Growing demand for high-performance tires and development in transportation technology are driving the demand for global noiseless tire market in the forecast period, 2023-2027.
According to TechSci Research report, “Noiseless Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global noiseless tire market is anticipated to witness impressive growth in the forecast period, 2023-2027. An increase in automotive production and sales and the rise in competition among tire manufacturers offering innovative solutions are driving the demand for the global noiseless tire market. Growing fuel efficiency and safety concerns among manufacturers make them adopt innovative solutions and technologies. The introduction of noiseless tires that can perform well in all weather conditions, including snow-covered and wet roads, and are affordable, are attracting many customers.
The rise in demand for commercial vehicles such as tractors, trucks, and trailers and the rapid industrialization happening around the globe is accelerating the sale of noiseless tires.
Noiseless tires are in high demand among drivers who travel long distances as they prefer to have a stable and comfortable driving experience without having the vehicle bounce and sway much during the ride.
However, fluctuations in prices of raw materials may restrain the global noiseless tire market growth in the forecast period.
Browse over XX market data Figures spread through 110 Pages and an in-depth TOC on "Global Noiseless Tire Market"
The global noiseless tire market is divided into vehicle type, tire construction type, demand category, price segment, company, and regional distribution.
Based on vehicle type, the global noiseless tire market is divided into two-wheeler, passenger car, LCV, M&HCV, and OTR. The passenger car segment is expected to account for a significant market share in five years. The rising disposable income of consumers, improved living standards, and changing consumer preference for private vehicle ownership is driving the demand for passenger cars around the globe. The advent of the latest technologies to improve the manufacturing process and the introduction of advanced noiseless tires suitable for passenger cars bolsters the global noiseless tires market worldwide.
Based on the tire construction type, the global noiseless tire market is divided into radial and bias. Radial tires dominate the market and are expected to maintain their dominance throughout the forecast period. Radial tires offer more extended tread wear and smoother rides than bias tires. They also support lower fuel consumption, improved cut resistance in the tread area, better traction and floatation, and better run than the bias tires.
Based on the demand category, the global noiseless tire market is divided into OEM and aftermarket. The OEM segment is expected to hold the largest market share in the forecast period. OEM tires usually come up with a manufacturer's tread-life warranty, which certifies that the tire doesn't wear up after a certain distance. OEM tires provide a smoother, quieter drive with excellent handling and help the vehicle achieve higher fuel efficiency than the aftermarket tires.
Based on price segment, the global noiseless tire market is divided into budget, ultra budget, and premium. Ultra budget noiseless tires are expected to hold the largest market share in the next five years. Installation of ultra budget tires in premium and luxury vehicles and growing advancements in tire technology are driving the market demand in the forecast period.
Based on the regional analysis, the North American region is expected to hold the largest market share in the forecast period. The use of advanced technologies during the manufacturing process and the presence of major market players in the region are expected to drive the demand for the global noiseless tire market in the forecast period.
Major market players operating in the global noiseless tire market are:
- Michelin Group
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire & Rubber Company
- Hankook Tire & Technology Co.Ltd.
- Pirelli & C. S.p.A.
- Yokohama Rubber Company, Limited
- Cooper Tire & Rubber Company
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“The rise in investments to increase fuel consumption, road noise and vibration, and rapid integration of noiseless tires in SUVs and lightweight trucks are creating lucrative opportunities for market growth. The launch of lightweight vehicles high sales of commercial vehicles is bolstering the demand for high-performance noiseless tires to increase the rider's convenience and comfort while driving an automobile. The use of attractive marketing strategies by the market players and rapid adoption of online sales platforms by market players for the expansion of the consumer base is expected to propel the global noiseless tire market through 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Noiseless Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, LCV, M&HCV, OTR), By Tire Construction Type (Radial, Bias), By Demand Category (OEM, Aftermarket), By Price Segment (Budget, Ultra Budget, Premium), and By Region”, has evaluated the future growth potential of global noiseless and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global noiseless tire market.
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