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The automotive premium tires market size is forecast to increase by USD 37.39 billion at a CAGR of 11.54% between 2023 and 2028.
The automotive premium tires industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The premium tires market experienced significant growth in North America and Europe, accounting for nearly 80% of sales in 2023. The replacement tire segment's expansion is primarily driven by the balance between a premium tire's performance and lifespan. Automotive premium tire manufacturers prioritize safety, comfort, and performance during design and development. These tires offer low rolling resistance, which enhances overall performance but results in faster wear and tear. Consequently, the replacement frequency for premium tires is higher than conventional tires due to their shorter lifetimes. Additionally, premium tires contribute to fuel economy and offer convenience to vehicle owners.
Commercial fleet operators and commercial vehicles, including SUVs, crossover vehicles, and construction vehicles, also utilize premium tires for their durability and cost-effectiveness In the long run. Innovative products In the tire manufacturing industry, such as radial tires and 3D printing, further enhance the market's growth.
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The Replacement segment was valued at USD 28.45 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market, specifically the US, Canada, and Mexico, holds a significant share In the market. The focus on maintenance, replacement, and fuel economy, as well as the convenience offered by premium tires, contributes to their popularity among vehicle owners.
Manufacturing technology advancements and product differentiation are key drivers In the market, with a growing emphasis on sustainability, durability, and affordability. Commercial fleet operators and commercial vehicles, including SUVs, crossover vehicles, construction vehicles, and motorsports events, also contribute to the market's growth. Innovative products, such as those made with synthetic rubber and advanced elastomer grades, are gaining traction In the market. The tire machinery industry continues to evolve, with automation and quality improvements playing a crucial role. The increasing sales of passenger cars and light commercial vehicles further fuel the market's growth.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing penetration of TPMS in truck tires is the key driver of the market.
Increasing demand for environment-friendly tires is the upcoming market trend.
Price fluctuations of rubber is a key challenge affecting the industry growth.
The automotive premium tires market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the automotive premium tires market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, automotive premium tires market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The automotive premium tire market caters to the demands of vehicle owners seeking superior performance, durability, and sustainability In their tire purchases. Premium tires offer enhanced fuel economy, convenience, and reduced maintenance costs, making them an attractive option for both personal and commercial use. Manufacturing technology plays a significant role In the premium tire market, with Original Equipment Manufacturers (OEMs) and aftermarket providers continuously investing in innovative products and processes. Product differentiation is a key driver In the market, with manufacturers focusing on various elastomer grades, synthetic rubber, and advanced manufacturing techniques such as 3D printing and automation. The tire industry is experiencing in sales, driven by the rising demand for automobiles, light commercial vehicles, SUVs, and crossover vehicles.
This trend is observed in various applications, including on-road and off-road applications, and extends to commercial vehicles, construction vehicles, and motorsports events. Premium tires are often associated with performance excellence and premium quality, offering improved handling, traction, and safety features. The tire machinery industry is also evolving, with a focus on tire building machinery, tire uniformity, dynamic balance, and tire building equipment. Sustainability is becoming increasingly important In the tire market, with a growing emphasis on green energy and eco-friendly manufacturing processes. Retreaded tires are gaining popularity as a cost-effective alternative to new tires, offering both economic and environmental benefits.
The affordability of premium tires remains a consideration for vehicle owners and commercial fleet operators. While the initial investment may be higher than that of standard tires, the operating cost savings and extended tire life make up for the difference In the long run. The tire market is diverse, catering to various applications and customer preferences. This includes sports and racing, extreme terrain rallies, and commercial applications. The market is competitive, with manufacturers continually seeking to differentiate themselves through product innovation and quality. Raw materials, such as elastomer grades and synthetic rubber, play a crucial role in tire manufacturing.
The use of advanced materials and manufacturing techniques enables tire manufacturers to produce tires with improved durability, performance, and sustainability. The automotive premium tire market is driven by various factors, including manufacturing technology, product differentiation, sustainability, affordability, and customer preferences. The market is dynamic and competitive, with continuous innovation and investment in research and development shaping the future of the industry.
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Market Scope |
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Report Coverage |
Details |
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Page number |
151 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.54% |
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Market growth 2024-2028 |
USD 37.39 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
9.39 |
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Key countries |
US, Germany, China, Japan, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this automotive premium tires market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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