Noiseless Tire Market to be dominated by North American region through 2027
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.
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Noiseless Tire Market"
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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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