Market Synopsis

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.

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 prominent players in the Advanced Tires 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).

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Advanced Tires Market Segmentation:

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.
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.
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.
Regional Analysis:

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. 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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Research Methodology:

MRFR leverages its industry expertise for drawing actionable insights into the market. A detailed qualitative as well as quantitative assessment of the market is extrapolated from data sourced through credible sources, including but not limited to, interviews, surveys, SEC filings, whitepaper references, etc. under primary and secondary research. A multi-level verification process eliminates deviations and discrepancies. Additionally, top-down and bottom-up approaches ensure the accuracy of the statistical observations available in the report.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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