The increase in demand for curbing carbon emission and need for convenience and safety is expected to drive the market for advanced tires. The advanced tires market is projected to grow at a CAGR of 17.98% during the forecast period, to reach a USD 1,148.3 million by 2030, from an estimated USD 219.7 million in 2020. Increased demand for convenience and safety in LDVs and increasing cost of maintenance of HDVs are the key drivers of this market. Alternatively, the high capital costs and inability to mass produce the advanced tires can hinder the growth of the market.
The agricultural tractors segment, for the off-highway advanced tire market, is projected to grow at the highest rate during the forecast period. The agricultural tractors segment is estimated to be the fastest growing in the off-highway advanced tires market during the forecast period.The reducing agricultural population and growing average farm size have increased the overall cost of labor.
As a result, the rate of mechanization in agriculture and demand for high power tractors has increased tremendously.This demand for high power tractors has increased the demand for advanced tires as high-power tractors are expected to be the early adapters for advanced tires.
Additionally, trends such as autonomous tractors will also drive the overall demand for advanced tires in agricultural tractors.
The LDV segment is projected to account for the largest market share of advanced tires market for on highway vehicles.
The LDV market is estimated to account for the largest market share of the on-highway advanced tires market.Increased production of premium vehicles in regions such as North America and Europe coupled with increased demand for connected technologies have resulted in the high growth of the advanced tires market.
Additionally, because of personal use and high demand for convenience, the LDVs have a higher installation rate of advanced technologies as compare to HDVs. This trend can be seen across the globe, and thus, the advanced tires market for LDVs is estimated to be the largest.
Europe to be the fastest-growing and North America to be the largest advanced tires market from 2020 to 2030. Europe is the leading manufacturer of premium cars worldwide as Germany and the UK collectively manufacture around 35% of total premium cars.Additionally, Europe is home to vehicle manufacturers such as Mercedes (Germany), Audi (Germany), Ferrari (Italy), and Lamborghini (Italy).
The highest number of premium vehicle manufacturing coupled with a high rate of adoption of advanced technologies is estimated to drive the European advanced tires market at the highest CAGR. The presence of leading economies such as the US and Canada coupled with a high installation rate of advanced technologies is estimated to make North America the largest market for advanced tires.
BREAKDOWN OF PRIMARIES The study contains insights provided by various industry experts ranging from equipment manufacturers, shipping authorities, and distributors. The break-up of the primaries is as follows: • By Company Type: Tier 1 - 58%, Tier 2 - 25%, OEM - 17% • By Designation: Manager level - 67%, C-Level - 25%, Other – 8% • By Region: Europe - 42%, Asia Oceania - 42%, North America - 8% and RoW - 8%
The report provides detailed profiles of the following companies: • Continental (Germany) • Bridgestone (Japan) • Michelin (France) • Goodyear(US) • Pirelli (Italy) • Sumitomo (Japan) • Yokohama (Japan) • Hankook Tire (South Korea) • Nokian (Finland) • CEAT (India) • Toyo Tire (Japan)
Research Coverage The primary objective of the study is to define, describe, and forecast the advanced tires market by on-highway vehicle type (LDV, HDV), off-highway vehicle type (industrial equipment, agricultural tractors, and construction & mining equipment), material, niche technology (3D printing and autonomous vehicle), technology, type (run-flat, pneumatic, and airless tires) and region (Asia Oceania, Europe, North America, and RoW).The material, niche technology, technology, and type markets are further segmented into regions.
On-highway and off-highway are further segmented by vehicles used in each application respectively.The study analyzes the opportunities offered by various segments of the market to stakeholders.
It tracks and analyzes the competitive developments such as market joint ventures, acquisitions, new product developments, and other industrial activities carried out by the key industry participants.
Reasons to Buy this Report • The study provides qualitative and quantitative analyses of the various advanced tires types represented in terms of value (USD million), volume (units), and material (represented in terms of volume thousand kg). • The 10 key companies that have a significant impact on the market have been profiled along with their financial structures, recent developments, and product portfolios. • The study provides qualitative and quantitative analyses of various advanced tires market by 3D printing technology and for autonomous vehicles. • The study analyses the market of the various tires used in on- and off-highway equipment and is represented in terms of value (USD million) • The study segments the advanced tires market on the basis of technology • The report covers the competitive landscape, which reflects the market share analysis of leading players along with the dominant strategies adopted by these stakeholders to retain their positions
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