Market Synopsis
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 prominent players in the Advanced Tires 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).
Browse Full Report @    https://www.marketresearchfuture.com/reports/advanced-tires-market-6668
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.
Regional Analysis:
The regional analysis of the advanced tires market spans across Americas, Europe, Asia Pacific, and the Middle East & Africa. North America is projected to hold a dominant share of the global market towards the end of the forecast period. The presence of developed economies in the region with high per capita income has propelled the expansion of the advanced tires market. An upsurge in demand for autonomous vehicles is likely to have a favorable impact on the expansion of the advanced tires market in the upcoming years.
Europe is another major growth pocket and is prognosticated to mark the highest growth rate over 2023. The strong value maintained by the automotive sector of the region is expected to drive the growth of the market. Furthermore, Europe has witnessed technological advancements in the automotive sector that are anticipated to boost the adoption of advanced tires in the region over the assessment period
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.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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