According to Market Research Future (MRFR)’s study, the global advanced tires market is set to mark a CAGR of 10.8% during the forecast period 2019 to 2023. The valuation of the global market is estimated to reach over USD 298 Mn by the end of 2023. The advantages, such as low maintenance, cheaper replacement costs, etc., offered by advanced tires over conventional tires are expected to revolutionize the market over the next couple of years.
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. 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:
By On-Highway Vehicle Type
By Off-Highway Vehicle Type
- Agriculture Tractors
- Construction and Mining Equipment
- Industrial Equipment
By Material Type
- Natural Rubber
- Synthetic Rubber
- Other materials
- Pneumatic Tires
- Run-Flat Tires
- Airless Tires
- Asia Pacific
- Middle East & Africa
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.
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.
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