$1.1 Bn Advanced Tires Market - Global Forecast to 2030

DUBLIN, Oct. 5, 2018 /PRNewswire/ --

The "Advanced Tires Market by On-Highway & Off-Highway Vehicle, Technology (TPMS, Chip-Embedded, Self-Inflating, All-in-One, etc.), Autonomous Vehicle, 3D Printed, Type (Run-flat, Airless, Pneumatic), Material, and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The advanced tires market is projected to grow at a CAGR of 17.98% during the forecast period, to reach USD 1,148.3 million by 2030 from an estimated USD 219.7 million in 2020.

Increased focus toward reduction in carbon footprints by the tire manufacturing industry, high demand for green and organic raw materials for tires, and the rising need for safety and convenience are the key factors driving the growth of the advanced tires market.

The pneumatic tires segment is projected to hold the largest market share from 2020 to 2030. Pneumatic tires are estimated to have a high installation rate in passenger cars as they deliver a better performance in terms of grip and movement of the vehicle. Additionally, pneumatic tires are easy to mass produce for all tire manufacturing companies with existing production capacity. Moreover, the high durability of pneumatic tires coupled with high load carrying capacity fuels the demand for advanced pneumatic tires.

The LDV market is estimated to account for the largest market share. Increased production of premium vehicles in the regions such as North America, Europe, and some countries from Asia Oceania along with an increased demand for connected technologies has resulted in the growing demand for advanced tires. Additionally, the high-end SUVs are also driving the demand for the advanced market as premium cars, and high-end SUVs are estimated to be the early adopters of advanced tires.

The self-inflating technology is estimated to show the fastest growth for on-highway vehicles during the forecast period. Increased production of commercial vehicle and demand for better tire performance in commercial vehicles are estimated to fuel the demand for self-inflating tires.

The growing number of fleet management technologies in the developed regions such as North America and Europe are expected to drive the demand for self-inflating tires further as they enable the vehicle to maintain tire pressure within a range which increases the tire durability. Additionally, safety and convenience needs in passenger cars will propel the self-inflating tires market providing a high growth opportunity for tire companies.

The elastomers are estimated to lead the advanced tires market by material. Need for lightweight and durable raw materials will fuel the demand for elastomers. Also, the price fluctuations and a decrease in the production of natural rubber are estimated to hamper the tire manufacturing companies. This has led to the demand for elastomers.

The market in Europe is expected to grow at the highest CAGR for advanced tires, in terms of value, during the forecast period. Countries such as Germany, the UK, and France are the key markets for advanced tires. As per the German Trade & Invest (GTAI), Germany and the UK account for the 35% of total premium cars production worldwide. Furthermore, the adoption rate of connected technologies in automotive is high which is boosting the demand for advanced tires in Europe.

The high capital costs of developing advances tires and mass production of advanced tires are the key restraints for the growth of the advanced tires market. Also, the acceptance of the customers towards the advanced tires may act as a problem due to the pricing and functional change in tires. Moreover, the real-life implementation of tires such as all-in-one, multi-chamber and Airless tires is estimated to hinder the growth of the advanced tires market.

The advanced tires market is dominated by a few globally established players such as 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).

Major player such as Goodyear and Michelin are adopting strategies such as new product development to gain traction in growing segment of automated and 3D printed tires segments. Goodyear and Michelin have already launched advanced tires concept and to mass produce launched products these players have enough production capacity and long clientele of leading OEMs. These factors will play major role in gaining traction in advanced tires market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Advanced Tires Market
4.2 Advanced Tires Market (On-Highway), By Region
4.3 Advanced Tires Market, By On-Highway Vehicle Type
4.4 Advanced Tires Market (On-Highway), By Technology
4.5 Advanced Tires Market, By Off-Highway Vehicle Type
4.6 Advanced Tires Market (Off-Highway Vehicle), By Technology
4.7 Advanced Tires Market (On-Highway), By Material
4.8 Advanced Tires Market (On-Highway), By Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Focus on Reduction in Carbon Footprints
5.2.1.1.1 Recycling of Tires/Materials
5.2.1.1.2 Alternative Raw Material Sourcing
5.2.1.1.3 Increase in Use of Green Raw Materials
5.2.1.2 Need for Convenience and Driver Assistance
5.2.1.2.1 Puncture Resistant Tires
5.2.1.2.2 Low Maintenance Tires
5.2.1.2.3 Connected Features in Tires
5.2.1.3 High Maintenance and Replacement Costs of Conventional Otr Tires
5.2.1.3.1 Replacement and Repair Costs of Otr Tires
5.2.1.3.2 High Equipment Downtime During Tire Failure
5.2.2 Restraints
5.2.2.1 High Initial Investment Costs
5.2.2.1.1 High Initial Cost of Advanced Tires
5.2.2.1.2 Commercialization Concerns
5.2.2.2 Inability of Mass Production
5.2.2.2.1 Cost-Benefit Analysis of Advanced Tires
5.2.3 Opportunities
5.2.3.1 Increasing Demand for Industrial Automation
5.2.3.1.1 Growth of E-Commerce
5.2.3.1.2 Increase in Industrial Vehicles
5.2.3.2 Autonomous and Semi-Autonomous Vehicles
5.2.4 Challenges
5.2.4.1 Real-Life Implementation of Advanced Tires
5.2.4.1.1 Form vs Functionality
5.2.4.1.2 Durability/Usability
5.2.4.2 Customer Acceptance

6 Technological Overview
6.1 Introduction
6.2 Rechargeable Tire
6.3 Organic Tires
6.3.1 Green Tires
6.4 Oxygen Tires
6.5 Shape-Shifting Tires
6.6 360 Degrees Tires

7 Advanced Tires Market, By On-Highway Vehicle Type
7.1 Introduction
7.2 LDV
7.3 HDV

8 Advanced Tires Market for On-Highway Vehicle, By Technology Type
8.1 Introduction
8.2 Chip-Embedded Tires
8.3 Self-Inflating Tires
8.4 Multi-Chamber Tires
8.5 All-In-One Tires

9 Advanced Tires Market, By Off-Highway Vehicle Type & By Technology
9.1 Introduction
9.2 Agricultural Tractors
9.2.1 By Region
9.2.2 By Technology
9.3 Construction & Mining Equipment
9.3.1 By Region
9.3.2 By Technology
9.4 Industrial Equipment
9.4.1 By Region
9.4.2 By Technology

10 Advanced Tires Market, By Niche Technology
10.1 Introduction
10.2 3D Printed Tires
10.3 Autonomous Vehicle Advanced Tires

11 Advanced Tires Market, By Material Type
11.1 Introduction
11.2 Natural Rubber
11.3 Synthetic Rubber
11.4 Steel
11.5 Elastomers
11.6 Other Materials

12 Advanced Tires Market, By Type
12.1 Introduction
12.2 Pneumatic Tires
12.3 Run-Flat Tires
12.4 Airless Tires

13 Advanced Tires Market, By Region
13.1 Introduction
13.2 Asia Oceania
13.2.1 China
13.2.2 India
13.2.3 Japan
13.2.4 South Korea
13.2.5 Rest of Asia Oceania
13.3 Europe
13.3.1 Germany
13.3.2 France
13.3.3 UK
13.3.4 Spain
13.3.5 Italy
13.3.6 Rest of Europe
13.4 North America
13.4.1 US
13.4.2 Canada
13.4.3 Mexico
13.5 Rest of the World
13.5.1 Brazil
13.5.2 Argentina

14 Competitive Landscape
14.1 Overview
14.2 Product Matrix
14.3 Competitive Scenario
14.3.1 New Product Developments
14.3.2 Partnerships & Agreements

15 Company Profiles
15.1 Continental
15.2 Bridgestone
15.3 Michelin
15.4 Goodyear
15.5 Pirelli
15.6 Sumitomo
15.7 Yokohama
15.8 Hankook Tire
15.9 Nokian
15.10 Ceat
15.11 Toyo Tire & Rubber Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/research/fmxhf4/1_1_bn_advanced?w=5

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