Advanced Tires Market Outlook:
The global advanced tires market is growing at a rapid pace. The market growth attributes to the rising demand for high-end cars and to minimize the skyrocketing tire maintenance and replacement costs. Besides, the inclination towards the adoption of advanced tires and the advantages of advanced tires boosts sales. Moreover, the rapid industrial automation escalates the market growth to furthered height, improving functionalities of advanced tires.
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According to Market Research Future (MRFR), the advanced tires market is projected to touch a valuation of USD 298.8 MN by 2023, growing at 10.8% CAGR throughout the forecast period (2018-2023). In its recent COVID 19 analysis on the advanced tires market, MRFR also asserts that in 2017, the market valuation reached USD 155.9 MN. Advanced smart tire technology is rapidly changing the automotive and mobility landscape.
Vehicles are becoming more connected with advanced sensor technologies that monitor every component within a vehicle to optimize performance, safety, and uptime. Tires are the most critical components of a vehicle to provide vital information that can help fleet operators and drivers make better decisions. These advantages, in turn, accelerate the growth of the advanced tires market. The rapidly growing aircraft industry allows the market to garner revenue growth consistently.
Additionally, substantial investments transpired into designing tires to meet the specifications, and demanding regulations of various civil and military-specific applications push the market growth. The agriculture industry is witnessing robust growth over the past few years due to the increased global food demand. This, as a result, promotes the market demand increasing the numbers of agriculture tractors.
Conversely, price volatility, and the demand-supply gap in the raw materials required for production are the major factors anticipated to impede the growth of the market. Nevertheless, regular MRO activities of agriculture tractors and construction vehicles would support the market growth throughout the review, suggesting the need to change tire due to wear & tear.