Premium Car Tire Market Expected to Boom | Bridgestone, Michelin, Goodyear – Digital Journal | CarTailz

Summary: What’s new for 2022? Global competitiveness and percentage market shares of key competitors. Market Presence in Multiple Regions – Strong/Active/Niche/Trivial.

That Premium car tires The market report provides a complete analysis of the major drivers and restraints, opportunities and challenges of the industry during the forecast time frame. With best facts and figures, meaning, definition, SWOT analysis, research findings and latest developments around the world, the research report provides essential analysis on Premium Car Tires market. The market size, revenue, price, income, gross margin and market share along with cost range and growth rate are all calculated in the report.

*Our forecasts assume that the market size will grow robustly CAGR of +17.9% in the periods 2022-2028…!

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There are many companies present in the premium car tire market. The players involved in the premium automotive tire market include a variety of companies, from the OEMs to network operators, software companies and network equipment vendors. The report introduces all the major companies involved in the market which are mentioned as Bridgestone, Michelin, Goodyear, Continental, Pirelli, Hankook, Sumitomo, Yokohama, Maxxis, Zhongce, GITI Tires, Cooper Tires, Kumho Tires, Toyo Tires, Madras Rubber Factory, Apollo Tires, Triangle Tire Group, Nexen- Tires, Hengfeng Rubber, Nokian Tires, Linglong Tires, Xingyuan Tires, Sailun Group and others…

Industry news and updates:

Michelin has made 18 acquisitions and 8 investments. The company has spent over $4.54 billion on the acquisitions. Michelin has invested in multiple sectors such as Logistics Tech, Connected Vehicles, Security & Surveillance Technology and more.

Good year Tire has acquired 5 companies, 3 of them in the last 5 years. A total of 1 acquisition came from private equity firms. It has also divested 5 assets. Goodyear Tire’s largest acquisition to date came in 2021 when the company acquired Cooper Tire & Rubber for $2.5 billion. The largest disclosed sale occurred in 2007 when Veyance Technologies was sold to the company for $1.5 billion. Goodyear Tire has acquired in 2 different US states and 3 countries. The company’s most heavily targeted sectors include automotive (40%) and manufacturing (40%).

Continental made 9 acquisitions and 4 investments. The company has spent over $714 million on the acquisitions. Continental has invested in multiple sectors such as road transport tech, autonomous vehicles, connected vehicles, and more.

Parameter Description

  • Base year: 2022
  • Forecast period: 2022-2028
  • Market Size Revenue in billion US$ and CAGR for the period 2022 to 2028
  • Geographical coverage and scope and analysis of the provider
  • Coverage in sales forecast, market share forecast, analysis of companies, competitive landscape, market growth factors, market restraints, market dynamics, and business profiles

Market segmentation analysis

The market is segmented based on product, type, end user and application. The segmentation is considered as the most important part of the report which helps the reader to understand the market in detail.

By type:

passenger vehicles

commercial vehicles

After application:

bias tires

radial tires

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methodology

primary research examined collect any information. It involves a thorough examination of current sales, dates and customers. It also takes into account the effectiveness of current procedures while also considering competitors.

secondary research examined Information previously published. It includes papers and research from other companies, government agencies and industry experts.

Regional Analysis

Asia-Pacific was the top contributor to sales and is expected to grow by a CAGR of 4.5%. The automotive industry is one of the fastest growing due to increasing automobile demand in Asian emerging markets. In the Asia-Pacific region, tire production is expected to expand at a faster rate. The rise of the automotive industry in this region is being fueled by a significant increase in disposable income which has resulted in improved living conditions. In addition, low labor costs and easy access to raw materials are expected to reduce tire production costs in Asia-Pacific. This prompts tire manufacturers to expand their market presence in this region. Increases in production capacity and demand for light and heavy automobiles in countries such as China, Japan, India and South Korea are driving demand for automobiles with advanced features. This is expected to boost tire demand during the forecast period.

The North American region is the third largest. North America includes the United States, Canada and Mexico. The North American car market is considered mature. Manufacturers in North America are trying to reduce labor costs by increasing capital expenditures or moving to regions with easy access to raw materials. The expansion of the North American tire market is driven by the initiatives of major automobile manufacturers to develop sophisticated tires for passenger cars. Additionally, an increasing emphasis on reducing carbon footprints and rising demand for fuel-efficient cars are driving the expansion of the premium automotive tire industry.

Europe is the second largest market. The market for premium car tires in Europe is expected to reach 50 billion by 2030 CAGR of 4.3%. The European tire business is one of the most expansive and innovative industries in the world. Regular advances in tire technology increase the competitiveness of the European tire market. The European automotive industry is dynamic and competitive. This is largely due to the presence of many automotive OEMs, as many of the world’s largest car manufacturers have manufacturing facilities in Europe. Market penetration of light commercial vehicles will increase in all regions. European car manufacturers focus on technological advances for more effective safety measures and improved ride quality. In addition, companies are implementing features that improve their vehicles’ fuel economy and drive the expansion of the European premium car tire market. The growth of the premium automotive tire market is being driven by an increase in vehicle lifespan and an increase in automobile sales across all categories.

North America: (USA, Canada, Mexico)
Europe: (UK, Italy, Germany, Russia, France, Spain, Netherlands and Rest of Europe)
South America: (Colombia, Brazil, Argentina, rest of South America)
Asia Pacific: (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
Middle East & Africa: (Saudi Arabia, United Arab Emirates, South Africa, Rest of Middle East and Africa)

Reasons to buy the report

  • The report offers in depth analysis of the market by providing the definition, application and classifications.
  • The SWOT analysis and strategies of each vendor in the market are provided in the report.
  • It offers comprehensive insights into current industry trends, trend forecasts and growth drivers.
  • The report provides a detailed overview of the vendor landscape, competitive analysis, and key market strategies to win the competitive landscape.

Key questions answered by this report

(1) What are the growth opportunities of the new entrants in the premium car tire industry?

(2) Who are the leading players in the Premium Car Tires market?

(3) What are the key strategies participants are likely to adopt to increase their share in the Premium Automotive Tires industry?

(4) What is the competitive situation in the premium car tire market?

(5) What are the emerging trends that may impact the growth of the Premium Car Tires market?

(6) Which product type segment will show a high CAGR in the future?

(7) Which application segment will take a hefty share of Premium Car Tires industry?

(8) Which region is lucrative for manufacturers?

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