Advanced Tires Market Projected to Hit $3.2 Billion by 2030

Advanced Tires Market

The advanced tires market size is projected to reach USD 3.2 billion by 2030 from an estimated USD 1.3 billion in 2023, at a CAGR of 14.4% from 2023 to 2030. The market is projected to expand due to consumers placing an increasing emphasis on safety and performance and looking for tires with improved traction, handling, and braking abilities. Further, improvements in tire technology, including better tread designs and rubber compounds, enhance performance, durability, and fuel efficiency.

The growing market for connected vehicles and demand for reduction in carbon footprints will fuel the demand for advanced tires with organic and environment-friendly raw materials. For instance, to cater to the continuously evolving automotive industry, Bridgestone launched advanced CAIS (Contact Area Information Sensing) tires that include a sensor attached to the interior wall of the tire to monitor how the tire will interact with the road surface. The system checks road conditions to distinguish between dry, wet, slush, fresh, snow, or ice and sends that real-time information to the driver via a digital screen. These types of tires are estimated to increase the sense of safety while driving. 

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The increasing industrialization and setting up of warehouses to support the hub and spoke model for various sectors are expected to drive the growth of industrial vehicles, thereby driving the advanced tire market. Manufacturers are investing in R&D to develop technologically advanced industrial vehicles that are innovative, efficient, and cost-effective. With the rising demand for alternative fuel and eco-friendly vehicles, tire manufacturers are trying to gain market share by offering fuel-efficient, sensor-based, and lightweight tires.

The 3D printing technology in the automotive industry is yet to be commercialized because of multiple factors such as the inability to support mass production, increased cost while taking into mass production, and simpler designs (in the case of tires). In 2021, Michelin developed an airless tire – Uptis which was developed using 3D printing technology. It was a prototype of this airless type which was jointly developed by General Motors. The company has planned to launch this product commercially by 2024 on the global platform. However, industry experts believe that the market for 3D-printed tires can be commercially viable by 2025/2026 onwards possibly. Other companies are also working on advanced products which can support sustainable mobility solutions by leveraging natural and synthetic rubber, recyclable material, and eco-friendly solutions.

Asia Pacific is estimated to be the fastest-growing market due to substantial growth driven by factors such as the rising demand for advanced safety features, increasing premium vehicle demand, and rising government initiatives that encourage the adoption of electric and hybrid vehicles. This will further promote high-end vehicles with better features and enhanced comfort. Notably, major industry players like Bridgestone Corporation, Tire companies such as Continental, Goodyear, Yokohama, and Michelin are actively investing in the development of advanced tire technologies in the region. Additionally, advancements in tire technology, such as the development of eco-friendly tires, fuel-efficient variants, and innovative tire compounds, have further contributed to the rising demand in the Asia Pacific region.

Key Market Players:

The advanced tire market is dominated by several global and regional players. Some of the manufacturers in the advanced tires market are Bridgestone Corporation (Japan), Michelin (France), Continental AG (Germany), Pirelli & C. S.p.A (Italy), The Goodyear Tyre and Rubber Company (US), Sumitomo Rubber Industries Ltd (Japan), Yokohama Tire Corporation (Japan), Hankook Tire & Technology Co., Ltd., (South Korea), and Nokian Tyres plc (Finland).

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