- Advanced tires comprise of technologies including multi-chamber, self-inflating, chip-embedded or they could be called all-in-one tires in common terms. These technologies offer more suitability and help to the driver with the real-time monitoring of tire pressure which upsurges the sturdiness of the tires.
- The increase in the maintenance and spare costs of conventional Otr tires is further estimated to cushion the growth of the advanced tires market. On the other hand, the growing initial investment costs is further projected to impede the growth of the advanced tires market in the timeline period.
- Europe is expected to dominate the Advanced Tires market due to the occurrence of major countries which explain the share of total premium car production around the world. Furthermore, rise in the preference towards connected technologies in automotive sectors will further boost the growth of the advanced tires market in the region during the forecast period.
- North America is anticipated to be the fastest-growing region in the Advanced Tires market, due to the rise in the safety and convenience needs in passenger cars. Moreover, the growing number of fleet management technologies is further anticipated to propel the growth of the advanced tires market in the region coming years.
- The on-highway vehicle segment is predicted to hold the largest market share of 45.9% in the Advanced Tires market during the forecast period. The increasing adoption of electric vehicles (EVs), which demand specialized tires to optimize energy efficiency and range. Additionally, the rise in premium vehicle production and consumer preference for enhanced safety and performance features are fueling demand for advanced tire technologies. These factors collectively contribute to the growth of the on-highway vehicle segment within the advanced tires market.
