The Global Advanced Tyres Market size is estimated to reach US$348.9 billion by 2027, growing at a CAGR of 16.5% from 2022 to 2027. The growth in premium car production, connected car technologies and increased government initiatives towards lesser environmental emissions are boosting the growth of the Advanced Tyres Market. In April 2021, Toyo Tyres started commercializing airless tyres. A production line of airless tyres was installed at the Sendai Plant in Iwanuma City by the end of 2021. However, fluctuating prices of raw materials and real-life implementations of some Advanced Tyres hinder market growth.

Moreover, rising demand for industrial automation, e-commerce and industrial vehicles would create new opportunities for growth in the global Advanced Tyres Market. Furthermore, the growing popularity of self-driving and semi-autonomous vehicles would provide opportunities for market expansion. In July 2021, CEAT Tyres partnered with TyresnMore for online sales and home tire fitment and servicing. The TyresnMore website allows customers to purchase genuine CEAT products, which would be delivered to the customer's home and installed by its service team without any hassle.

APAC generated approximately 31% of the global revenues in the Advanced Tyres industry in 2021. With rapid industrialization and expansion of the transportation sector in emerging markets such as China and India and increasing focus on the reduction of carbon footprints, the Advanced Tyres industry is being driven forward in the region. In FY 2020, according to IBEF, India manufactured over 26 million vehicles and sold over 21 million vehicles, registering a CAGR of 2.36%. Developments such as these boost market growth.

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Advanced Tyres Market Growth Drivers:

  • Stringent government regulation towards vehicular emission:

Several government organizations around the world are increasingly enacting stringent emission regulations for automobiles, compelling automakers to improve vehicle performance and increase fuel efficiency. Advanced tyres are manufactured in such a way that their surface contact is less than that of other types of tiyes, reducing friction between tire and road. As a result, this increases vehicle fuel efficiency. In June 2022, The Ministry of Road Transports and Highways, in their tenth amendment, set new standards for advanced tyres for passenger cars, light commercial vehicles and heavy commercial vehicles. From October 2022, the rules would be enacted and advanced tyres would have to adhere to strict standards for wet grip, rolling resistance and rolling sound emissions for lesser environmental emissions. These factors would positively influence the Advanced Tyres industry outlook during the forecast period.

Major Players in this Market

The Major players in the Advanced Tyres Market include Bridgestone Corporation, Trelleborg, Goodyear, Continental AG, Michelin and Yokohama Tire Corporation. In September 2022, Pirelli launched WeatherActive advanced tyres in two versions - the Cinturato WeatherActive and the Scorpion WeatherActive. They would allow consumers to drive in all types of weather conditions.

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