WASHINGTON, Jan. 21, 2022 (GLOBE NEWSWIRE) — Vehicle technology is changing very rapidly and so is tire technology. New kinds of vehicles create new challenges for tire makers, while new material research and tire designs are creating greener more sustainable products. The major manufacturers are under pressure to invest in tires for the future and to find ways to better connect tires to maintenance facilities and roads. Due to these factors advance tires market is expected to generate revenue in coming years, states Vantage Market Research, in a report, titled “Advanced Tires Market by Technology (TPMS, Chip-Embedded, Self-Inflating, All-in-one), by Type (Run-flat, Airless, Pneumatic), by Region (North America, Europe, Asia Pacific, Middle East & Africa ) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
The market size stood at USD 256.61 Million in 2021. The global Advanced Tires Market size is expected to reach USD 760.98 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 16.8% during the forecast period.
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The report on Advanced Tires Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Porter’s Five Forces Analysis
- Global and Regional Dynamics
Focus on Reducing Carbon Footprints is Expected to Drive the Market.
Manufacturing a 17.5-inch tire for light commercial vehicles produces 86.9 kg CO2 emissions compared to manufacturing advanced tire. It was found out that the embodied carbon of materials is the largest component for both new tire and advanced tire accounting for more than 50% of the total impact. It is responsible for 49 kg of CO2 in new tire compared to 31 kg CO2 in advance tire. The second largest impact is attributed to the energy needed in the manufacturing process. The energy used to manufacture a new tire produces 31 kg CO2, while advance tire energy is just 5.6 kg CO2. The footprint of transport is roughly the same for both tire types. In total transport emissions add almost 10 kg CO2 for a new tire and more than 2 kg CO2 for an advance tire. Due to these factors advance tires might prove to attain sustainability and reduce carbon footprint in coming years.
High Cost of Manufacturing is the Major Restraining Factor the Advanced Tires Market
Advanced tires considered to be future development to EV and Hybrid cars. Recently huge R&D is being carried out for reducing the cost of advance tires for achieving the high market trend and convincing the current market for normal use of tires. Cost is one of the major problems which might hinder the market as tire is such a part in vehicle which is considered as a cheap part while buying a car. Hence majority of the global population will take time for getting convinced and use advance tires.
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The COVID-19 outbreak has affected various industries worldwide. The Advanced Tires Market also had a huge impact. Governments across the world took severe actions like border seals, lockdown, and implementing strict social distancing measures, in order to stop the swift spread of COVID-19. These actions led to a severe impact on the global economy impairing various industries. Moreover, lower raw material supply further affected the demand for advanced tires device manufacturing across the globe. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data- points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Region 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
Increasing Growth of Advanced Tires Market in Asia Pacific
Asia Pacific is expected to dominate the global Advanced Tires Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing adoption of these technologies and rising investment in R&D activities across the region. Furthermore, favorable government initiatives and offering of funds for research is also expected to support the regional growth of the market. Countries such as Germany, the UK, and France are the key markets for advanced tire. As per the German Trade & Invest (GTAI), Germany and the UK account for the 35% of total premium cars production worldwide. Furthermore, the adoption rate of connected technologies in automotive is high which is boosting the demand for advanced tires in Europe.
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List of Prominent Players in the Advanced Tires Market:
- Bridgestone (Japan)
- Continental (Germany)
- Michelin (France)
- Pirelli (Italy)
- Goodyear (US)
- Sumitomo (Japan)
- Hankook Tire (South Korea)
- Yokohama (Japan)
- Nokia (Finland)
- Toyo Tire (Japan)
- CEAT (India)
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Advanced Tires Market?
- How will the Advanced Tires Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Advanced Tires Market?
- What are the Advanced Tires market drivers and restrictions?
- What will be the CAGR and size of the Advanced Tires Market throughout the forecast period?
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This market titled “Advanced Tires Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size in 2021||USD 256.61 Million|
|Projected Market Size in 2028||USD 760.98 Million|
|CAGR Growth Rate||CAGR of 16.8% from 2022 – 2028|
|Historic Years||2016 – 2020|
|Forecast Years||2022 – 2028|
|Segments Covered||Technology: – TPMS, Chip-Embedded, Self-Inflating, All-in-one, Multi-Chamber
Type: – Run-flat, Airless, Pneumatic
|Quantitative Data – Units||Revenue in USD Million/Billion and CAGR from 2022 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
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