Advanced Tire Market Will Expand at CAGR of 18.9% by 2027

PLEASANTON CA, Sept. 29, 2021 (GLOBE NEWSWIRE) — The latest market research report “Advanced Tire Market By Material type (Natural Rubber, Synthetic Rubber, Steel, Elastomers, Others); By Type (Pneumatic Tires, Run Flat Tires, Airless Tires); By Technology (Chip Embedded Tires, Self-Inflating Tires, Multi Chamber Tires, All In One Tires); By Vehicle Type (Light Duty Vehicles, Heavy Duty Vehicle, Agricultural Tractors, Construction & Mining Equipment, Industrial Equipment); By Region, Opportunity Analysis and Industry Forecast, 2021–2027” published by AllTheResearch, features an analysis of the current and future scenario of the global Advanced Tire market.

The global Advanced Tire Market was valued at USD 250.3 million in 2020 and is expected to reach USD 1,350.7 million by 2027, growing at a CAGR of 19.1% during the forecast period, 2021-2027.

Advanced Tire are comprised of different mixes of various sorts of materials. They have less possibilities of getting penetrated and are eco-friendly. They have a superior hold out and about and less inclined to mishaps and can detect the states of the streets. Industrialization, commercialization, and an ascent sought after for cars, for example, trucks, vehicles, farm haulers, and so forth, have prompted an increment in the creation of autos and henceforth an expansion in the advance tire market. For example, India, in 2020, is supposed to be fourth biggest car industry on a worldwide scale, with an expansion in deals of 10% year-on-year to 4.3 million units.

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Global Advanced Tire Market Report Overview:

The report overview includes studying the market scope, leading players like Bridgestone Corporation, Continental AG, Michelin, Pirelli & C. S.p.A, The Goodyear Tire & Rubber Company, THE YOKOHAMA RUBBER CO., LTD, Nokian Tyres plc, Hankook Tire & Technology Co., Ltd., Sumitomo Corporation, Toyo Tire Corporation, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global Advanced Tire industry, providing statistical information about market dynamics, growth factors, major challenges, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.

COVID-19 Impact Analysis on Advanced Tire Market:

The Covid 19 impact was felt across all industries worldwide. The automobile industry and related industries were badly affected due to social distancing and lockdown policies of the governments worldwide. With little to no use of automobiles, the tire industry suffered a huge loss. Michelin and Goodyear reporting second-quarter sales declines of approximately 20% and 41%, respectively.  As the “2020 Domestic Demand for Automobile Tires” report by the Japan Automobile Tyre Manufacturers Association (JATMA), the sales of new automobile tires for vehicles in 2020 were 36,439,000 down, a 17% decrease year-to-year. However, after the respite from the lockdown, there was a major thrust in the automobile industry. Consumers were seen to spend millions of dollars for repairs, maintenance and replacements for their vehicles. The first half of 2020 was badly affected by COVID-19 however, demand for new advanced tires recovered in the second half of the year due to strong new vehicle productions. This was seen to boost the advanced tire market.

The Major Companies Covered in Advanced Tire Market Report are:

  • Bridgestone Corporation
  • Continental AG
  • Michelin
  • Pirelli & C. S.p.A
  • The Goodyear Tire & Rubber Company
  • Nokian Tyres plc
  • Hankook Tire & Technology Co., Ltd.
  • Sumitomo Corporation
  • Toyo Tire Corporation

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The Global Advanced Tire Market Segmentation:

By Material Type Outlook:

  • Natural Rubber
  • Synthetic Rubber
  • Steel
  • Elastomers
  • Others

By Type Outlook:

  • Pneumatic Tires
  • Run Flat Tires
  • Airless Tires

By Technology Outlook:

  • Chip Embedded Tires
  • Self-Inflating Tires
  • Multi Chamber Tires
  • All In One Tires

By Vehicle Type Outlook:

  • Light Duty Vehicles
  • Heavy Duty Vehicle
  • Agricultural Tractors
  • Construction & Mining Equipment
  • Industrial Equipment

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Regional Analysis:

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

In view of district, Europe is relied upon to hold the biggest offer during the figure time frame. Europe is one of the keys and driving makers of premium vehicles. Germany and the UK, together, are answerable for assembling around 35% of the all-out premium vehicles. Furthermore, vehicle makers, for example, Audi, Mercedes, and Ferrari are situated in Europe. The biggest number of premium vehicles producing combined with a high pace of reception of cutting-edge innovations is assessed to drive the European progressed tires market. Rising interest for electric vehicles alongside solid homegrown creation are a portion of the key variables which will help the development of the high-level tire the market in Europe.

Report Highlights:

  • Based on technology, the self-inflating segment is said to record during the forecast period.
  • Based on material type, the elastomers segment in is said to grow the fastest during the forecast period.
  • Based on regions, Europe is Expected to Hold the Largest Share in the Advanced Tire Market during the forecast period.
  • Based on vehicle type, the light duty vehicles segment is to record the fastest growth during the forecast period.

The report also provides in-depth analysis of recent news developments and investments:

  • The Goodyear Tire & Rubber Comp – Consensus Indicates Potential 6.5% Upside
  • Bridgestone Corporation, the world’s principal tire and rubber company, introduced the ground-breaking, fuel-efficient tire technology, in 2020, that proposes higher fuel efficiency and high inflation pressure to lessen the distortion of tires to a great extent.
  • Black’s Tire Service Inc. acquired Burlington Tire Service Inc., in 2020, which is a single-store tire dealership that caters to both retail and commercial market.

Reasons for Buying this Report:

  • This Advanced Tire Market report provides pin-point analysis for changing competitive dynamics
  • It provides a forward-looking perspective on different factors driving or restraining market growth
  • It provides a six-year forecast assessed based on how the market is predicted to grow
  • It helps in understanding the key product segments and their future
  • It provides pinpoint analysis of changing competition dynamics and keeps you ahead of competitors

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