“ Advanced Tires Market by on-highway and off-highway vehicle, Technology (TPMS, chip-embedded, self-inflating, All-in-One Multi-Chamber), Autonomous Vehicle, 3D Printed, Type (run-flat, airless , Pneumatic), Materials, and Region – Global Forecast to 2030 „ , the advanced tires market is expected to grow to a CAGR of 17.98% during the forecast period, to reach $ 1,148.3 million by 2030 from an estimated USD 219.7 million in 2020.
Increasing production of premium vehicles and technological trends in the automotive industry. Ecosystem are the key drivers for growth in this market. Alternatively, the high capital costs and inability to mass produce the advanced tires.
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The pneumatic tires segment is estimated to hold the largest share of the advanced tires market during the forecast period.
The pneumatic tires are ready to be used in the construction industry from 2020 to 2030. Additionally, sensors and chips are easy to produce. Easy mass production of pneumatic tires coupled with high load carrying capacity.
The self-inflating tires are projected to become the fastest-growing off-highway vehicles from 2020 to 2030.
The off-highway vehicles include vehicles as industrial equipment, construction & mining equipment, and agricultural tractors used for commercial purpose. The cost of downtime due to tire failure may impact the efficiency of the total operation. According to a self-inflating tire, self-inflating tires would be better tolerated by consumers. The high-down-cost and increasing demand for convenience are increasing the demand for self-inflating tires in the off-highway segment.
North America: The largest advanced tire market for on-highway vehicle
North America has developed countries as the US and Canada. Additionally, North America has witnessed tremendous growth in the autonomous vehicle ecosystem in the past few years because of the presence of companies such as Tesla, Google, and Uber. Moreover, the region has high GDP per capita income as compared to regions such as Asia Oceania. All these factors increase the overall acceptance of innovative technologies.
The prominent players in the Advanced Tires Market are Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea) , Nokian (Finland), CEAT (India), and Toyo Tire (Japan).