18 March 2021
Visiongain has published a new report on Advanced Tires Market Report to 2031: Forecasts by On-highway and Off-highway Vehicle, Autonomous Vehicles, 3D Printed., Material, Type (Pneumatic, Runflat and Airlines), Technology (TPMS, Chip Embedded, Self Inflatting, Multi-chamber, All-in-one) and Region PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Advanced tire market is dominated by few globally popular manufacturing companies such as Nokian (Finland), Yokohama (Japan), Continental (Germany), Goodyear (US), Bridgestone (Japan), Michelin (France), Hankook Tire (South Korea), Toyo Tire (Japan) and CEAT (India). Development in connected car technologies and increasing car technologies are predicted and estimated to increase in demand on all over the globe in advanced tire market. Additionally, the focus on the technologies like 3D printing, Autonomous vehicles and organic raw materials are considered as the driving force to boost the demand for advanced tires market in future.
Global Advanced Tires market was valued at US$ xx billion in 2021 and is projected to reach at a market value of US$ xx billion by 2031. The major focus is on reducing the carbon footprints to encourage the tire manufacturers to green or organic raw materials which will be less harmful for the environment.
COVID-19 Impact on Advanced Tire Market
The original automotive equipment manufacturers are directly connected to tire industry but there is no huge impact on industry due to this Virus Pandemic. Only 20 percent of the advanced tires market constitutes top lines and not the whole OEMs. Tire market plays significant role in aftermarket and exports which is major driver for company’s business growth and revenue.
The Market driving trends are Convenience and driver assistance focusing puncture resistant, connected features ion tire and low maintenance. Another one is high replacement and maintenance costs of conventional OTRs in which the major focus is high downtime, hence, loss of man hours and replacement and repair costs. Using Recyclable materials or organic materials for manufacturing tires will helpful in carbon footprint reduction and contribute for the betterment of the environment.
Automotive companies manufacturing autonomous and semi-autonomous vehicles due to increment in demand of such vehicles which shows the increase in buying capacity of buyers. Increase in demand for industrial automation result in growth in ecommerce, need for advanced tires and increase in industrial vehicles.
Some of the company’s profiled in this report include Continental, Hankook Tire, Pirelli, Bridgestone, Toyo Tire, Michelin, CEAT, Continental, Sumitomo, Goodyear and Nokian. Michelin and Goodyear have adopted new technologies in their production system to gain the traction in their 3D printed tire segments and automation. They have introduced advanced tires concept and also launched products with enough production capacity and long clientele of leading OEMs for mass production to strengthen sales and distribution channel to fulfil the need of their every customer and to improve customer reach.
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