Global Advanced Tires Market to grow at 10.8% CAGR and reach $298.8 Mn by 2023, Advanced Tires Market Research Report by On-Highway Vehicle Type, Off-Highway Vehicle Type, Material, Type and Region with Global Forecast till 2023
Advanced Tires Market Competitive Landscape:
There are several companies who are engaging in a fierce competition to stay ahead of the rest. This competition witnesses several strategic moves getting deployed and, in their attempt, they also take the entire advanced tires market forward. MRFR, while discussing the market, integrated profiles of companies like Michelin (France), Sumitomo (Japan), Yokohama (Japan), Hankook Tire (South Korea), Nokian (Finland), Continental (Germany), Goodyear (US), Pirelli (Italy), CEAT (India), Bridgestone (Japan), and Toyo Tire (Japan).
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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.
MRFR segmented the global advanced tires market by on-highway vehicle type, off-highway vehicle type, material type, and type.
Based on the on-highway vehicle type, the advanced tires market includes LDV and HDV. The LDV segment has the maximum of the market share and is expected to dominate the market during the forecast period. Meanwhile, the HDV segment is touted to record the higher CAGR during the forecast period.
Based on the off-highway vehicle type, the advanced tires market comprises agriculture tractors, construction & mining equipment, and industrial equipment. The agriculture tractors segment dominates the market, whereas, the mining equipment segment is deemed to enjoy the maximum growth during the forecast period.
Based on the material type, the advanced tires market consists natural rubber, elastomers, synthetic rubber, steel, and other materials. The natural rubber segment has the maximum market share and it can achieve considerable heights by attaining considerable CAGR during the forecast period. Meanwhile, the synthetic rubber segment has the potential to reach out to a robust customer base at a faster speed.
Based on the type, the advanced tires market can be segmented into pneumatic tires, run-flat tires, and airless tires. The pneumatic segment is anticipated to grow faster as its load-bearing capacity makes it the choicest preference for many industries. The run-flat tires segment is touted to grow with the faster CAGR during the forecast period.
MRFR segments the advanced tires market on a region-scale into the Americas, Europe, Asia Pacific, and the Middle East & Africa. North America’s global market share is outdoing its peers and the market would remain the same during the forecast period. High per capita income and increasing sale of automotive are driving the market ahead. At the same time, the revamped automotive sector is also providing a much wider scope for the regional market expansion.
Europe’s market is witnessing a surge as the robust automotive infrastructure is expected to drive the regional market’s growth ahead. The APAC, on the other hand, is witnessing the boons of developing economies and rising per capita income which is spurring the regional market growth.
Advanced Tires Market Industry Developments:
In 2019, Goodyear is planning to launch their concept tire for flying cars that would work both on the road and as propeller in the air. The concept has been named AERO which would use a multimodal tilt-rotor concept and magnetic propulsion with AI to support seamless performance.
In February 2019, Firestone announced the extension of their supplier partnership with NTT INDYCAR series till to 2025. This extension would allow more integration of the advanced tires and allow research and developments to prosper.
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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
4 Market Dynamics
4.2.1 Focus On Reduction Of Carbon Materials
4.2.2 High Maintenance And Replacement Costs For Conventional Tires
4.3.1 High Investment Costs
4.3.2 Inabilitiy Of Mass Production
4.3.3 Restraints Impact Analysis
4.3.1 Increase In Demand For Autonomous And Semi-Autonomous Vehicles
4.3.2 Increase In Demand For Industrial Automation
4.5 Value Chain Analysis
4.6 Porter’s Five Forces Model
4.6.1 Threat Of New Entrants
4.6.2 Bargaining Power Of Suppliers
4.6.3 Bargaining Power Of Buyers
4.6.4 Threat Of Substitutes
4.6.5 Intensity Of Rivalry
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