Global Automotive All-season Tires Market 2019-2023 | Growing Use of Non-petroleum Derived Materials and Advanced Manufacturing Technologies to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 22, 2019--
The global automotive all-season tires market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global automotive all-season tires market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the performance advantages of all-season tires. All-season tires are suitable for regions that exhibit climatic conditions comprising of light winters, light summers, and wet roads. Their all-round performance across such weather conditions makes them ideal for use as the tread design comprises specially designed block and grooves that ensure smooth evacuation in the case of wet road conditions as well as snowy conditions. These tires mainly provide stability at cornering and also provide good traction in wet and dry conditions, ensuring a smoother and quieter ride. They are also ultimately designed to offer a confident and safer driving experience. In addition, they are available in different sizes for use in different vehicle types such as cars, SUVs, and pickup trucks. Thus, these factors collectively act as market drivers for the global automotive all-season tires market.
As per Technavio, the growing use of non-petroleum derived materials and advanced manufacturing technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. The global automotive all-season tires market research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global automotive all-season tires market: Growing use of non-petroleum derived materials and advanced manufacturing technologies
Prominent vendors are now adopting advanced tire manufacturing techniques and processes that can lower carbon emissions. Currently, the use of advanced raw materials is a trend, wherein tire manufacturers are using sustainable and recyclable materials that not only reduce carbon footprints but also leads to low-rolling-resistance tires. Moreover, the use of efficient tire manufacturing technology is enabling the use of lean manufacturing practices like waste reduction, in-process material reduction, cure optimization, and standardization. Therefore, tires made using such advanced materials and manufacturing techniques are also referred to as green tires, and the same can be seen in the all-season tires market.
“Apart from the growing use of non-petroleum derived materials and advanced manufacturing technologies, the regulations on the use of all-season tires is another major factor driving the growth of the market. In North America, countries such as the US and Canada experience a mix of different seasons, mostly winter. This makes it important to have the right fit of automobile tires that can perform across different seasons. All-season tires are best suited for regions with such diversified climatic conditions, which is thereby boosting the growth of the overall global market,” says a senior analyst at Technavio.
Global automotive all-season tires market: Segmentation analysis
This market research report segments the global automotive all-season tires market by application (passenger vehicles and commercial vehicles) and geographical regions (North America, APAC, Europe, MEA, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America, respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increased demand from countries such as Japan, South Korea, and New Zealand.
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INDUSTRY KEYWORD: AUTOMOTIVE TIRES & RUBBER
SOURCE: Technavio Research
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