Global Automotive Premium Tires Market 2019-2023 | 11% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Jan 6, 2020--
The automotive premium tires market is poised to grow at a CAGR of close to 11% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive premium tires market 2019-2023 (Graphic: Business Wire)
The tire-pressure monitoring system (TPMS) is increasingly being adopted in passenger cars and has found preference among fleet management companies. This system plays a significant role in curbing fleet downtime by continually measuring, monitoring, and transmitting tire health data to the driver, fleet managers, and tire service providers. Also, the real-time data obtained from the TPMS helps in avoiding vehicle operation with under-inflated tires and enhances the overall fuel economy. Fleet management companies and various governmental authorities are rallying for the use of TPMS in commercial vehicles to improve on-road safety. Thus, the increasing penetration of TPMS in truck tires is expected to drive the automotive premium tires market growth during the forecast period.
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As per Technavio, the development of intelligent tires will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Automotive Premium Tires Market: Development of Intelligent Tires
The increasing integration of sensors to monitor the vehicle has paved the way for the development of intelligent tires. These tires come equipped with sensors to improve overall tire management. Continental AG’s intelligent tires are equipped with a pre-mounted sensor that monitors pressure and temperature and transmits real-time information. This aids in the preventive maintenance of the tire resulting in enhanced durability. Therefore, the development and adoption of intelligent tires among many companies will increase the demand for the global automotive premium tires market during the forecast period.
“Other factors such as the increasing demand for environment-friendly tires, and the growing use of 3D printing will have a significant impact on the growth of the automotive premium tires market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Premium Tires Market: Segmentation Analysis
This market research report segments the automotive premium tires market by end-user (replacement and OEM) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America, respectively. The growth of the automotive premium tires market share in North America can be attributed to factors such as the growing demand for luxury passenger cars and the increasing usage of TPMS in automotive tires in the region.
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Five Forces Analysis
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INDUSTRY KEYWORD: AUTOMOTIVE TIRES & RUBBER
SOURCE: Technavio Research
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PUB: 01/06/2020 06:30 AM/DISC: 01/06/2020 06:30 AM