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Advanced Tires Market: Introduction

  • An advanced tire is manufactured by using a combination of different types of rubber. Advanced tires are airless; therefore, they do not puncture and hence, reduce the maintenance cost of vehicles. Advanced tires offer super grip even when the vehicle is moving at higher speeds. Moreover, advanced tire technology enhances functioning and performance of tires by means of sensing the conditions of roads.
  • Technological advancements adopted by major tire manufacturers, in terms of vehicle tires, are anticipated to propel the global advanced tires market. Major tire manufacturers are anticipated to increase investments toward R&D of advanced tire technology during the forecast period. This, in turn, is expected to drive the global advanced tire market. For instance, major tire manufacturers, such as Goodyear and Michelin, have already introduced concept advanced tires.

Key Drivers of Advanced Tires Market

  • Increase in consumer preference toward premium cars and connected car technologies is estimated to fuel the demand for advanced tires across the globe. Connected car technologies such as tire pressure monitoring system and self-inflating tire technologies enhance the safety of vehicles. Advanced tires technologies, such as chip-embedded tires, self-inflating tires, multi-chamber tires, and all-in-one tires, are expected to increase the vehicle convenience significantly. Furthermore, the aforementioned technologies help increase the durability of the tire through real-time tire pressure monitoring.
  • Increased focus of tire manufacturers on advanced technologies such as 3D printing, organic raw material, autonomous vehicles coupled with integration of sensors, and ECUs to monitor tire performance are expected to further boost the advanced tires market in the near future.
  • Globally, several government organizations are increasingly enacting stringent emission regulation for automobiles, thereby compelling automakers to improve performance of vehicles and increase fuel efficiency. Advanced tires are produced in a way that the surface contact of advanced tires is less than that of other type of tires, which reduces the friction between tire and road; which in turn increases vehicle fuel efficiency. Ongoing new product developments by leading tire manufacturers are likely to further propel the advanced tires market during the forecast period.

Advanced Tires Market: Restraint

  • Advanced tires depend on sensors, computing devices, and monitoring devices for their operation. This increases the cost of tires.
  • Additionally, the commercialization and mass production capacity of advanced tires is limited to a few players in the tire industry. The setup for manufacturing advanced tires requires high investment. High initial cost required to manufacture advanced tires is likely to hinder the advanced tire market globally.

North America and Europe Cumulatively to Account for Prominent Share of Global Advanced Tires Market

  • In terms of region, the global advanced tires market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
  • North America and Europe have presence of economically stable countries. These regions are also home to technologically advanced research institutes catering to the development of advanced tires. Additionally, major tire manufacturers have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France. Several new players emerging from these regions are focused on the development of advanced tires. All the factors mentioned above contributed to the major share held by these regions in the global advanced tires market.

Key Players Operating in Advanced Tires Market

The global advanced tires market is concentrated owing to the presence of top manufacturers. A few key players operating in the global advanced tires market are:

  • Continental AG
  • Bridgestone
  • Michelin
  • Goodyear
  • Pirelli
  • Sumitomo 
  • Yokohama 
  • Hankook Tire
  • Nokian
  • CEAT 
  • Toyo Tire

Global Advanced Tires Market: Research Scope

Global Advanced Tires Market, by Vehicle Type

  • Agricultural Tractors
  • Construction & Mining Equipment
  • Heavy Duty Vehicle
  • Industrial Equipment
  • Light Duty Vehicles

Global Advanced Tires Market, by Material Type

  • Natural Rubber
  • Synthetic Rubber
  • Steel
  • Elastomers
  • Others

Global Advanced Tires Market, by Type

  • Pneumatic Tires
  • Run Flat Tires
  • Airless Tires
  • Others

Global Advanced Tires Market, by Technology

  • Chip Embedded Tires
  • Self-Inflating Tires
  • Multi Chamber Tires
  • All In One Tires
  • Tire Pressure Monitoring System (TPMS)
  • Others

Global Advanced Tires Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Nordic Countries
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • ANZ
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Turkey
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Advanced Tires Market

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