AdvancedTires Market Outlook:
The globaladvanced tires market is growing at a rapid pace. The market growthattributes to the rising demand for high-end cars and to minimize theskyrocketing tire maintenance and replacement costs. Besides, the inclinationtowards the adoption of advanced tires and the advantages of advanced tires boostssales. Moreover, the rapid industrial automation escalates the market growth tofurthered height, improving functionalities of advanced tires.
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According toMarket Research Future (MRFR), the advanced tires market is projected to toucha valuation of USD 298.8 MN by 2023, growing at 10.8% CAGR throughout theforecast period (2018-2023). In its recent COVID 19 analysis on the advancedtires market, MRFR also asserts that in 2017, the market valuation reached USD155.9 MN. Advanced smart tire technology is rapidly changing the automotive andmobility landscape.
Vehicles arebecoming more connected with advanced sensor technologies that monitor everycomponent within a vehicle to optimize performance, safety, and uptime. Tiresare the most critical components of a vehicle to provide vital information thatcan help fleet operators and drivers make better decisions. These advantages,in turn, accelerate the growth of the advanced tires market. The rapidlygrowing aircraft industry allows the market to garner revenue growthconsistently.
Additionally,substantial investments transpired into designing tires to meet thespecifications, and demanding regulations of various civil andmilitary-specific applications push the market growth. The agriculture industryis witnessing robust growth over the past few years due to the increased globalfood demand. This, as a result, promotes the market demand increasing thenumbers of agriculture tractors.
Conversely,price volatility, and the demand-supply gap in the raw materials required forproduction are the major factors anticipated to impede the growth of themarket. Nevertheless, regular MRO activities of agriculture tractors andconstruction vehicles would support the market growth throughout the review,suggesting the need to change tire due to wear & tear.
GlobalAdvanced Tires Market – Segmentation
The report is segmented into five dynamics;
By Type :Pneumatic Tires, Run-Flat Tires, Airless Tires, and others.
By On-Highway Vehicle Type : LDV and HDV.
By Off-Highway Vehicle Type : Agriculture Tractors, Construction andMining Equipment, Industrial Equipment, and others.
By Material Type : Natural Rubber,Synthetic Rubber, Steel, Elastomers, Other materials, and others.
By Regions :Americas, Europe, Asia Pacific, and Rest-of-the-World.
GlobalAdvanced Tires Market – Regional Analysis
North Americadominates the global advanced tires market. The largest market share attributesto the presence of notable players and the well-developed automotive, airlines,and aerospace sectors. Besides, the high per capita income of demographics,alongside developed economies in the region, propels the advanced tires market.And more.
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Global Advanced Tires Market –Competitive Analysis
Highlycompetitive, the advanced tires market appears fragmented due to the presenceof several well-established players. To gain a larger competitive share, theseplayers incorporate strategic initiatives such as partnerships, mergers &acquisitions, collaborations, expansions, and product/technology launch.
Industry playersfocus on in-house manufacturing capabilities, newer technologies, and R&Dinvestments. Also, they invest in expansion plans increasing their globalfootprints. They compete with each other based on reliability, cost, productquality, and aftermarket service.
MajorPlayers:
Players leadingthe global advanced tires market include Bridgestone (Japan), Continental(Germany), Michelin (France), Pirelli (Italy), Goodyear (US), Sumitomo (Japan),Hankook Tire (South Korea), Yokohama (Japan), Nokian (Finland), Toyo Tire(Japan), and CEAT (India), among others.
Table Of Contents
1 Executive Summary
2 MarketIntroduction
2.1 Definition
2.2 Scope Of The Study
2.3 Market Structure
2.4 Key Takeaways
2.5 Macro FactorIndicators Analysis
2.5.1 GDP (USDMillion)
2.5.2 GNI Per Capita,Atlas Method (USD)
2.5.3 GDP Per CapitaPPP (USD)
2.5.4 Macro IndicatorsInfluencing The Advanced Tires For Top 5 Countries
2.5.4.1 US
2.5.4.2 Germany
2.5.4.3 Japan
2.5.4.4 China
2.5.4. 5 UK
2.6 Market Insights
2.7 List OfAssumptions
3 Research Methodology
3.1 ResearchOn-Highway Vehicle Type
3.2 Primary Research
3.3 Secondary Research
3.4 Market SizeEstimation
3.5 Forecast Model
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Market ResearchFuture (MRFR) is a global market research firm that takes great pleasure in itsservices, providing a detailed and reliable study of diverse industries andconsumers worldwide. MRFR's methodology integrates proprietary information withdifferent data sources to provide the client with a comprehensive understandingof the current key trends, upcoming events, and the steps to be taken based onthose aspects.
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