Increased Enthusiasm for Smart Tires Expected to Impact Market Proliferation, details FactMR study
According to this FactMR study, the automotive tire market is likely to showcase burgeoning growth at 5.1% CAGR through 2022. This report accentuates the primary consequences associated to the automotive tire market together with a comprehensive research methodology to educate the readers. Further, the involvement of primary and secondary researches to acquire actionable insights about the automotive tire market works to make this assessment a well-heeled data source.
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Technological Innovations to Steer Market Propagation
Looking at the global automotive tire market, technological progressions are expected to aid manufacturers to update their production process and thereby adapt with the changing consumer demands. In addition, the implementation of sophisticated technology is helping to elevate the mechanism for manufacturers for heightening the supply chain and receive maximum profitability.
APEJ Region to Register Impressive Growth during Forecast Period
Talking about the regional revenue status, APEJ is likely to retain a significant share in the global automotive market during the forecast period. The marked region is anticipated to account for nearly 50% of the market revenue share in 2019. In addition, the APEJ region is even projected to record fastest growth in the automotive tire market as a result of rapid industrialization in the manufacturing industry. The advent of newly developed economies such as Philippines, Malaysia, Thailand and Indonesia, is estimated to indorse heavily towards the growth of the automotive tire market.
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Inclination towards Smart Tires Host Fresh Avenues for Manufacturers
According to this intelligent FactMR study, exploration towards the development of smart tires is likely to introduce new opportunities across the automotive tire market. Several automotive tire manufacturers have started to embed sensors into tires with a purpose to monitor the prevalent driving conditions and thereby manufacture tires which can suitably adapt autonomously to the researched conditions. For example, quite recently Continental AG issued a launch news for its ContiAdapt and ContiSense technologies that are stated to provide efficient resolutions towards autonomous driving in the near future.
Sustainable Manufacturing Methods Expected to Impact Tire Production
It has been observed that rising environmental concerns fused with extended governmental support towards sustainable manufacturing is likely to influence tire production. The concentrated investments from Original Equipment Manufacturers (OEM) into research and development for sustainable materials and production techniques is gaining pace, which thereby tends to support the overall automotive tire market.
The final segment of the report is dedicated to discourse information about the competitive landscape. This portion talks about the leading market players like Bridgestone Corporation, Madras Rubber Factory Limited, The Yokohama Rubber Co., Ltd., Apollo Tyres Ltd., Pirelli & C. S.p.A, and Cheng Shin Rubber Industry Co., based on their company overview, key financials and product overview.
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