Advanced Tires Industry Growth Outlook: 11.5% CAGR and $2.14 Billion by 2029

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What Is the Long-Term Growth Forecast for the Advanced Tires Market Size 2025?
The market size for advanced tires has experienced swift advancement in the past few years. It's projected to surge from $1.24 billion in 2024 to $1.38 billion in 2025, with a compound annual growth rate (CAGR) of 11.6%. The substantial growth during the historic period is credited to the rise in vehicle manufacturing and sales, enhanced focus on fuel economy, a rising trend in electric vehicle adoption, higher demand for high-performance vehicles, and increased urbanization.

What CAGR is Forecasted for the Advanced Tires Market Through 2029?
The size of the advanced tires market is predicted to witness substantial growth in the coming years, expanding to $2.14 billion in 2029, with a compound annual growth rate (CAGR) of 11.5%. The surge within the prediction period can be linked to factors like the growth of automobile production, widening of the automotive sector, increased local demand for luxury vehicles with enhanced features, heightened awareness on tire safety, and an escalating demand for cutting-edge safety features. The forecast period also presents significant trends, such as smart tire technology, self-repairing tires, rapid technological evolution, 3D printing with highly developed materials, and run-flat tire innovations.

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What Are the Critical Factors Driving Advanced Tires Market Development?
The surge in car manufacturing is anticipated to fuel the expansion of the advanced tires market in the future. Car manufacturing involves large-scale industrial production of vehicles like cars, trucks, and buses, among others. This expansion is powered by rising disposable income, customer choices, self-driving features, and personal mobility. Advanced tires contribute to improved vehicle performance, safety, efficiency, and customer satisfaction. This allows manufacturers to create top-quality, dependable, and eco-friendly cars that cater to the current market demands and comply with regulatory standards. To exemplify, the European Automobile Manufacturers Association, a professional organization based in Belgium, reported in May 2023 that there was an 8.3% increase in the total number of passenger cars manufactured, rising from 10.1 million in 2021 to 10.9 million in 2022. Hence, the rise in car manufacturing propels the advanced tires market's growth.

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How Does the Advanced Tires Market Break Down Across Major Segments?
The advanced tires market covered in this report is segmented -

1) By Material: Synthetic Rubber, Aramid and Nylon Reinforcements, Silica-Based Compounds, Steel Belts and Cord Plies, Carbon Black Reinforcement, Other Material
2) By Tire Type: Run-Flat Tires, Radial Tires, Airless Tires, Pneumatic Tires
3) By Technology: Self-Inflating Tires, Chip-Embedded Tires, Multi-Chamber Tires, All-In-One Tires, Self-Sealing
4) By Vehicle Type: Light Duty Vehicle (LDV), Heavy Duty Vehicle (HDV)

Subsegments:
1) By Synthetic Rubber: Styrene-Butadiene Rubber (Sbr), Butadiene Rubber (Br), Isoprene Rubber (Ir), Thermoplastic Elastomers (Tpe), Solution Styrene-Butadiene Rubber (Ssbr)
2) By Aramid And Nylon Reinforcements: Aramid Fiber Reinforcements (Kevlar), Nylon 6 And Nylon 66 Reinforcements, High-Strength Aramid Yarn, Hybrid Reinforcement Materials (Aramid-Nylon Combinations)
3) By Silica-Based Compounds: Silica-Enhanced Tire Compounds For Low Rolling Resistance, Silica-Silane Coupled Compounds, Silica Compounds For Improved Wet Traction And Durability, High-Silica Content Compounds For Fuel Efficiency
4) By Steel Belts And Cord Plies: Steel Belt Reinforcements, Steel Cord Plies For High-Performance Tires, Steel Belted Radial (Sbr) Construction, Steel-Wire Reinforced Tire Cords
5) By Carbon Black Reinforcement: High-Performance Carbon Black, Carbon Black For Wear Resistance And Durability, Carbon Black For Improved Wet Grip And Tread Wear, Low-Volatile Carbon Black For Enhanced Fuel Efficiency
6) By Other Materials: Natural Rubber (Latex), Recycled Rubber, Resin And Oils For Improved Grip, Anti-Ozonants And Antioxidants, Silane And Other Chemical Modifiers

What Are the Major Trends Transforming the Advanced Tires Industry?
Prominent firms in the advanced tire market are adopting new technologies like IoT tire sensor technology to maintain their market standing. The Internet of Things (IoT) tire sensor technology utilizes sensors embedded in tires to keep track of various parameters and convey this information in real-time to a central system, typically via wireless networks. For instance, in April 2023, Cerebrum Sensor Technologies, a pioneering U.S. company specializing in tire sensors, introduced Intelligent Tire Solutions in collaboration with vehicle and tire original equipment manufacturers (OEMs). This product, the first of its kind in the world, provides real-time monitoring of tread depth for virtually any vehicle tire. This cutting-edge system employs sophisticated sensors to keep track of tire pressure, temperature, and wear on the go. It uses AI and machine learning algorithms to anticipate maintenance requirements and possible tire failures, thereby improving safety by notifying drivers or fleet overseers of urgent issues. Users can easily retrieve the data through user-friendly mobile apps and web interfaces.

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Which Players Are Driving Innovation in the Advanced Tires Market?
Major companies operating in the advanced tires market are 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.

Which Regions Are Driving Global Advanced Tires Market Expansion?
North America was the largest region in the advanced tires market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the advanced tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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