Advanced Tires Market
According to the report, the global advanced tires industry was estimated at $248.7 million in 2020 and is expected to hit $1.34 billion by 2030, registering a CAGR of 18.4% from 2020-2030.
Surge in automobile production, and stringent regulations towards vehicular emission fuel the growth of the global advanced tires market. On the other hand, fluctuating price of raw material impedes the growth to certain extent. However, rising concern for fuel efficiency and safety is expected to usher in a plethora of opportunities for the key players in the industry.
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A damaged or worn tire on a moving vehicle is a hazard for passengers as well as pedestrians. There are number of accidents in history due to the overlooked damaged tire conditions which led to serious hazards. For instance, in 2016, tire related incidents on the British roads led to 120 serious injuries and 8 fatalities according to Highways England, the government-owned company in charge of improving and maintaining the country’s A-roads and motorways.
In addition, government figures also suggest that one out of twelve tires installed on heavy duty vehicles are not in suitable condition of functioning. Thus, to avoid such accidents, leading tires manufacturers such as Bridgestone, Goodyear, Michelin, and Continental are working with a focus on development of software and sensors platforms to monitor and measure tire performance.
Based on type, the pneumatic tires segment is anticipated to hold approximately one-third of the global advanced tires market revenue in 2020, and would lead the trail throughout the forecast period. The ability of pneumatic tires to get accustomed to the uneven terrain which allows smoother ride boosts the growth of the segment. Simultaneously, the run flat tires segment is predicted to showcase the fastest CAGR of 20.1% till 2030. The fact that run flat tires are more stable than conventional tires has made it the fastest growing segment.
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Based on material type, the natural rubber segment is expected to account for more than one-third of the global advanced tires market share in 2020, and would retain its dominance during 2020 to 2030. Features of natural rubber such as large stretch ratio, high resilience, break resistance etc. have boosted the growth of the segment. The synthetic rubber segment, on the other hand, is projected to grow at the fastest CAGR of 20.4% by the end of 2030. Synthetic rubber is more resistant to oil, oxygen, certain chemicals, and lasts longer, which makes it the fastest growing segment.
Based on geography, the region across Asia-Pacific, followed by Europe and North America, is projected to generate the largest share, contributing to nearly two-fifths of the global advanced tires market. The same region would also cite the fastest CAGR of 19.7% by 2030. Rising population and surge in demand for automobiles make Asia-Pacific the largest and fastest growing segment.
Frontrunners in the industry-
Continental AG
Toyo Tire Corporation
The Goodyear Tire & Rubber Company
Bridgestone Corporation
THE YOKOHAMA RUBBER CO., LTD.
Pirelli & C. S.p.A
Hankook Tire & Technology Co., Ltd.
Michelin
Nokian Tyres plc
Sumitomo Corporation
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Leading tire manufacturers are introducing advanced tire monitoring platforms tailored for commercial vehicle fleets. For example, Continental, a prominent name in the automotive industry, unveiled ContiConnect, a tire monitoring solution designed for fleet operators in the U.S., Canada, Malaysia, and Thailand. The company also announced plans to expand this platform to select European and Asian countries starting in 2019. The ContiConnect system comprises three key components: tire sensors, a yard reader station, and software. The tire sensor, mounted on the tire’s inner liner, monitors temperature and pressure. The yard reader station acts as a bridge between the tire sensor and Continental’s software, transmitting sensor data for analysis. The software includes a web portal that alerts fleet managers via email or SMS about issues or required maintenance.
Pneumatic tires have seen strong demand in the automotive sector due to their durability and load-bearing capabilities. These air-filled rubber tires enhance vehicle performance and longevity. Key raw materials used in their production include natural and synthetic rubber, carbon black, steel wire, petrochemicals, reinforcing fabrics (such as polyester, nylon, and rayon), and fabric cords. The growing demand for pneumatic tires is fueled by the rise in automobile production and the increased need for replacement tires. However, market growth is challenged by the rising trend of tire retreading and volatile raw material prices globally.
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