Increase in automobile production, and stringent regulations towards vehicular emission propel the growth of the global advanced tires market
PORTLAND, Oregon, Jan. 20, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Advanced Tires Market by Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers, and Others), Type (Pneumatic Tires, Run Flat Tires, Airless Tires, and Others), Technology (Chip Embedded Tires, Self-Inflating Tires, Multi Chamber Tires, All In One Tires, and Others), and Vehicle Type (Light Duty Vehicles, Heavy Duty Vehicle, Agricultural Tractors, Construction & Mining Equipment, and Industrial Equipment): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global advanced tires industry was estimated at $248.7 million in 2020 and is expected to hit $1.34 billion by 2030, registering a CAGR of 18.4% from 2020-2030.
Drivers, restraints and opportunities-
Surge in automobile production, and stringent regulations towards vehicular emission fuel the growth of the global advanced tires market. On the other hand, fluctuating price of raw material impedes the growth to certain extent. However, rising concern for fuel efficiency and safety is expected to usher in a plethora of opportunities for the key players in the industry.
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The natural rubber segment to rule the roost till 2030-
Based on material type, the natural rubber segment is expected to account for more than one-third of the global advanced tires market share in 2020, and would retain its dominance during 2020 to 2030. Features of natural rubber such as large stretch ratio, high resilience, crack resistance etc. have boosted the growth of the segment. The synthetic rubber segment, on the other hand, is projected to grow at the fastest CAGR of 20.4% by the end of 2030. Synthetic rubber is more resistant to oil, oxygen, certain chemicals, and lasts longer, which makes it the fastest growing segment.
The pneumatic tires segment to dominate during the estimated period-
Based on type, the pneumatic tires segment is anticipated to hold approximately one-third of the global advanced tires market revenue in 2020, and would lead the trail throughout the forecast period. The ability of pneumatic tires to get accustomed to the uneven terrain which allows smoother ride boosts the growth of the segment. Simultaneously, the run flat tires segment is predicted to showcase the fastest CAGR of 20.1% till 2030. The fact that run flat tires are more stable than conventional tires has made it the fastest growing segment.
Asia-Pacific, followed by Europe and North America, to remain lucrative during the study period-
Based on geography, the region across Asia-Pacific, followed by Europe and North America, is projected to generate the largest share, contributing to nearly two-fifths of the global advanced tires market. The same region would also cite the fastest CAGR of 19.7% by 2030. Rising population and surge in demand for automobiles make Asia-Pacific the largest and fastest growing segment.
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Frontrunners in the industry-
- Continental AG
- Toyo Tire Corporation
- The Goodyear Tire & Rubber Company
- Bridgestone Corporation
- THE YOKOHAMA RUBBER CO., LTD.
- Pirelli & C. S.p.A
- Hankook Tire & Technology Co., Ltd.
- Michelin
- Nokian Tyres plc
- Sumitomo Corporation
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