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 advanced tires market is projected to grow at a CAGR of 17.98% during the forecast period, to reach a USD 1,148.3 million by 2030, from an estimated USD 219.7 million in 2020. Increased demand for convenience and safety in LDVs and increasing cost of maintenance of HDVs are the key drivers of this market.

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Increasing demand for autonomous and connected technologies in automotive is expected to drive the market for advanced tires.

Advanced tires comprise technologies such as chip-embedded, self-inflating, multi-chamber, and all-in-one tires. These technologies are expected to increase the in-vehicle convenience by significantly. These technologies help increase the durability of the tire by real-time monitoring of tire pressure. Moreover, the tire pressure within normal range also improves the fuel efficiency of the vehicle. Hence, advanced tire technologies are expected to lower the maintenance cost of the vehicle resulting in an increasing demand for advanced tires across the globe.

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The agricultural tractors segment, for the off-highway advanced tire market, is projected to grow at the highest rate during the forecast period.

The agricultural tractors segment is estimated to be the fastest growing in the off-highway advanced tires market during the forecast period. The reducing agricultural population and growing average farm size have increased the overall cost of labor. As a result, the rate of mechanization in agriculture and demand for high power tractors has increased tremendously. This demand for high power tractors has increased the demand for advanced tires as high-power tractors are expected to be the early adapters for advanced tires. Additionally, trends such as autonomous tractors will also drive the overall demand for advanced tires in agricultural tractors.

The LDV segment is projected to account for the largest market share of advanced tires market for on highway vehicles.

The LDV market is estimated to account for the largest market share of the on-highway advanced tires market. Increased production of premium vehicles in regions such as North America and Europe coupled with increased demand for connected technologies have resulted in the high growth of the advanced tires market. Additionally, because of personal use and high demand for convenience, the LDVs have a higher installation rate of advanced technologies as compare to HDVs. This trend can be seen across the globe, and thus, the advanced tires market for LDVs is estimated to be the largest.

Europe to be the fastest-growing and North America to be the largest advanced tires market from 2020 to 2030.

Europe is the leading manufacturer of premium cars worldwide as Germany and the UK collectively manufacture around 35% of total premium cars. Additionally, Europe is home to vehicle manufacturers such as Mercedes (Germany), Audi (Germany), Ferrari (Italy), and Lamborghini (Italy). The highest number of premium vehicle manufacturing coupled with a high rate of adoption of advanced technologies is estimated to drive the European advanced tires market at the highest CAGR. The presence of leading economies such as the US and Canada coupled with a high installation rate of advanced technologies is estimated to make North America the largest market for advanced tires.

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The advanced tires market is dominated by a few globally established players such as Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear(US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland),CEAT (India), and Toyo Tire (Japan).