Advanced Tires Market Worth $1,148.3 Million by 2030
September 28, 2018—According to the new market research report, "Advanced Tires Market by On-Highway & Off-Highway Vehicle, Technology (TPMS, Chip-Embedded, Self-Inflating, All-in-One, Multi-Chamber), Autonomous Vehicle, 3D Printed, Type (Run-flat, Airless, Pneumatic), Material, and Region - Global Forecast to 2030," published by MarketsandMarkets, the tire market is expected to grow from USD 219.7 million in 2020 to USD 1,148.3 million by 2030, at a CAGR of 17.98% between 2020 and 2030.
Increasing production of premium vehicles and technological trends in the automotive industry such as developments in autonomous vehicle and connected vehicle ecosystem are the key drivers for growth in this market. Alternatively, the high capital costs and inability to mass produce the advanced tires can hinder the growth of the market.
The report also found that "the pneumatic tires segment is estimated to hold the largest share of the advanced tires market during the forecast period," "the self-inflating tires are projected to be the fastest-growing for off-highway vehicles from 2020 to 2030," and North America has the "largest advanced tires market for on highway vehicles."