The Advanced tires are comprising of various types of materials, consisting of airless tube designed for reducing the possibility of getting punctured. The area of contact such tires have been designed with a very less enabling to enhance the overall fuel efficiency of the vehicle. The use of such advanced tires facilitates vehicles for traveling at a higher speed there by reducing the risk of slip friction. These are widely applicable in the automotive industry.
According to study, “Advanced Tires Market by Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers, and Others), Type (Pneumatic Tires, Run Flat Tires, Airless Tires, and Others), Technology (Chip Embedded Tires, Self-Inflating Tires, Multi Chamber Tires, All In One Tires, and Others), and Vehicle Type (Light Duty Vehicles, Heavy Duty Vehicle, Agricultural Tractors, Construction & Mining Equipment, and Industrial Equipment): Global Opportunity Analysis and Industry Forecast, 2020-2030”. Some the key companies operating in the global advanced tires market are Bridgestone Corporation, Michelin, Pirelli & C. S.p.A, Continental AG, The Goodyear Tire & Rubber Company, Nokian Tyres plc., Hankook Tire & Technology Co., Ltd., The Yokohama Rubber Co., Ltd., Sumitomo Corporation, Toyo Tire Corporation. The key players are expected to adopt strategies associated to new product development for gaining the traction in ever growing segment of the automated and 3D printed tires.
Based on type, advanced tires market is segmented into run flat tires, pneumatic tires, airless tires and others. Based on material type, market is segmented into synthetic rubber, natural rubber, elastomers and steel and others. Elastomers material segment dominates the market owing to rise in need for lightweight and durable raw materials. Based on vehicle type, market is segmented into heavy duty vehicle, light duty vehicle, construction & mining equipment, agricultural tractors and industrial equipment. In addition, based on technology, market is segmented into self-inflating tires, all in one tire, chip embedded tires, multi chamber tires and others. The self-inflating technology is projected to show the fastest growth for on-highway vehicles due to growth in production of commercial vehicle and rise in demand for better tire performance in commercial vehicles during the forecast period.
The advanced tires market is driven by rise in need for convenience and driver assistance, followed by increase in focus on reduction in carbon footprints and high maintenance & replacement costs of conventional Off-the-road (OTR) tires. However, inability of mass production and high initial investments may impact the market. Moreover, rise in demand for industrial automation and increase in concern for fuel efficiency & safety are key opportunities for market.
Based on geography, the European region holds major share in advanced tires market owing to increase in production of automotive coupled with growth of the automotive industry in the region. Whereas, the North-American and Asian-Pacific regions are expected to witness higher growth rate due to rise in demand for self-inflating layered tires over the forecast period. In upcoming years, it is expected that future of the market will be optimistic because of increase in focus on tire manufacturing of tires from advanced technologies for instance 3D printing and some of the green raw material during the forecast period.
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