Global Automotive Premium Tires Market Will Grow at a CAGR of 11% During 2019-2023 | Technavio
LONDON--(BUSINESS WIRE)--Apr 10, 2019--Technavio has announced the release of their research report on the global automotive premium tires market for the forecast period 2019-2023. This global automotive premium tires market analysis report segments the market by end-user (replacement and OEM) and geography (APAC, Europe, MEA, North America, and South America).
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The global automotive premium tires market will grow at a CAGR of nearly 11% during 2019-2023 (Graphic: Business Wire)
Global automotive premium tires market size will grow by almost USD 22.71 billion during 2019-2023, at a CAGR of nearly 11%. The increased preference of integrating sensors to monitor the vehicle has paved the way for the development of intelligent tires. These tires come equipped with sensors to improve overall tire management. Continental AG’s intelligent tires come equipped with sensors to monitor pressure and temperature and transmit real-time information. Further development and adoption of intelligent tires among many companies will increase the demand for the global automotive premium tires market during the forecast period.
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Increasing penetration of TPMS in truck tires
Apart from passenger cars, TPMS has also found preference among commercial vehicles. Many fleet management companies and regional governments are mandating the use of TPMS in commercial vehicles. This has increased the penetration of TPMS in truck tires. Truck manufacturers such as Ford F-150, RAM Trucks, and Volvo Trucks have also adopted TPMS in their models. Many such advancements among automakers are expected to drive the global automotive premium tires market.
“North America is expected to grow faster as the demand for premium tires is increasing in the US over the last few years. The growth in the sales of luxury passenger cars in the region will see a demand for automotive premium tires. The high adoption rates of EVs in APAC will increase the need for premium tires with superior road grip to shorten the stopping distance. This will have a positive impact on the global automotive premium tires market,” says an analyst at Technavio.
Many tire manufacturers are investing heavily in R&D to develop tires with intelligent features. For instance, Bridgestone’s Contact Area Information Sensing (CAIS) system checks various road conditions and transmits real-time information through telematics. Recently, Goodyear Tire & Rubber Company collaborated with Tesloop, a mobility services company. The company has equipped all Tesloop vehicles with wireless sensors to improve overall fleet operations and estimates the replacement time for the tires.
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This global automotive premium tires market industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several automotive premium tire manufacturers including -
- Bridgestone Corporation
- Continental AG
- Pirelli & C. S.p.A.
- THE YOKOHAMA RUBBER CO., LTD.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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INDUSTRY KEYWORD: AUTOMOTIVE PERFORMANCE & SPECIAL INTEREST TIRES & RUBBER
SOURCE: Technavio Research
Copyright Business Wire 2019.
PUB: 04/10/2019 10:00 AM/DISC: 04/10/2019 10:00 AM