Global Advanced Tires Market Insights Forecasts to 2033

• The Global Advanced Tires Market Size was Valued at USD 1.27 Billion in 2023
• The Market Size is Growing at a CAGR of 13.93% from 2023 to 2033
• The Worldwide Advanced Tires Market Size is Expected to Reach USD 4.68 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Global Advanced Tires Market Size is Anticipated to Exceed USD 4.68 Billion by 2033, Growing at a CAGR of 13.93% from 2023 to 2033.

Market Overview

A number of rubber types are combined in the process of production for making advanced tires. They don't puncture because they are made of airless tubes. Relative to standard tires, these have a significantly smaller area of contact, which improves the vehicle's fuel efficiency. The advanced tires reduce the chance of slippage and allow cars to move at a faster speed with improved grip. Additionally, they could come with sophisticated features like chip-embedded, multi-chamber, and self-inflating technology. It is extensively used in the automobile sector. Moreover, because these tires maintain the ideal tire pressure, they enhance fuel efficiency. The market is anticipated to increase as a result of the growing demand for industrial vehicles, e-commerce, and industrial automation. Furthermore, there will be more chances for market expansion as driverless and semi-autonomous vehicles become popular. Potential growth opportunities in the tire business are also presented by tire manufacturers' focus on technological innovations like 3D printing and the utilization of recycled tire material to lessen environmental effects. Furthermore, advancements in tire manufacturing processes and a growing focus on sustainability are shaping the future of the advanced tire market, which should lead to a profitable growth trajectory.

Report Coverage

This research report categorizes the market for the global advanced tires market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global advanced tires market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global advanced tires market.

Driving Factors

One major factor driving the need for advanced tires has been the increasing integration of connected auto technology in contemporary vehicles. These tires maximize fuel efficiency and improve safety due to sensors that provide real-time data on tire pressure, temperature, and performance. The need for advanced tires with these clever characteristics is anticipated to increase as linked cars proliferate. Furthermore, advanced tires with increased fuel efficiency are being developed with a strong push toward environmental sustainability and the reduction of carbon emissions. The purpose of these tires is to lower rolling resistance, which improves the car's fuel efficiency. The need for improved tires that help minimize fuel consumption and environmental effects is only increasing as customers and governments place a higher priority on eco-friendly transportation options.

Restraining Factors

The automobile industry's shifts will have an impact on the tire manufacturing sector. Tires are an essential part of cars; thus, tire producers have to invest a lot of money to stay up with these changes. In addition, considerable changes must be made to tires' form, composition of raw materials, and manufacturing techniques to meet the changing demands of the automotive industry. The considerable upfront expenditures associated with these modifications will probably be reflected in the pricing of advanced tires. These several factors will hinder the growth of the global advanced tire market.

Market Segmentation

The global advanced tires market share is classified into type, technology, and vehicle type.

• The pneumatic tires segment is expected to hold the largest share of the global advanced tires market during the forecast period.   

Based on the type, the global advanced tires market is divided into airless tires, pneumatic tires, run-flat tires, and others. Among these, the pneumatic tires segment is expected to hold the largest share of the global advanced tires market during the forecast period. Pneumatic tires are in great demand from automakers due to the growing need for automobiles and other forms of transportation. Furthermore, the market's overall expansion has been aided by rising demand from off-highway applications like mining, construction, and agriculture. The creation of novel products is a primary priority for pneumatic tire manufacturers, and this is one of the key elements predicted to positively affect the expansion of the sector.

• The self-inflating tires segment is expected to grow at the fastest pace in the global advanced tires market during the forecast period.   

Based on the technology, the global advanced tires market is divided into multi-chamber tires, chip-embedded tires, self-inflating tires, all-in-one tires, and others. Among these, the self-inflating tires segment is expected to grow at the fastest pace in the global advanced tires market during the forecast period. The self-inflating tires are engineered to automatically maintain the ideal tire pressure, adapting to variations in the road's conditions and guaranteeing reliable performance. By doing away with the necessity for manual inflation checks, self-inflating tires lower the danger of accidents brought on by under or overinflated tires. The self-inflating tires segment that is expanding at the highest rate, as consumers and fleet operators place a greater emphasis on safety and efficiency.

• The light-duty vehicles (LDV) segment is expected to grow at the fastest pace in the global advanced tires market during the forecast period.

Based on the vehicle type, the global advanced tires market is divided into light-duty vehicles (LDV), heavy-duty vehicles (HDV), and others. Among these, the light-duty vehicles (LDV) segment is expected to grow at the fastest pace in the global advanced tires market during the forecast period. The increased consumer awareness of safety and comfort is driving a notable increase in the LDV segment's adoption of advanced tires. Modern tires provide improved handling, decreased rolling resistance, and improved traction, all of which contribute to a safer and more comfortable ride.

Regional Segment Analysis of the Global Advanced Tires Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global advanced tires market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global advanced tires market over the predicted timeframe. As the industry becomes more standardized, auto production facilities will focus more on developing countries like China, Thailand, and India. The automobile industry has been growing rapidly recently due to rapid industrialization, which has increased sales of commercial vehicles like trucks, tractors, and trailers. Demand for and production of automobiles has surged in developing nations.

Europe is expected to grow at the fastest pace in the global advanced tires market during the forecast period. The region's growing emphasis on environmental preservation and sustainability is in line with the development of eco-friendly tire technologies. The demand for advanced tires that offer fuel efficiency and lower carbon footprints has surged as a result of the growing trend toward electric and hybrid automobiles in European countries. Furthermore, Europe is seeing an increase in the use of cutting-edge tire solutions due to stringent laws governing car emissions and safety requirements. These elements interact to fuel the advanced tire market's explosive growth in the area.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global advanced tires market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• CEAT Ltd.
• Bridgestone Corporation
• Hankook Tire & Technology Co.,Ltd.
• Continental Reifen Deutschland GmbH
• Nokian Tyres plc.
• Michelin
• The Goodyear Tire & Rubber Company
• Pirelli & C. S.p.A.
• Yokohama Tire Corporation
• Toyo Tire Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In March 2023, the next model in the strategically focused Fuel Max series was released, according to a statement from Goodyear Tire & Rubber Company. For single-axle drive tractors that can handle super regional, less than truckload, or LTD applications, the Fuel Max 1 AD was designed. The tire is designed to meet the demands of modern fleets in terms of traction, mileage, and fuel efficiency.

• In March 2023, the launch of Continental AG's intelligent tires in the Indian market was announced. This tire can be used with tubeless tires and is specifically designed for business vehicles. This company will also concentrate on improving its current products for the Indian market. 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global advanced tires market based on the below-mentioned segments: 

Global Advanced Tires Market, By Type

• Airless Tires
• Pneumatic Tires
• Run-Flat Tires
• Others

Global Advanced Tires Market, By Technology

• Multi-Chamber Tires
• Chip-Embedded Tires
• Self-Inflating Tires
• All-In-One Tires
• Others

Global Advanced Tires Market, By Vehicle Type

• Light Duty Vehicles (LDV)
• Heavy-Duty Vehicles (HDV)
• Others

Global Advanced Tires Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa