Advance Tires Market Global Trends, Market Share, Industry Size, Growth, Opportu
Posted by diwanji a on September 28th, 2019
Advance Tire Market Introduction
Global Advanced Tires Market is projected to value over USD 1 billion by 2026 end and grow at a CAGR of over 17% during the forecast period of 2019 to 2026.
Introduction of advanced and electric cars has led to the adoption of the advanced tire. Advance tires help in improving the fuel efficiency of the vehicle. Advance Tires consists of technologies like chip-embedded and all-in-one tires. It aims to reduce the maintenance cost of the vehicle. Advance tires also increase the tire durability of commercial vehicles.
Advance Tire Market Overview
The rise in autonomous vehicles has resulted in increased production of automotive industry which had a positive influence on the advance tire market. The rise in advanced technologies like 3D printing has projected positive growth of the market. It offers a lower carbon footprint in production which had a positive impact on the market.
Advance tires market is segmented on the basis of on-highway vehicle type & technology, off-highway vehicle type & technology, advanced technology, material type, tire type, and region. On-highway and Off-highway are segmented into vehicle type and technology type. On-highway vehicle type is further divided into HDV and LDV. Off-highway vehicle types consisting of technology segment is divided into industrial equipment, agricultural tractors, construction & mining equipment.
By technology, both on-highway and off-highway are bifurcated by all-in-one tires, self-inflating tires, chip-embedded tires, multi-chamber tires.
Off-highway vehicle type consists of vehicles like tractors and trucks. Such vehicles are vastly used for industrial purposes. Issues regarding tire failure may take a toll on productivity and efficiency. In order to avoid it, self-inflated tires are used. Self-inflated tires aim to reduce the maintenance cost of the vehicle. It provides better convenience than ordinary tires. Self-inflating tires increase the endurance of tires which has boosted the growth of the market.
Pneumatic tires are projected to dominate the market in the forecast period. Pneumatic tires are the most common advance tire type and vastly used in on-highway vehicles. They provide high load carrying capacity at high speed and have excellent. Pneumatic tires provide manoeuvrability in all conditions and terrains. Such factors remain the main reason behind the growth of pneumatic tires in the forecast period.
However, expensive capital costs and the inability of mass production are likely to diminish the growth of the market.
In terms of region, Europe currently holds a vast share of the market. Rising demand for autonomous vehicles and expansion of automotive industries are the factor behind the growth of the market in the region. North America is expected to dominate the market in the coming years. The region is predicted to witness vast growth in electric and autonomous vehicle owing to the presence of companies like Google, Uber, and Tesla.
Some of the prominent companies are Pirelli, Michelin, Bridgestone, Toyo Tire, Continental and CEAT.
Advance Tire Market Segmentation
By On-Highway Vehicle Type:
• HDV
• LDV
By Off-Highway Vehicle Type:
• Industrial Equipment
• Agricultural Tractors
• Construction & Mining Equipment
By On-Highway & Off-Highway Technology Type:
• All-In-One Tires
• Self-Inflating Tires
• Chip-Embedded Tires
• Multi-Chamber Tires
By Advanced Technology Type:
• Autonomous Vehicle Advanced Tires
• 3D Printed Tires
By Material:
• Elastomers
• Steel
• Synthetic Rubber
• Natural Rubber
• Other Materials
By Region:
• Europe
• North America
• APAC
• Latin America
• Rest of the World
Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
FutureWise Takeaways
• Growth prospects
• SWOT analysis
• Key trends
• Key data points affecting market growth
Objectives of the Study:
• To provide with an exhaustive analysis on global advanced tires market by on-highway vehicle type & technology, off-highway vehicle type & technology, advanced technology, material type, tire type, and region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and customised solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry – a position secured for far more than the near future.
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