2022 Statistics: Advanced Tires Market Will Surpass USD 760.98 Million at 16.8% CAGR Growth: Vantage Market Research

WASHINGTON, Jan. 21, 2022 (The Globe Newswire) — Vehicle technology is changing very rapidly and so is tire technology. New types of vehicles are creating new competitors for tire makers, while new materials research and tire designs are creating more sustainable and greener products. Major manufacturers are under pressure to invest in tires for the future and find ways to better connect tires to maintenance facilities and roads. Because of these factors, the advanced tire market is expected to generate revenue in the coming years, says Vantage Market Research, in a report titled “Advanced Tire Market by Technology (TPMS, Compact Chip, Self-inflating, All-in-One), by Type (Run-flat, Airless, Pneumatic), by Region (North America, Europe, Asia Pacific, Middle East & Africa) – Evaluation Global Industry (2016-2021) and Forecasts (2022-2028)”.

The market size was 256.61 million USD in 2021. The global advanced tire market size is expected to reach 760.98 million USD by 2028, showing a compound annual growth rate (CAGR) of 16.8% during the forecast period.

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Our free report templates include:

  • In-depth industry analysis, introduction, overview, and outbreak of the COVID-19 pandemic.

  • Impact Analysis 170+ Pages Research Report (including the latest research)

  • Provide on-demand class-level guidance 2021 updated regional analysis with graphical representation of trends, volume, and participation, including an updated list of figures and tables.

  • The updated report includes the major market players with their sales volume, business strategy and revenue analysis using Vantage Market Research Methodology.

(Please note that the sample for this report has been updated to include a pre-delivery COVID-19 impact study.)

The Advanced Tires Market report highlights the following:

  • Market assessment

  • Distinctive insights

  • Competitive scene

  • Analysis of the impact of COVID

  • value chain analysis

  • Historical data, estimates and forecasts

  • Company Profile

  • Porter’s Five Forces Analysis

  • global and regional dynamics

Market Overview:

The focus on reducing carbon footprint is expected to drive the market.

Manufacturing a 17.5-inch light commercial vehicle tire results in 86.9 kg of CO2 emissions compared to manufacturing high-end tires. Carbon embodied material was found to be the largest component of both new tires and advanced tires, accounting for more than 50% of the overall impact. It’s responsible for 49kg of CO2 in new tires compared to 31kg of CO2 up front. The second largest effect is attributed to the energy required in the manufacturing process. The energy used to manufacture a new tire produces 31 kg of CO2, while the energy of an advanced tire is only 5.6 kg of CO2. The transmission effect is almost the same for both types of tires. In total transmission emissions, add approximately 10 kg of CO2 for a new tire and more than 2 kg of CO2 for an advanced tire. Because of these factors, advanced tires may prove to be sustainable and reduce the carbon footprint in the coming years.

The high cost of manufacturing is the main limiting factor for the advanced tire market

Sophisticated tires are a future development for electric and hybrid vehicles. Recently, massive research and development is carried out to reduce the cost of advanced tires to achieve the high market trend and convince the existing market of the normal use of tires. Cost is one of the main problems that may hinder the market because tires are a part of the car which is a cheap part while buying a car. Hence the majority of the world’s population will take time to get convinced and use advanced tyres.

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COVID-19 Analysis:

The COVID-19 outbreak has affected many industries around the world. The advanced tire market has also had a huge impact. Governments around the world have taken drastic measures such as closing borders, lockdowns and implementing strict social distancing measures, in order to stem the rapid spread of COVID-19. These measures have had a severe impact on the global economy affecting various industries. Moreover, the reduced supply of raw materials has affected the demand for the manufacture of advanced tire hardware across the world. The impact of COVID-19 on market demand is being considered while estimating the current and projected market size and market growth trends for all regions and countries based on the following data:

  1. Assessing the impact of the COVID-19 pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin america

    5. Middle East and Africa

  2. Quarterly Market Revenue Forecasts by Region 2020 and 2021

  3. Key strategies companies have taken to tackle COVID-19

  4. long term dynamics

  5. short term dynamics

Regional Analysis:

Increasing growth of the advanced tire market in Asia Pacific

The global advanced tire market is expected to be dominated by the Asia Pacific region in 2021 and is likely to continue in the same trend during the forecast period. This is attributed to the increasing adoption of these technologies and increased investment in research and development activities across the region. Moreover, favorable government initiatives and funds for research are also expected to support the regional growth of the market. Countries such as Germany, UK and France are the main markets for advanced tires. According to German Trade & Invest (GTAI), Germany and the United Kingdom account for 35% of the total production of luxury cars worldwide. Moreover, the rate of adoption of connected technologies in cars is high which boosts the demand for high-end tires in Europe.

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List of Prominent Players in Advanced Tires Market:

Key questions answered in the report:

  • Which regional market will show the highest rapid growth rate?

  • Who are the top five players in the advanced tire market?

  • How will the advanced tire market change in the next six years?

  • What application and product will take the lion’s share of the advanced tire market?

  • What are the drivers and restraints of the Advanced Tire Market?

  • What will be the compound annual growth rate (CAGR) and size of the Advanced Tire Market throughout the forecast period?

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This market is entitledadvanced tire market It will cover the exclusive information in terms of regional analysis, forecasting, quantitative data – units, major market trends and various other information as mentioned below:

Report feature

details

Market size in 2021

256.61 million US dollars

Expected market size in 2028

760.98 million US dollars

CAGR growth rate

A compound annual growth rate of 16.8% from 2022 to 2028

base year

2021

Historic years

2016 – 2020

prediction years

2022 – 2028

covered slices

Technology: – TPMS, built-in chip, self-amplifying, all-in-one, multi-chamber

Type: Flat, ventilated, pneumatic

Quantitative data – units

Revenues in US$ Million/Billion and CAGR from 2022 to 2028

Covered areas

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Countries covered

United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others

Report coverage

Market growth drivers, restraints, and opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Organizational Landscape, Market Attractiveness Analysis by Segments and Region, Company Market Share Analysis, and COVID-19 Impact Analysis.

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