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 reduction in carbon footprints by the tire manufacturing industry, high replacement and maintenance cost of OTR tires, and the rising demand for safety and convenience are the key factors driving the growth of the advanced tires market.
The advanced tires market is projected to be dominated by a few global players and comprises several regional players namely Continental (Germany), Bridgestone (Japan), Michelin (France), and Pirelli (Italy). New product development was the prominent strategy adopted by key players such as Michelin and Goodyear to gain traction in the advanced tires market. For instance, in June 2017, Michelin started working on smart tires with no air that are 3D printed and change the tread as per the terrain. Alternatively, companies also adopted the partnership and agreements strategy to maintain their position in the market. In October 2017, Goodyear announced that it would collaborate with the Tesloop fleet by supplying them tires equipped with wireless sensors. These sensors will provide valuable information to Goodyear about fleet usage patterns and the performance of its tires while providing Tesloop the data to make tire management more efficient.
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Continental adopted the strategy of mergers and new product development to gain an early movers’ advantage in the advanced tire market. In September 2017, Continental unveiled the ContiSense tires during the Frankfurt Motor Show, which are equipped with systems capable of continuously monitoring the tire’s condition as well as a situation-matched adaptation of tire performance characteristics for prevailing road conditions. Additionally, during the same show in 2017, Continental introduced the new tire technology—ContiAdapt—which is combined with micro-compressors into the wheel to adjust the tire pressure with a variable width rim. The system can thus modify the size of the contact patch, which under different road conditions is a crucial factor for safety and comfort. 4 different combinations allow perfect adaptation to wet, uneven, slippery, and regular conditions. Therefore, these tires will be suitable for vehicles used in extreme weather conditions that affect the overall tire pressure and temperature.
Pirelli is projected to be one of the leading players in the advanced tires market because of its premium car consumer base, including Ferrari (Italy), Lamborghini (Italy), and Mercedes (Germany). In October 2017, Pirelli’s new tire range Connesso became the first integrated tire platform that leverages a sensor embedded in the tread groove which is connected via an app interface with the driver to provide key information. The first version of Pirelli Connesso can recognize the tire ID and indicate pressure and temperature even when the car is parked. The information sent by the sensor includes static vertical load and mileage.
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