Advanced Tires Market Size, Growth, Analysis, Share, Future Scope by On-Highway Vehicle Type (LDV, HDV), Off-Highway Vehicle Type (Agriculture Tractors, Construction and Mining Equipment), Material Type (Natural Rubber, Synthetic Rubber, Elastomers, and Others), Type (Pneumatic Tires, Run-Flat Tires, and Others), and Region–Global Forecast to 2023
Advanced Tires Market Overview
According to Market Research Future (MRFR)’s study, the global advanced tires market is set to mark a CAGR of 10.8% during the forecast period 2018 to 2023. The valuation of the global market is estimated to reach over USD 298 Mn by the end of 2023. The advantages, such as low maintenance, cheaper replacement costs, etc., offered by advanced tires over conventional tires are expected to revolutionize the market over the next couple of years.
The key focus of the industry players is on the reduction of carbon materials, which has opened new opportunities for accelerated adoption of the advanced tires. The market is prognosticated to scale new heights in the upcoming years, and rising demand for luxurious automobiles is anticipated to boost the sales further.
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Global Market for Advanced Tires – Competitive Dashboard
Some of the key players operating in this market are Continental (Germany), Michelin (France), Hankook Tire (South Korea), Goodyear (US), Pirelli (Italy), Bridgestone (Japan), Sumitomo (Japan), Yokohama (Japan), Nokian (Finland), CEAT (India), and Toyo Tire (Japan).
Market for Advanced Tires – Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the global advanced tires market based on on-highway vehicle type, off-highway vehicle type, material type, and type. By on-highway vehicle type, the market has been segmented into LDV and HDV. Among these, The LDV segment is presently dominating the global market and is poised to grow substantially over the assessment period. Meanwhile, the HDV segment is projected to mark a relatively higher CAGR in the upcoming years.
By off-highway vehicle type, the market has been segmented into agriculture tractors, construction and mining equipment, and industrial equipment. The agriculture tractors segment holds the largest market share, whereas, the mining equipment segment is forecasted to exhibit maximum growth.
By material type, the market has been segmented into natural rubber, synthetic rubber, steel, elastomers, and other materials. Among these, the lion’s share of the market is held by the natural rubber segment. It has been projected to witness considerable growth in the upcoming years. Meanwhile, the synthetic rubber segment is anticipated to attract a larger customer base across the review period.
The market, by type, has been segmented into pneumatic tires, run-flat tires, and airless tires. The pneumatic segment is expected to witness excessive demand owing to its load-bearing capacity. The run-flat tires segment, however, is supposed to expand at a higher CAGR.
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The regional analysis of the advanced tires market spans across Americas, Europe, Asia Pacific, and the Middle East & Africa. North America is projected to hold a dominant share of the global market towards the end of the forecast period. The presence of developed economies in the region with high per capita income has propelled the expansion of the advanced tires market. An upsurge in demand for autonomous vehicles is likely to have a favorable impact on the expansion of the advanced tires market in the upcoming years.
Europe is another major growth pocket and is prognosticated to mark the highest growth rate over 2023. The strong value maintained by the automotive sector of the region is expected to drive the growth of the market. Furthermore, Europe has witnessed technological advancements in the automotive sector that are anticipated to boost the adoption of advanced tires in the region over the assessment period.
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