Burlingame, Jan. 22, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Rechargeable Tires Market was valued at US$ 177.7 Million in the year 2023, and is anticipated to reach US$ 1,422.1 Million by 2030, with growing at a CAGR of 34.6% during forecast period 2023-2030.
The Rechargeable Tires Market is driven by two key drivers, namely technological advancements and environmental concerns. Technological advancements in the automotive industry have paved the way for the development of rechargeable tires that offer various benefits such as improved fuel efficiency and reduced carbon emissions. These tires are equipped with advanced features such as sensors and self-inflating capabilities, which enhance the overall performance and safety of the vehicle. Moreover, the increasing focus on reducing the carbon footprint has led to a rise in demand for eco-friendly alternatives. Rechargeable tires not only help in reducing CO2 emissions but also offer cost-effective solutions to consumers.
Market Snapshot:
| Report Coverage | Details | |
| Study Period | 2023 - 2030 | |
| Base Year of Estimation | 2022 | |
| CAGR | 34.60% | |
| Largest Market | North America | |
| Market Concentration | High | |
| Major Players | Michelin, Goodyear, Pirelli, Hankook, Continental and Among Others | |
| Segments Covered | By Technology, By Vehicle Type, By Sales Channel, By Geography | |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends | |
| Growth Drivers | • Increasing Adoption of Electric Vehicles • Advancements in Material Sciences and Nanotechnology • Government Regulations on Fuel Efficiency and Emissions • Focus on Reducing Maintenance Costs | |
| Restraints & Challenges | • High Costs • Performance Limitations • Lack of Standardization | |
Market Takeaways:
- The Rechargeable Tires Market Size is anticipated to witness a CAGR of 34.6% during the forecast period 2023-2030, owing to the growing demand for airless tires and the rising adoption of rechargeable tires in passenger cars.
- On the basis of technology, the airless tires segment is expected to hold a dominant position, owing to its advantages such as reduced maintenance costs, improved stability, and longer lifespan. The airless tires segment is projected to experience significant growth due to increasing demand from both consumer and commercial vehicle segments.
- In terms of vehicle type, the passenger car segment is expected to hold a dominant position in the market. The rising adoption of rechargeable tires in passenger cars is driven by factors such as extended tire life, reduced fuel consumption, and the increasing demand for electric vehicles.
- When considering the sales channel, original equipment manufacturers (OEMs) are expected to dominate the market. OEMs play a crucial role in the adoption of rechargeable tires, as they integrate them into newly manufactured vehicles. The aftermarket sales channel is also expected to contribute to the market growth, as vehicle owners are increasingly opting for rechargeable tires as replacements for their conventional tires.
- On the basis of region, North America is expected to hold a dominant position over the forecast period. The presence of major players, technological advancements, and the increasing adoption of electric vehicles in the region are driving the growth of the rechargeable tires market.
- Key players operating in the rechargeable tires market include Michelin, Goodyear, Pirelli, Hankook, Continental, Yokohama, Cooper Tire, Kumho Tire, Toyo Tires, and Nokian Tyres. These players are focused on product development, collaborations, and strategic partnerships to gain a competitive edge in the market.
Market Trends:
There are two key trends observed in the Rechargeable Tires Market. Firstly, the rising demand for electric vehicles (EVs) is expected to drive the market growth. As the adoption of EVs increases, the demand for rechargeable tires is also expected to grow significantly. Electric vehicles require specialized tires that can withstand high torque and maximize energy efficiency, making rechargeable tires an ideal choice. Secondly, the increasing investment by market players to develop innovative products is expected to boost market growth. Key players in the market are focusing on research and development activities to introduce advanced tire technologies that provide enhanced safety and performance. The development of self-recharging tires and intelligent tire management systems are some of the latest trends in the market. These innovations are expected to attract a larger consumer base and contribute to the growth of the Rechargeable Tires Market.
Recent development:
- In January 2022, in order to prevent blowouts and punctures, Michelin introduced the Upits prototype, an airless wheel technology for passenger cars. The introduction signalled a significant advancement in tyre technology.
- In June 2021, Continental introduced ContiEco Green, an eco-friendly tyre technology that lowers carbon footprints by using recycled and renewable mnaterials.
Read complete market research report, "Rechargeable Tires Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Market Opportunities:
Growing Demand for Airless Tires:
Airless tires are gaining significant traction in the market due to their various advantages over conventional pneumatic tires. Airless tires eliminate the risk of punctures and provide better stability and handling. These tires offer a longer lifespan compared to traditional tires, resulting in reduced maintenance costs for vehicle owners. The increasing demand for airless tires from both consumer and commercial vehicle segments is expected to drive the growth of the rechargeable tires market.
Rising Adoption of Rechargeable Tires in Passenger Cars
The passenger car segment is expected to dominate the rechargeable tires market in terms of vehicle type. The increasing adoption of rechargeable tires in passenger cars is driven by factors such as the growing awareness about the benefits of rechargeable tires, such as extended tire life and reduced fuel consumption. Additionally, the increasing demand for electric vehicles is further expected to boost the market for rechargeable tires in the passenger car segment.
In conclusion, the growing demand for airless tires and the rising adoption of rechargeable tires in passenger cars present significant market opportunities for the rechargeable tires market. With North America leading the market in terms of region, key players are striving to innovate and collaborate to stay ahead in this rapidly growing market.
Rechargeable Tires Market Segmentation:
- By Technology
- Airless Tires
- Multi-Chamber Tires
- Self-Inflating Tires
- All-In-One Tires
- Others
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-Wheelers
- Off-Highway Vehicles
- Electric Vehicles
- Others
- By Sales Channel
- OEMs
- Aftermarket
- By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Top Questions Answered in this Report:
- What factors are impeding the growth of the Rechargeable Tires Market?
- What are the primary drivers fueling the growth of the Rechargeable Tires Market?
- Which segment stands out as the leading component in the Rechargeable Tires Market?
- Who are the key players actively participating in the Rechargeable Tires Market?
- Which region is poised to take the lead in the Rechargeable Tires Market?
- What is the projected CAGR for the Rechargeable Tires Market?
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