and technological innovations. Thus, the advanced tires market is expected to witness significant growth in the future.
The pneumatic advanced tires segment is estimated to hold the largest share of the advanced tires market during the forecast period.
The pneumatic tires segment is anticipated to dominate the advanced tire market during the forecast period. Premium vehicles above E&F segments are fitted with advanced pneumatic tires, The high-performance, all-terrain, and all-season pneumatic tires offer low rolling resistance, better handling of the vehicle, and enhanced braking capabilities. Further, the growth of premium vehicles in Asia Pacific has been increasing substantially over the past 3 years. Similarly, the E&F segment in North America and Europe is growing at significant growth. In addition to this, the adoption of high-performance pneumatic tires in mid-range economy cars is also increasing owing to its benefits such as better handling of vehicles, better traction, and enhanced fuel efficiency. Thus, rising sales of E&F segments in the Asia Pacific, and growing adoption of high-performance, all-season pneumatic tires in mid-range economy cars will drive the demand for pneumatic advanced tires during the forecast period.
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The self-inflating tires segment is projected to be the fastest-growing in off-highway vehicles
The self-inflating tire technology in off-highway vehicles is anticipated to grow at the highest CAGR during the forecast period. Different off-highway vehicles such as construction & mining equipment, agricultural tractors, and industrial vehicles operate in different weather conditions on a variety of surfaces for long working hours. For instance, tractors with higher power output (>100 hp) have large tires which come with high pressure, whereas self-inflating tires can adjust tire pressure. So that soil and crop filed remain unharmed. Similarly, construction & mining equipment work on rough terrain at extremely high temperatures and adverse climatic conditions. Self-inflating tires can reduce tire pressure to an optimized level to prevent tire failure. Looking at the opportunity, some of the OEMs offer self-inflation tires in their construction & mining equipment. For instance, Volvo is offering a self-inflating system in its wheel loader model L110H. To reduce operational downtime, improved fuel efficiency and productivity may lead to the rising adoption of self-inflating tires in the off-highway vehicle segment.
Europe accounted for the second largest market share of the advanced tires market based on technology for on-highway vehicles.
Europe is the second largest market in the advanced tires market for the year 2023. The region has high sales of luxury cars. According to MarketsandMarkets analysis, in 2022, the production of E & F segment cars in Europe was around 1 million units which was nearly 8% of total passenger vehicle production. The high demand is mainly shaped by a range of factors, including strong economic conditions, an affluent customer base, a strong automotive tradition with a strong inclination towards embracing technologically advanced products, proactive regulatory frameworks, and the presence of top premium automobile manufacturers in the OEMs. Germany leads the luxury vehicle demand with about 20-22% along with other prominent countries such as the UK, Italy, Spain, and France. Premium vehicle manufacturers incorporate advanced tires to provide unmatched comfort and performance in terms of effective grip and cushioning on any type of surface. These advanced tires would be more effective given the climatic condition in European countries. Moreover, regional giants such as Continental AG (Germany), Michelin (France), and Pirelli & C.
The advanced tire market is dominated by several global and regional players. Some of the manufacturers in the advanced tires market are Bridgestone Corporation (Japan), Michelin (France), Continental AG (Germany), Pirelli & C. S.p.A (Italy), The Goodyear Tyre and Rubber Company (US), Sumitomo Rubber Industries Ltd (Japan), Yokohama Tire Corporation (Japan), Hankook Tire & Technology Co., Ltd., (South Korea), and Nokian Tyres plc (Finland).
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