Press release
Automotive Summer Tire Market Growth, Size, Major Drivers, Regions and Forecast to 2029
Automotive summer tires are made from soft compound materials and are designed to operate at temperature more than 5 degree Celsius. They offer improved traction and reduced resistance for moving with high performance when compared to all-season tires. Furthermore, the development of tires with sensor technologies such as tread depth sensor, tire pressure monitoring system, and others help analyzing the road conditions & the temperature of the road. Owing to the various mentioned advantages of smart tires numerous tire manufacturers have started the production of smart tires. For instance, on 2019, Continental AG (a tire manufacturer headquartered in the U.S.) launched different tire technologies such as contisense & contiadapt, which helps in boosting the tire life by minimizing the wear & tear and enhancing the safety & comfort over a hot road surface. Therefore, increase in demand for safety and comfort is expected to drive the growth of the global automotive summer tire market in the near future.Download Report Sample TOC : https://www.alliedmarketresearch.com/request-toc-and-sample/7483
COVID-19 scenario Analysis:
• Majority of automotive summer tire manufacturers are not expecting any major impact of coronavirus on the tire industry mainly due to the aftermarket sales.
• Original equipment manufacturers' (OEM) businesses are under pressure due to supply disruption; however, tire industry was not significantly impacted as a whole, since only 20% of the tire market deals in the OEM segment.
• The vendors in automotive summer tire industry across the globe is expected to be less impacted by the production cost as prices of raw materials have stayed constant and also no price movement is expected until pandemic gets over.
• Majority of Chinese manufacturers have shifted their operations to Thailand, due to which the import duty has shown a hike. The demand and supply cycle of many automotive summer tire manufacturers can be vulnerable.
• The pandemic has had a negative impact on the automotive summer tire factory output for the year 2020 due to the Corona virus; however, a major increase in the number of purchases of summer tires has been noticed in the automotive summer tire market.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Increase in automotive production & sales, introduction of advanced technology such as tread depth sensor & tire pressure monitoring system, and rise in competition among tire manufacturers are driving the growth of the market. However, factors such as volatile prices of raw materials and developments in the market of retreading tires are expected to hamper the growth of the market. Contrarily, advancements in technology such as fuel efficiency & safety concerns is expected to create an opportunity for the market investments.
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The global automotive summer tire market trends are as follows:
Rise in competition among tire manufacturers
Leading automotive manufacturers such as Daimler and Volkswagen are constantly investing in the developing countries such as Indonesia, India, and others. This will help the manufacturers in reducing the production cost by employing low-cost labor, which is easily available in such countries, and is expected to affect the increase in demand for inexpensive summer tire. A major rise in competition of tire manufacture has been noticed due to which companies are shifting operations in developing countries. For instance, South Korea's second largest tire manufacturer Kumho Tire has closed a deal with century engineering industries to transfer its tire making technology to Pakistan for the next 10 years due to rise in intense competition in the summer tire market. Therefore, rise in competition among tire manufacturers is expected to boost the growth of the automotive tire market.
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Key benefits of the report:
• This study presents the analytical depiction of the automotive summer tire industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive summer tire market.
• The current market is quantitatively analyzed from 2019 to 2027 to highlight the automotive summer tire market growth scenario.
• We can also determine summer tyre will remain a significant revenue shareholder in the global automotive summer tire market through the predictable future.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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