LONDON--(BUSINESS WIRE)--The global automotive summer tire market size is poised to reach USD 2.77 billion by 2023, according to a new report by Technavio, progressing at a CAGR of close to 5% during the forecast period.
“The growing adoption of autonomous technologies in vehicles has compelled tire manufacturers to develop advanced tires. This has led to the emergence of intelligent tires that are integrated with sensor technologies to monitor road conditions, tire pressure, and temperature. The advent of such tires will drive the growth of the market,” says a senior analyst at Technavio. Request Free Sample Pages.
The market is driven by the increase in demand for high-performance tires. In addition, the increase in sales of luxury vehicles is anticipated to further boost the automotive summer tire market during the forecast period.
The demand for the high-performance tires is increasing as these tires enhance the traction and control of vehicles over wet and dry surfaces. They feature unique rubber compound and tread patterns, which enhance vehicle responsiveness, traction, and precision. The rising demand for high-performance tires can be attributed to the rising demand for SUVs, pick-up trucks, and high-performance vehicles. These factors are expected to boost the growth of the automotive summer tire market during the forecast period.
The sales of luxury vehicles are increasing across the world, owing to the improving socio-economic conditions and availability of financing services. This will have a direct impact on the automotive summer tire market, as summer tires enhance the safety, maneuverability, traction, speed, and efficiency of vehicles. Thus, the increasing sales of luxury vehicles will drive the growth of the market.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- Apollo Tyres Ltd.
- Bridgestone Corp.
- Continental AG
- Cooper Tire & Rubber Co.
- Hankook Tire Co. Ltd.
Market Segmentation by Distribution Channel:
The Automotive Summer Tire Market can be broadly categorized into the following segments:
Key Regions for the Automotive Summer Tire Market:
Featuring a breakdown of region-wise market shares until 2019.
- North America
- South America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
Market segmentation analysis
- Market definition
Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Related Reports on Consumer Discretionary are:
Automotive Run-flat Tires Market – Global Automotive Run-flat Tires Market by end-users (OEM and aftermarket) and geography (APAC, Europe, MEA, North America, and South America).
Automotive High-performance Tires Market – Global Automotive High-performance Tires Market by applications (sports car and others) and geography (the Americas, APAC, and EMEA).
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