Automotive Summer Tire Market to Grow
September 16, 2019—The automotive summer tire market is expected to record a CAGR of almost five percent between 2019 and 2023.
The automotive industry has been incorporating advanced features into vehicles owing to the advent of new technologies. In line with this, automotive tires are also undergoing advances; an anti-locking braking system, electronic brakeforce distribution, electronic stability control, and traction control are a few of the high-performance tire attributes. As a result, automotive summer tire vendors must continue to match the automotive industry standards and offer high-performance tires as OE fitment and replacement. Furthermore, the rising awareness about the performance of these features in tires will increase their demand rate among vehicle owners and automotive manufacturers. As a result, the market is expected to grow.
Vendors are innovating products to increase sales and maintain pace with the growing adoption of autonomous technologies in the automotive industry. The rising sales and demand for automated and electric vehicles will increase sales of intelligent tires, contributing to the market growth during the forecast period. Vendors have started incorporating sensor technologies in tires to monitor road conditions, tire pressure, and temperature. The emergence of intelligent tires is one of the key automotive summer tire market trends.
With the presence of several major players, the global automotive summer tire market is fragmented. This robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading vendors such as:
- Apollo Tyres Ltd.
- Bridgestone Corp.
- Continental AG
- Cooper Tire & Rubber Co.
- Hankook Tire Co. Ltd.
- Michelin Group, Pirelli & C. Spa
- Sumitomo Rubber Industries Ltd.
- The Goodyear Tire & Rubber Co.
- The Yokohama Rubber Co. Ltd.
The automotive summer tire market analysis report also includes information on upcoming trends and challenges that will influence market growth. This will help companies to strategize and leverage on all forthcoming growth opportunities.