Advanced Tires Market Expected to Reach USD 298.8 MN by 2023 | Global Industry analysis by Major Companies like Bridgestone, Continental, Michelin, Pirelli, etc.

 

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. 

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. 

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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. 

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. 

Europe stands second in the global advanced tires market. The market is growing is driven by the burgeoning automotive and aircraft industry in the region. Moreover, the presence of major advanced tires manufacturing companies in the region drives market growth. Also, the growing procurement of military aircraft to strengthen the air combat capabilities fosters regional market growth. The European advanced tires market is estimated to create a substantial revenue pocket during the forecast period. 

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Major Highlights of TOC Covers:

1. Executive Summary
2. Key Business Trends
3. Regional Trends and Growth
4. Product Trends
5. End-use Trends
6. Definition and Forecast Parameters
7. Advanced tires Market Segmentation
8. Advanced tires Market Landscape
9. Vendor Matrix
10. Company Profiles
11. Business Overview

Continued…                       

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