What is Premium Tires Market?
The demand for premium tires is growing which is projected to drive the growth of the market during the forecast period. The performance benefits obtained from premium tires is one of the important factors driving the growth of global automotive premium tires market. Some manufacturers are focusing on using premium tires because of its performance benefits such as high-speed driving, superior responses while off-roading and better traction for optimum control. Also, it also helps to expand the performance of advanced safety systems such as anti-lock braking system and electronic brakeforce distribution, as it is designed by taking into consideration a range of safety and performance.
The market study is being classified by Type (High Pressure Tire and Low Pressure Tire), by Application (Passenger Car and Commercial Vehicle) and major geographies with country level break-up.
Bridgestone Corporation (Japan), Continental AG (Germany), Michelin (France), The Goodyear Tire & Rubber Company (United States), Pirelli & C.S.p.A. (Italy), Apollo Tyres Ltd. (India), CEAT Ltd. (India), Giti Tire (Singapore), Hankook Tire (South Korea), JK Tyre & Industries Ltd. (India), Nexen Tire Corporation (South Korea), Nokian Tyres plc (Finland), Sumitomo Rubber Industries, Ltd. (Japan) and Toyo Tire & Rubber Co., Ltd. (Japan) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Qingdao Fullrun Tyre Corp., Ltd. (China), Kumho Tire Co., Inc. (South Korea) and China National Tire & Rubber Co., Ltd. (China).
Leading global players are focusing on strategic partnerships to improve their products and services. In addition, companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Research Analyst at AMA predicts that Japanese Vendors will contribute to the maximum growth of Global Premium Tires market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Premium Tires market by Type, Application and Region.
On the basis of geography, the market of Premium Tires has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Demand of High Clearance and Sport Appeal Vehicles
- Growing Penetration of Premium and Luxury Vehicles
Market Trend
- Rising Use of Bio-Oils in the Manufacturing Process of Tires
- High Adoption of Advanced Technology in Manufacturing Process
Restraints
- Natural Rubber Is Weaker Than the Synthetic Version
Opportunities
- Increasing Demand of Automobiles
- Eco-Friendly Tires Can Be Extended for OTR Tires
Challenges
- Cracks and Bulges Can Appear In Tyre from Hitting a Pothole or Curb
On June 14, 2019- Apollo Tyres has introduced Endumaxx brand of tires for this segment of vehicles. As per company estimates, the light truck radial category has a potential and it is growing at a much faster pace than any other segment.
Key Target Audience
Manufactures, Distributors and Suppliers, Government regulatory Bodies, Government Research Organizations, Private Research Organizations and Others