Sep 10, 2019 (AmericaNewsHour) -- Asia Pacific passenger tire market will account for a significant share by 2025 Industry players are continuously investing in R&D for developing advanced tires suitable for diversified terrain and climatic conditions. Strategic partnerships and joint ventures are some of the major strategies adopted by industry players for improving their business share and cater to a wide customer base. The notable players operating in the passenger tire market share include CEAT Ltd., Apollo Tyres, Birla Tyres, Hankook Tire, and Nokian Tyres among others.
Few of the prominent players operating in the passenger tire market share include Michelin, Pirelli, Goodyear Tire & Rubber Company, Continental, and Bridgestone. Industry players are continuously investing in R&D and developing advanced new tires for expanding their market share. For instance, in 2018, Goodyear launched its Assurance TripleMax2 tire with different rim sizes ranging from R14 to R16. Moreover, the HydroTred Technology contributes significantly towards improving the vehicle performance significantly.
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Innovations in tire manufacturing along with increasing preference for 3D printing techniques are gaining prominence in the industry. The benefits offered by this technology include rapid prototyping and additive manufacturing thereby positively influencing the passenger tire market share. For instance, in 2018, Goodyear showcased its Oxygene tire concept manufactured using Selective Laser Sintering (SLS) technology.
Advancements in technologies along with continuous investments by tire manufacturers to minimize the tire weight and complexity are providing a positive outlook for the passenger tire market share expansion. The rising preference for airless tires owing to benefits offered including lower maintenance, superior durability, and ability to travel across diversified terrain conditions accentuates the industry demand.
Passenger Tire Market, By Season, 2013 – 2025 (Units, USD Million)
Passenger Tire Market, By Distribution Channel, 2013 – 2025 (Units, USD Million)
Passenger Tire Market, By Material, 2013 – 2025 (Units, USD Million)
The above information has been provided on a regional and country basis for the following: