LONDON--(BUSINESS WIRE)--The global automotive all-season tires market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
A key factor driving the growth of the market is the superior performance of all-season tires. All-season tires are designed to offer safer driving experience to the consumers in moderate and extreme climatic conditions. In addition, vendors are specifically tuning the tread patterns to enable low noise and offer superior traction on different road surfaces. Furthermore, the tread designs of all-season tires have specially designed block and grooves ensuring a smooth ride in extreme climatic conditions. Thus, the ability of all-season tires to offer high performance in varied climatic conditions will drive the market growth during the forecast period.
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As per Technavio, the growing use of non-petroleum derived materials and advanced manufacturing technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive All-season Tires Market: Growing Use of Non-Petroleum Derived Materials and Advanced Manufacturing Technologies
Prominent vendors are adopting advanced tire manufacturing techniques and processes that lower carbon emissions. Tire manufacturers are using sustainable and non-petroleum derived recyclable raw materials that lower carbon footprints and aid in developing low-rolling-resistance tires. Moreover, there has been an increase in the deployment of lean manufacturing practices like waste reduction, in-process material reduction, cure optimization, and standardization in the tire manufacturing process. Therefore, the growing adoption of tires made from non-petroleum derived materials using innovative manufacturing technologies is likely to drive the growth of the automotive all-season tires market during the forecast period.
“Regulations on use of all-season tires, cost-effectiveness over conventional tires, and increased launches of new line all-season tires are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive All-season Tires Market: Segmentation Analysis
This market report segments the global automotive all-season tires market by application (passenger vehicles and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
North America led the market in 2018, followed by APAC, Europe, MEA, and South America respectively. Economies including the US and Canada witness a mix of different cold climatic conditions throughout the year, requiring tires with all-round characteristics. Furthermore, the standard fitment of all-season tires by some of the key automakers in these economies is further likely to act as a key market contributor during the forecast period.
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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
- Geographic Segmentation
- Geographic comparison
- Key leading countries
- Market opportunity
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
Market positioning of vendors
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