A magnificent spike in sale of vehicles, primarily in developing countries, is perceived to bode well for the growth of automotive tire market. Striking fad for SUVs and crossover vehicles on the backdrop of altering customer preferences for stylish and sporty vehicles is further propelling the automotive tire market. The integration of tire pressure monitoring systems (TPMS) is considered as one of the prominent novelties that is set to transform the upcoming scenario of automotive tire market.
Promising strategic collaborations are further fortifying the landscape of automotive tire market for value up gradation and position enhancement. For instance- The collaboration of Goodyear Tire & Rubber Co. with Bridgestone Americas Inc. is considered as one of the biggest largest tire distribution joint ventures in the automotive tire market. As per the report of automotive tire market published by Fact.MR, the market valued at US$ 266,408 Mn in 2017 and is predicted to value around US$ 342,209 Mn by 2022 end.
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Another key aspect drawn from the research study on automotive tire market is the effect of e-commerce platforms on the market topography and sales. The prosperity of e-commerce in automotive tire market is encouraging the customers in to choose from a myriad of options available on the aisle, making it a highly lucrative sales channel. Also, the transition from conventional tires to green trees in line with the sustainability norms is further foreseen to aggrandize growth of automotive tire market. Also, the promising advent of ultra-fuel efficient tires armed with ingenious tread pattern designs is considered to be an optimistic aspect for automotive tire market.
Though radial sustains its supremacy, bias segment to gain impressive grounds in automotive tire market. With a minimal CAGR, the bias segment is foreseen to retain its partial dominance in the market. APEJ contributes to around half the bias and radial segments of the automotive tire market in 2017 and is projected to certainly retain its command. The manufacturers in automotive tire market are vying to label the tires between A and C, as it amplifies fuel efficiency and offers enhanced road handling.
With a rising spate of innovations transforming the automotive tire market, manufacturers are gearing up to make the best use of their potential for integrating latest technologies with their products. The wide-acceptance of radial tires on the wake of reduced fuel consumption, essentially in areas such as the US, is one of such prominent trends in automotive tire market. The incorporation of Contact Area Information Sensing or CAIS to monitor vehicle interaction with the road’s surface is another influential development in the automotive tire market.
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Easily one of the most appealing innovations shining in the automotive tire market is the introduction of airless tire. Impervious to frequent punctures, airless tires offer high lateral strength and prevent hydroplaning. Some of the preeminent trends influencing the growth course of automotive tire market include focus on fuel-efficient tires, evolution of green tires, and development of non-pneumatic tires. In the automotive tire market landscape, the aftermarket segment is expected to evolve as the largest market segment. Burgeoning average age of automobiles in operation across emerged economies and spurring economic growth of emerging nations are collectively foreseen to drive the automotive tire market.
Also, there are few aspects which are envisioned to pose major threats and challenges for growth of global automotive tire market. Some of those facets limiting the growth of automotive tire market include a drastic decrease in exports, erroneous government administration, and uncompromising regulations and alterations in abundance of raw materials. Having said that, launches of new product derivatives and expansion initiatives may bring ample growth opportunities for the manufacturers of automotive tire market.
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Launch of Ultra-fuel Efficient Tires with Ingenious Tread Pattern Designs to Influence Automotive Ti
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