Environmental concerns such as pollution caused by greenhouse gases, vehicle emissions, industrial effluents, and other harmful exhausts have become a key concern around the world. The hazardous effects of pollution on the environment and human lives have led to rising awareness among industries which motivates them to opt for environment-friendly production processes and commodities. Changing consumer preferences for environment-friendly products have resulted in the use of renewable processes for power generation in an effort to reduce the global carbon footprint.
The automobiles sector has been under the radar for contributing significantly to the rise in global pollution levels. Technological advancements in the production of automobiles such as the introduction of electrically operated vehicles and usage of advanced materials are in line with the global shift toward environment-friendly products. Automobile manufacturers are investing extensively into research and development to offer innovative solutions and cater to the changing consumer demands. Battery-operated vehicles are an emerging trend, especially in Asia Pacific. This technology was pioneered in North America and Europe, indicating that the market in these regions is already mature. This has led to the curbing of pollution caused by vehicle emissions. However, the need for batteries to generate power has limited the use of electric vehicles to short trips. Goodyear unveiled the concept of electricity generating tires at the Geneva Auto Show in 2015. Piezoelectric materials are employed to generate electricity through the mechanical strain on the tires of a moving vehicle. Electricity is produced by converting the heat and motion into electric current when the vehicle moves.
Increasing awareness about pollution among consumers and technological advancements in the automobile industry are the key factors driving the electricity generating tires market. Also, the rising disposable incomes and expenditure boost the demand for innovative automotive solutions offered by manufacturers. The cost incurred in the incorporation and maintenance of the piezoelectric system is a major factor restraining the development of the market.
In terms of geography, the electricity generating tires market can be distributed over North America, South America, Europe, Asia Pacific, and Middle East & Africa. Consequently, the increasing population and rising establishment of automobile manufacturing plants in Asia Pacific are projected to fuel the demand for electricity generating tires. In addition, low labor costs and mounting disposable incomes are likely to propel the market in Asia Pacific. North America and Europe account for a larger market share due to presence of key automobile companies and technological advancements in the development of innovative automobile solutions in these regions. Key players in the industry are focusing on capturing the market in emerging economies such as China and India which are characterized by a rapidly developing automobile industry, high GDP, swift industrialization, and increasing investments of global automobile players into the region.
The electricity generating tires technology is being pioneered by the Goodyear Tire & Rubber Company; however, its potential competitors such as Bridgestone Corporation, Michelin SCA, Continental AG, Pirelli & C. SpA, Nokian Tyres PLC, Sumitomo Rubber Industries Ltd., and Yokohama Rubber Co. Ltd. could adopt this technology as well.
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
- 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?
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.