Advanced Tires Market Research Report by On-Highway Vehicle Type (LDV, HDV), Off-Highway Vehicle Type (Agriculture Tractors, Construction and Mining Equipment), Material Type (Natural Rubber, Synthetic Rubber, Elastomers, and Others), Type (Pneumatic Tires, Run-Flat Tires, and Others), and Region–Global Forecast to 2027
ID: MRFR/AM/5205-HCR | February 2021 | Region: Global | 100 pages
Advanced Tires Market Snapshot :
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.
High maintenance and replacement costs associated with the conventional tires is anticipated to increase the inclination towards the adoption of advanced tires over the assessment period. Additionally, the rapid demand for industrial automation is also likely to positively influence the growth of the market during the review period. These factors are forecasted to expedite the proliferation of the advanced tires market globally.
The staunch focus of the industry leaders and governments on the reduction of carbon materials is expected to catapult the advanced tires market on an upward trajectory in the forthcoming years. However, the inability of mass production coupled with high investment costs is predicted to restrict the expansion of the market over the next couple of years.
Report Overview:
This MRFR’s report offers an outlook for global advanced tires market based on a detailed analysis of the key elements likely to influence the market foresight. A detailed segmental study of the market based on material type includes natural rubber, synthetic rubber, steel, elastomers, and other materials. By on-highway vehicle type, the market has been analyzed under HAD and LDV. The revenue analysis based on different types of off-highway vehicles covers agriculture tractors, construction and mining equipment, and industrial equipment. Furthermore, the types of advanced tires identified in the report include pneumatic tires, run-flat tires, and airless tires. The regional evaluation of the market encompasses Americas, Europe, Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report covers market dynamics, key developments, past trends, forecast, and market factor analysis which includes supply chain and Porter’s five forces analysis. It also presents market players’ share analysis along with revenue breakdown of market segments by region and a country-level analysis of each segment.
Companies Covered:
Some of the key players operating in the global 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).
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.
Segmental Analysis:
By On-Highway Vehicle Type
- LDV
- HDV
By Off-Highway Vehicle Type
- Agriculture Tractors
- Construction and Mining Equipment
- Industrial Equipment
By Material Type
- Natural Rubber
- Synthetic Rubber
- Steel
- Elastomers
- Other materials
By Type
- Pneumatic Tires
- Run-Flat Tires
- Airless Tires
By Region
-
Americas
-
Europe
-
Asia Pacific
-
Middle East & Africa
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2023 : 298.8 Mn |
| CAGR | 10.8% CAGR (2020-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
|
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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). |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Rapid demand for industrial automation is also likely to positively influence the growth of the market during the review period. |
Frequently Asked Questions (FAQ) :
The advanced tires market can surge at 10.8% CAGR by 2023.
The advanced tires market can value at USD 298.8 million by 2023
Hankook Tire (South Korea), CEAT (India), Nokian (Finland), and Toyo Tire (Japan) are some reputed names in the advanced tires market.
In 2017, the advanced tires market valued at USD 155.9 Mn.
Natural rubber, elastomers, steel, and synthetic rubber are materials that are used in the fabrication of advanced tires.