According to MRFR analysis, the global Advanced Tires market is expected to register a CAGR of ~10.8% from 2022 to 2030 and hold a value of over USD 406.44 Million by 2030. Advanced tires are designed possible by a variety of material combinations. Modern tires are often airless and impervious to punctures. It has a smaller surface contact area than conventional tires, which improves the vehicle's fuel economy. The traction of modern tires is maintained when the car is moving at a faster speed, and they are less risky on slick surfaces. Additionally, the sophisticated tire is a cutting-edge innovation that improves tire performance and functionality by sensing the state of the roadways. 

The market for advanced tires is expected to rise as a result of market drivers such as an increase in automotive manufacturing and stricter laws regarding vehicle emissions. However, it is anticipated that the market expansion would be hampered by the changing price of raw materials needed to produce sophisticated tires. Additionally, the increased interest in automotive safety and fuel economy presents a great potential opportunity for the market's participants.

Global advanced tires market size  – competitive report

Highly competitive, the advanced tires market size  appears fragmented due to the presence of several well-established players. To gain a larger competitive share, these players incorporate strategic initiatives such as partnerships, mergers & acquisitions, collaborations, expansions, and product/technology launch.

Industry players focus on in-house manufacturing capabilities, newer technologies, and r&d investments. Also, they invest in expansion plans increasing their global footprints. They compete based on reliability, cost, product quality, and aftermarket service.

Major players:

Players Leading the global advanced tires market size  include bridgestone (japan), continental (germany), michelin (france), pirelli (italy), goodyear (us), sumitomo (japan), hankook tire (south korea), yokohama (japan), nokian (finland), toyo tire (japan), and ceat (india), among others.

Vehicles are becoming more connected with advanced sensor technologies that monitor every component within a vehicle to optimize performance, safety, and uptime. Tires are the most critical components of a vehicle to provide vital information that can help fleet operators and drivers make better decisions. These advantages, in turn, accelerate the growth of the advanced tires market size . The rapidly growing aircraft industry allows the market to garner revenue growth consistently.

Additionally, substantial investments transpired into designing tires to meet the specifications, and demanding regulations of various civil and military-specific applications push the market growth. The agriculture industry is witnessing robust growth over the past few years due to the increased global food demand. This, as a result, promotes the market demand increasing the numbers of agriculture tractors.  

Conversely, price volatility, and the demand-supply gap in the raw materials required for production are the major factors anticipated to impede the growth of the market. Nevertheless, regular mro activities of agriculture tractors and construction vehicles would support the market growth throughout the review, suggesting the need to change tire due to wear & tear.

Global Advanced tires market size  – segmentation

The report is segmented into five dynamics.

By type: Pneumatic tires, run-flat tires, airless tires, and others.

By on-highway vehicle type : Ldv and hdv.

By off-highway vehicle type : Agriculture tractors, construction and mining equipment, industrial equipment, and others.

By material type: Natural rubber, synthetic rubber, steel, elastomer, other materials, and others.

By regions: Americas, Europe, Asia pacific, and rest-of-the-world.

Industry/ innovation/ related news

July 23, 2020 ---- revvo technologies (the us), a leading provider of advanced smart tire technology and predictive data analytics company, announced its partnership with an innovative enterprise-grade fleet management platform in north America - platform science, inc.

This partnership would enable the integration of revvo’s leading edge tire technology and advanced data analytics product suite with fleet telematics hardware and cloud-based software platform of platform sciences. Additionally, platform science would integrate valuable tire data and insights that the platform had never had access to. This provides users with enhanced visibility into fleet vehicle tire usage.

 Revvo’s advanced tire sensing technology embeds a sensor inside of a vehicle’s tires. It captures real-time tire data, which is turned into actionable insights such as predictive tread life, optimal tire maintenance intervals and settings, and real-time alerts.

Global advanced tires market size  – regional report 

North america dominates the global advanced tires market size . The largest market share attributes to the presence of notable players and the well-developed automotive, airlines, and aerospace sectors. Besides, the high per capital income of demographics, alongside developed economies in the region, propels the advanced tires market size .

Upsurge in demand for autonomous vehicles impacts the expansion of the market favorably. With its major advanced tires manufacturing companies, the us has the largest share in the regional market. The north American advanced tires market size  is projected to retain its dominance throughout the estimated period.

Europe stands second in the global advanced tires market size . The market is growing is driven by the burgeoning automotive and aircraft industry in the region. Moreover, the presence of major advanced tires manufacturing companies in the region drives market growth. Also, the growing procurement of military aircraft to strengthen the air combat capabilities fosters regional market growth. The European advanced tires market size  is estimated to create a substantial revenue pocket during the forecast period.

The asia pacific advanced tires market size  is growing briskly. Factors such as raw material advantage and the availability of cost-competitive workforce in the region drive the market growth. The region is vibrating with rapid economic growth, especially in countries such as india and china. This, in turn, fosters the size of the advanced tires market size  in the apac region, driving the aircraft and automotive sectors.

Additionally, increasing purchases of military aircraft alongside the rising demand for commercial airlines boost market growth. The APAC advanced tires market size  is expected to witness the highest growth during the review period.

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