• September 21, 2019

Global Automotive Summer Tire Market 2019-2023| Increase in Demand for High-Performance Tires to Boost Demand| Technavio - Odessa American: Business

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Global Automotive Summer Tire Market 2019-2023| Increase in Demand for High-Performance Tires to Boost Demand| Technavio

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Posted: Tuesday, September 10, 2019 10:04 am | Updated: 10:30 am, Tue Sep 10, 2019.

LONDON--(BUSINESS WIRE)--Sep 10, 2019--

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190910005807/en/

Technavio has published a new market research report on the global automotive summer tire market 2019-2023. (Graphic: Business Wire)

“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.

For More Information: Request Free Sample Pages

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:

  • Replacement
  • OEM

Key Regions for the Automotive Summer Tire Market:

Featuring a breakdown of region-wise market shares until 2019.

  • APAC
  • Europe
  • North America
  • South America
  • MEA

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

     

Market Sizing

  • Market definition
  • Market size and forecast

     

Vendor Landscape

  • 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 Discretionaryare:

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).

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190910005807/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: AFTERMARKET ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE AUTOMOTIVE MANUFACTURING TIRES & RUBBER MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 09/10/2019 11:04 AM/DISC: 09/10/2019 11:04 AM

http://www.businesswire.com/news/home/20190910005807/en

© 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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