Advanced Tires Market Highlight:
As per Market Research Future (MRFR)’s new analysis, the global advanced tires market is projected to strike a CAGR of 10.8% during the forecast period 2018 to 2023. The market valuation is prognosticated to grow from USD 155.9 Mn in 2017 to USD 298.8 Mn in 2023. The rising demand for high-end cars has led to a boost in the sales of advanced tires. The trend is projected to continue in the foreseeable future, thus, augmenting the global market.
High maintenance and replacement costs associated with the conventional tires is anticipated to increase the inclination towards the adoption of advanced tires over the assessment period. Additionally, the rapid demand for industrial automation is also likely to positively influence the growth of the market during the review period. These factors are forecasted to expedite the proliferation of the advanced tires market globally.
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Companies Analyzed in This Report are:
Some of the key players operating in the global market are Continental (Germany), Bridgestone (Japan), Michelin (France), Goodyear (US), Pirelli (Italy), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), CEAT (India), and Toyo Tire (Japan)Advanced Tires Market Segmentation:
Advanced Tires Market Research Analysis:
The key focus of the industry players is on the reduction of carbon materials, which has opened new opportunities for accelerated adoption of the advanced tires. The market is prognosticated to scale new heights in the upcoming years, and rising demand for luxurious automobiles is anticipated to boost the sales further.
The advanced tires require high initial investment which is forecasted to be one of the key factors responsible for holding the proliferation of the market during the projection period. Additionally, the inability of mass production is also expected to hinder the expansion of the advanced tires market over the assessment period.
Global Advanced Tires Market – Segmentation Analysis:
MRFR’s report offers a detailed segmental analysis of the global advanced tires market based on on-highway vehicle type, off-highway vehicle type, material type, and type. By on-highway vehicle type, the market has been segmented into LDV and HDV. Among these, The LDV segment is presently dominating the global market and is poised to grow substantially over the assessment period. Meanwhile, the HDV segment is projected to mark a relatively higher CAGR in the upcoming years.
By off-highway vehicle type, the market has been segmented into agriculture tractors, construction and mining equipment, and industrial equipment. The agriculture tractors segment holds the largest market share, whereas, the mining equipment segment is forecasted to exhibit maximum growth.
By material type, the market has been segmented into natural rubber, synthetic rubber, steel, elastomers, and other materials. Among these, the lion’s share of the market is held by the natural rubber segment. It has been projected to witness considerable growth in the upcoming years. Meanwhile, the synthetic rubber segment is anticipated to attract a larger customer base across the review period.
The market, by type, has been segmented into pneumatic tires, run-flat tires, and airless tires. The pneumatic segment is expected to witness excessive demand owing to its load-bearing capacity. The run-flat tires segment, however, is supposed to expand at a higher CAGR.
The regional analysis of the Advanced Tires Market spans across Americas, Europe, Asia Pacific, and the Middle East & Africa. North America is projected to hold a dominant share of the global market towards the end of the forecast period. The presence of developed economies in the region with high per capita income has propelled the expansion of the advanced tires market. An upsurge in demand for autonomous vehicles is likely to have a favorable impact on the expansion of the advanced tires market in the upcoming years.
Europe is another major growth pocket and is prognosticated to mark the highest growth rate over 2023. The strong value maintained by the automotive sector of the region is expected to drive the growth of the market. Furthermore, Europe has witnessed technological advancements in the automotive sector that are anticipated to boost the adoption of advanced tires in the region over the assessment period.
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Table Of Contents
1 Executive Summary
2 Market Introduction
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. 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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