Global Advanced Tires Market: Overview
Increasing demand for the automotive especially the luxurious cars, connected cars, and advanced cars are fuelling adoption of advanced and improved quality tires. This is fuelling the growth of the global market for the advanced tires. In addition, growing focus on tire manufacturing of tires from advanced technologies such as 3D printing and some of the green raw material, which is boosting the growth of the global advanced tires market.
The advanced tires market is segmented on the basis of technology, material type, and region. Based on the technology, the advanced tires market is segmented into chip-embedded, TPMS, self-inflating, and multi-chamber. Based on the material type, the market is segmented into LDV and HDV.
The report offers comprehensive information on market dynamics and emphasis on macroeconomic aspects, challenges, and opportunities for growth. Additionally, the report focuses on the numerous strategies adopted by key players in order to gain a profitable edge in the global advanced tires market.
Global Advanced Tires Market: Drivers and Restraints
Growing focus on the reduction of carbon footprints is encouraging the manufacture of tires from green or organic raw material, which is less harmful to the environment. This factor is boosting adoption of advanced tires and likely to fuel growth of the global advanced tires market. Additionally, rising need for lightweight and durable raw material is expected to propel demand for the advanced tires and likely to fuel growth of the market.
However, need for high capital investment and mass production of advanced tires are limiting growth of the global advanced tires market. Moreover, complications in mass production are also restraining growth of the global advanced tires market. The presence of alternatives such as multi-chamber and airless tires is expected to restrain the growth of the global advanced tires market.
Global Advanced Tires Market: Geographical Analysis
Based on the region, the advanced tires market could be segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Of these regions, Europe is expected to dominate the global market for advanced tires and likely to remain dominant over the forecast period. This growth is attributable to the growing production of automotive and growth of the automotive industry globally. North America is expected to account for the second leading share in the globally advanced tires market owing to growing demand for self-inflating layered tires in the region. However, the market in Europe is expected to expand with faster CAGR over the forecast period owing to the growing production of automotive in the region.
Global Advanced Tires Market: Companies Mentioned
Some of the key players operating in the advanced tires market are Bridgestone, Continental, Michelin, Goodyear, and Pirelli. The companies such as Goodyear and Michelin are focusing on product improvement and introducing new products for strengthening sales, and distribution channels in order to improve their geographical and customer reach. In addition, these companies are trying to improve their production in order to gain a substantial margin in the global advanced tires market.
Market segmentation based on geography:
- North America
- South America
- Asia Pacific
- Middle East and Africa
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
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.