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Advanced Tires Market Size, Share, Top Players, Trend, Growth Forecast to 2023

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Ajit

Advanced Tires Market Outlook:

The global advanced tires market is growing at a rapid pace. The market growth attributes to the rising demand for high-end cars and to minimize the skyrocketing tire maintenance and replacement costs. Besides, the inclination towards the adoption of advanced tires and the advantages of advanced tires boosts sales. Moreover, the rapid industrial automation escalates the market growth to furthered height, improving functionalities of advanced tires.

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According to Market Research Future (MRFR), the advanced tires market is projected to touch a valuation of USD 298.8 MN by 2023, growing at 10.8% CAGR throughout the forecast period (2018-2023). In its recent COVID 19 analysis on the advanced tires market, MRFR also asserts that in 2017, the market valuation reached USD 155.9 MN. Advanced smart tire technology is rapidly changing the automotive and mobility landscape.

Vehicles are becoming more connected with advanced sensor technologies that monitor every component within a vehicle to optimize performance, safety, and uptime. Tires are the most critical components of a vehicle to provide vital information that can help fleet operators and drivers make better decisions. These advantages, in turn, accelerate the growth of the advanced tires market. The rapidly growing aircraft industry allows the market to garner revenue growth consistently.

Additionally, substantial investments transpired into designing tires to meet the specifications, and demanding regulations of various civil and military-specific applications push the market growth. The agriculture industry is witnessing robust growth over the past few years due to the increased global food demand. This, as a result, promotes the market demand increasing the numbers of agriculture tractors. 

Conversely, price volatility, and the demand-supply gap in the raw materials required for production are the major factors anticipated to impede the growth of the market. Nevertheless, regular MRO activities of agriculture tractors and construction vehicles would support the market growth throughout the review, suggesting the need to change tire due to wear & tear.

Global Advanced 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 and Mining 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.

 

Global Advanced Tires Market – Regional Analysis

North America dominates the global advanced tires market. The largest market share attributes to 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

Highly competitive, the advanced tires market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, these players incorporate strategic initiatives such as partnerships, mergers & acquisitions, collaborations, expansions, and product/technology launch. 

Industry players focus on in-house manufacturing capabilities, newer technologies, and R&D investments. Also, they invest in expansion plans increasing their global footprints. They compete with each other based on reliability, cost, product quality, and aftermarket service. 

Major Players: 

Players leading the 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 Market Introduction

2.1 Definition

2.2 Scope Of The Study

2.3 Market Structure

2.4 Key Takeaways

2.5 Macro Factor Indicators Analysis

2.5.1 GDP (USD Million)

2.5.2 GNI Per Capita, Atlas Method (USD)

2.5.3 GDP Per Capita PPP (USD)

2.5.4 Macro Indicators Influencing 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 Of Assumptions

3 Research Methodology

3.1 Research On-Highway Vehicle Type

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

3.5 Forecast Model

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About Market Research Future:

Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.

Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.

Contact Us:

Market Research Future

Office No. 524/528, Amanora Chambers

Magarpatta Road, Hadapsar

Pune - 411028

Maharashtra, India

+1 646 845 9312

Email: [email protected]

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