(EMAILWIRE.COM, October 20, 2018 ) The Advanced Tires Market is projected to grow at a CAGR of 17.98%, to reach a market size of USD 1,148.3 million by 2030 from an estimated market size of USD 219.7 million in 2020. Major factors driving the growth of this market include increasing demand for efficiency, the advent of advanced technologies such as connected cars and autonomous cars.

NORTH AMERICA & EUROPE: A PROMISING MARKET FOR ADVANCED TIRES

North America is estimated to dominate the advanced tires market and is projected to be the largest market during the forecast period. It is estimated to account for more than 47% of the market share of advanced tires market in 2020 and is projected to grow at a CAGR of 18.89% from 2020 to 2030. The key reason for the growth is the high installation rate of advanced technologies in cars and increasing developments in autonomous vehicle segment in countries such as USA and Canada. The USA is estimated to lead the market as a number of premium cars, accounts for the approximately 15% of the total number of the vehicle in the country. Premium cars will be the early adopters of the advanced tires, due to the high pricing of advanced tires. Additionally, the premium cars will be equipped with more connected technologies than ever before which will boost the demand for chip-embedded advanced tires in countries such as the US and Canada.

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The advanced tires market in the Europe region is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing regulations from the European Commission for safety and convenience while driving in countries such as Germany and UK. Moreover, Europe manufacturers 37% of the global overall premium vehicle which is estimated to make European advanced tires market grow at the highest CAGR during the forecast period. In the initial phase of advanced tire adoption, low-cost technology such as chip embedded advanced tires is estimated to grow at the high growth rate in Europe. This can be attributed to the amount of data provided by the chip-embedded tires to the vehicle resulting in the increase in the level of safety and convenience.

Major players can use this opportunity to expand their market share in Europe and North America by developing advanced tires suitable for the conditions in the region. This will provide them with an extra edge in the global market.

CHIP EMBEDDED TO BE THE LARGEST SEGMENT IN THE ON HIGHWAY VEHICLE ADVANCED TIRES MARKET

Chip embedded tires in on-highway advanced tires segment and TPMS tires in the off-highway segment are estimated to account for largest market share. This growth can be attributed to the demand for convenience and safety in the on-highway segment, moreover largest market share in the off-highway segment of TPMS is attributed to the demand for higher efficiency. An off-highway vehicle which often faces the tire pressure related problems resulting in increased downtime can be reduced using TPMS in tire system. hence the TPMS is estimated to account for the largest market share in off-highway advanced tires market.

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The increasing demand for safety and convenience have changed the market dynamics for advanced tire manufacturers. Key strategies adopted by the major players is new product development. For instance, Toyo Tire & Rubber Co., Ltd. has been researching to realize new possibilities for automobile tires with an eye on future changes in the mobility society. Toyo Tires announced the development of “Noair,” a neo-futuristic airless concept tire that does not require any air filling.

The rising demand for safety and convenience, as well as high growth in emerging markets, has encouraged companies to adopt this strategy. The companies that adopted this strategy are regional players namely Continental (Germany), Bridgestone (Japan), Michelin (France), and Pirelli (Italy).


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