Advanced Tires Market by Region America, Europe, Asia Pacific, Middle East and Africa, South America forecast till 2023
Advanced Tires Market Research Report - Global Forecast to 2023
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Advanced Tires Market by Region America, Europe, Asia Pacific, Middle East and Africa, South America forecast till 2023
Summary: Advanced Tires Market Research Report by On-Highway Vehicle Type (LDV, HDV), OffHighway Vehicle Type (Agriculture Tractors, Construction and Mining Equipment), Material Type (Natural Rubber, Synthetic Rubber, Elastomers, and Others), Type (Pneumatic Tires, Run-Flat Tires, and Others), and Region–Global Forecast to 2023 See Table of Content Here:
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Advanced Tires market is estimated to witness 10.8% CAGR during the forecast period from 2019 to 2023. Advanced Tires market overview: 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. Key Players Analyzed in This Report are: Some of the key players operating in the global 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).
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Advanced Tires Market by Region America, Europe, Asia Pacific, Middle East and Africa, South America forecast till 2023
Advanced Tires Market Segmentation: MRFR’s report offers a detailed segmental analysis of the global advanced tires market based on on-highway vehicle type, off-highway vehicle type, material type, and type. By on-highway vehicle type, the market has been segmented into LDV and HDV. Among these, The LDV segment is presently dominating the global market and is poised to grow substantially over the assessment period. Meanwhile, the HDV segment is projected to mark a relatively higher CAGR in the upcoming years. By off-highway vehicle type, the market has been segmented into agriculture tractors, construction and mining equipment, and industrial equipment. The agriculture tractors segment holds the largest market share, whereas, the mining equipment segment is forecasted to exhibit maximum growth. By material type, the market has been segmented into natural rubber, synthetic rubber, steel, elastomers, and other materials. Among these, the lion’s share of the market is held by the natural rubber segment. It has been projected to witness considerable growth in the upcoming years. Meanwhile, the synthetic rubber segment is anticipated to attract a larger customer base across the review period. 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. Report Coverage: Geographically, the global Advanced Tires market has been segmented into four major regions namely North America, Europe, Asia-Pacific, and the Rest of the World. AsiaPacific is estimated to hold the highest revenue market share throughout the forecast period owing to growing urbanization and growing purchasing power of consumers. Moreover, increased production and sales of automobiles is expected to further boost the demand for flywheels in this region. To View Report click on this button.
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Advanced Tires Market by Region America, Europe, Asia Pacific, Middle East and Africa, South America forecast till 2023
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