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Advanced Tires Market Key Trends And Forecast Report 2024-2033
Advanced Tires Market Key Trends
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According to The Business Research Company's, The automotive tires market size has grown rapidly in recent years. It will grow from $1.10 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to increasing vehicle production and sales, increasing focus on fuel efficiency, increasing adoption of electric vehicles, increasing demand for high-performance vehicles, and increasing urbanization.
The automotive tires market size is expected to see rapid growth in the next few years. It will grow to $2.01 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to increasing automobile production, expanding the automotive sector, increasing domestic consumption of feature-rich vehicles, growing awareness of tire safety, and rising demand for advanced safety features. Major trends in the forecast period include smart tire technology, self-healing tires, swift technological progression, 3d printing and advanced materials, and run-flat tires.
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Market Drivers and Trends:
The increasing automobile production is expected to propel the growth of the advanced tires market going forward. Automobile production refers to manufacturing vehicles, including cars, trucks, buses, and other types of motor vehicles, in large-scale industrial facilities. The increase in automobile production is due to growing disposable incomes, client preferences, autonomous driving capabilities, and personal mobility. Advanced tires enhance vehicle performance, safety, efficiency, and consumer satisfaction, enabling manufacturers to produce high-quality, reliable, and environmentally friendly vehicles that meet modern market demands and regulatory requirements. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based professional organization, the overall number of passenger automobiles produced rose by 8.3% from 10.1 million in 2021 to 10.9 million in 2022. Therefore, the increasing automobile production drives the growth of the advanced tires market.
Major companies operating in the advanced tire market are focused on developing innovative technologies, such as IoT tire sensor technology, to sustain their position in the market. IoT (Internet of Things) tire sensor technology involves using embedded sensors within tires to monitor various parameters and communicate data in real-time to a centralized system, typically through wireless networks. For instance, in April 2023, Cerebrum Sensor Technologies, a US-based company that offers innovative tire sensors, launched Intelligent Tire Solutions with vehicle and tire original equipment manufacturers (OEMs). This offering is the world's first real-time, direct tread depth monitoring solution, scalable to virtually any vehicle tire. This innovative system uses advanced sensors to monitor real-time tire pressure, temperature, and tread wear. It uses AI and machine learning to predict maintenance needs and potential tire failures, enhancing safety by alerting drivers or fleet managers to critical issues. It offers easy access to data via user-friendly mobile apps and web platforms.
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Major Key Players of the Market:
Continental AG, Bridgestone Corporation, Michelin, The Goodyear Tire & Rubber Company, Pirelli & C. SpA, Sumitomo Rubber Industries Ltd., Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co. Ltd., Zhongce Rubber Group Co. Ltd., Toyo Tire & Rubber Co. Ltd., Kumho Tire Co. Inc., Trelleborg AB, Apollo Vredestein B.V., Giti Tire Pte. Ltd., Cooper Tire & Rubber Company, Titan International Inc., Nexen Tire Corporation, Nokian Tyres plc, Petlas Tire Corporation, Marangoni S.p.A., Nankang Rubber Tire Corporation Ltd., Triangle Group Co. Ltd., Sailun Tire Co. Ltd., Greenball Corporation, Magna Tyres Group, Mitas Tires, Maxam Tire International Ltd.
Advanced Tires Market 2024 Key Insights:
• The automotive tires market size is expected to see rapid growth in the next few years. It will grow to $2.01 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Impact Of Increasing Automobile Production On The Growth Of The Advanced Tires Market
• Cerebrum Sensor Technologies Revolutionizes Tire Intelligence With AI-Powered IoT Solutions
• North America was the largest region in the advanced tires market in 2023
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