Press release
Advanced Tires Market Expected to Reach USD 298.8 MN by 2023 | Know COVID-19 Analysis | Top Companies- Bridgestone, Continental, Michelin, Pirelli, etc.
Advanced Tires Market
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.
Additionally, substantial investments transpired into designing tires to meet the specifications, and demanding regulations of various civil and military-specific applications push the market growth. The agriculture industry is witnessing robust growth over the past few years due to the increased global food demand. This, as a result, promotes the market demand increasing the numbers of agriculture tractors.
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
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
12. Financial Data
13. Product Landscape
Continued…
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