Advanced Tires Market to Grow
Jan. 20, 2020—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 percent from 2020–2030.
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.
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 percent 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.
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