Market Analysis
The global advanced tires market is growing at a rapid pace. The market growth attributes to the rising demand for high-end cars and to minimize the skyrocketing tire maintenance and replacement costs. Besides, the inclination towards the adoption of advanced tires and the advantages of advanced tires boost sales. Moreover, the rapid industrial automation escalates the market growth to furthered height, improving functionalities of advanced tires.
According to Market Research Future (MRFR), the advanced tires market is projected to touch a valuation of USD 298.8 MN by 2023, growing at 10.8% CAGR throughout the forecast period (2018-2023). In its recent COVID 19 analysis on the advanced tires market, MRFR also asserts that in 2017, the market valuation reached USD 155.9 MN. Advanced smart tire technology is rapidly changing the automotive and mobility landscape.
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. The rapidly growing aircraft industry allows the market to garner revenue growth consistently.
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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 – 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, Elastomers, Other materials, and others.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
Global Advanced Tires Market – Regional Analysis
North America dominates the global advanced tires market. The largest market share attributes to the presence of notable players and the well-developed automotive, airlines, and aerospace sectors. Besides, the high per capita income of demographics, alongside developed economies in the region, propels the advanced tires market.
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 is projected to retain its dominance throughout the estimated period.
Europe stands second in the global advanced tires market. 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 is estimated to create a substantial revenue pocket during the forecast period.
The Asia Pacific advanced tires market 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 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 is expected to witness the highest growth during the review period.
Global Advanced Tires Market – Competitive Analysis
Highly competitive, the advanced tires market 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 with each other based on reliability, cost, product quality, and aftermarket service.
Major Players:
Players leading the global advanced tires market 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.
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