Advanced Tires Market to Surpass USD 3.78 Billion by 2031 Owing to Growing Consumer Priority for Safety and Performance

Advanced Tires Market Size, Share, Growth Analysis, Report Scope and Forecast 2024

AUSTIN, TEXAS, UNITED STATES, May 21, 2024 /EINPresswire.com/ -- The advanced tires market is projected to witness significant growth in the coming years, driven by a surge in consumer preference for safety and performance features in vehicles. Advanced tires offer superior traction, handling, and braking capabilities on diverse terrains, catering to this growing demand.

The Expansion Of The Advanced Tires Market Is Fueled By Several Factors, Including

Advanced tires provide enhanced traction, handling, and braking capabilities, ensuring a safer driving experience on all types of roads.
Technological innovations have led to the development of advanced features like intelligent sensors, RFID tags, self-sealing properties, and self-inflating capabilities.
Low rolling resistance tires contribute to improved fuel efficiency and reduced carbon emissions, aligning with the growing emphasis on sustainability.
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Recent Developments

March 2023: Continental AGannounced the launch of its intelligent tires in the Indian market. These tires are specifically designed for commercial vehicles and can be used with tubeless technology. The company also plans to upgrade its existing product portfolio in India.
March 2023: The Goodyear Tire & Rubber Companyintroduced its Fuel Max 1 AD, a new addition to its Fuel Max lineup. This tire is targeted towards single-axle drive tractors used in super regional, less-than-truckload (LTD) applications. The Fuel Max 1 AD is designed to deliver superior traction, mileage, and fuel efficiency, catering to the demands of modern fleets.
Sustainable Solutions Take The Focus

The production of automotive tires utilizes raw materials such as natural rubber, synthetic rubber, sulfur, elastomers, and carbon compounds. These materials contribute to carbon emissions during the manufacturing process. Stringent emission regulations are pushing manufacturers to find solutions for reducing the use of these materials. Additionally, Original Equipment Manufacturers (OEMs) are focusing on lightweight vehicles to meet stricter tailpipe emission standards.

Consequently, major players in the market are introducing advanced tires that consider factors such as reduced weight, utilization of eco-friendly materials, and implementation of novel raw material production technologies.=

The International Energy Agency (IEA) suggests that adopting low-rolling-resistance tires can potentially lead to a reduction of up to 7% and 6% in fuel consumption and CO2 emissions, respectively, from passenger cars. However, the extent of emission reduction can vary depending on factors like vehicle type, driving conditions, and tire maintenance.

Recycling tires has emerged as a key trend in recent years. According to Recycled Rubber Facts, tire recycling not only reduces the cost of raw materials and energy used in manufacturing but also brings down the carbon footprint of the industry by 20%.

Furthermore, the use of green materials in advanced tires is gaining traction to minimize overall carbon emissions. Tire companies are exploring materials like silica instead of carbon black, plant-derived materials like sunflower oil instead of petroleum oil, and flora-derived latex instead of rubber. Some companies are also replacing toxic materials used in the manufacturing process with oil derived from orange seeds and other organic materials. These advancements pave the way for the development of eco-friendly advanced tires.

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Segment Analysis

Market, By Material Type:

Natural rubber is anticipated to dominate the market due to its superior performance characteristics. However, rising prices of synthetic rubber and other crude oil derivatives used in tire manufacturing are expected.

Market, By Technology:

The self-inflating tires segment is expected to witness significant growth due to the increasing production of commercial vehicles, the growing demand for high-performance tires in commercial applications, and the rise of fleet management technologies.

Market, By Vehicle Type:

The passenger vehicles segment is projected to experience a surge in demand for advanced tire solutions due to rising urbanization, growing environmental concerns, and a preference for features like real-time monitoring, connectivity, and enhanced safety.

North America is expected to hold the dominant position in the advanced tires market throughout the forecast period

North American consumers are increasingly prioritizing safety, convenience, and fuel efficiency in their vehicles, leading to a high demand for advanced tires with features like chip embedding and low rolling resistance.

Government initiatives in this region promote the adoption of advanced tires. For instance, the European Union has implemented a labeling scheme to guide consumers towards tires with superior fuel efficiency, noise reduction, and wet grip performance. Additionally, Euro 7 regulations propose stricter emission standards for tires to minimize air pollution caused by tire wear and tear.

There is a growing trend of collaboration between Original Equipment Manufacturers (OEMs) and tire companies in North America to develop advanced tire solutions. A prominent example is the partnership between General Motors (US) and Michelin (France) to create airless tires, which have been successfully tested on the Chevrolet Bolt EV and are expected to be rolled out in the market by 2024.

The rising popularity of connected and autonomous vehicles in North America is driving the demand for chip-embedded tires that can transmit real-time data on tire health and performance.

Key Takeaways for Advanced Tires Market Study

Understanding the growth drivers and challenges influencing the market.
Identifying the most promising segments (material type, technology, vehicle type) for investment.
Gaining insights into consumer preferences and buying behavior in the advanced tires market.
Analyzing the impact of government regulations and environmental concerns on market dynamics.
Staying up-to-date on the latest technological advancements and trends in the advanced tires industry.

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Akash Anand
SNS Insider Pvt. Ltd
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