Automotive Pumps Market to Witness Relatively Significant Growth During 2017-2026
[170 Pages Report] Automotive Pumps Market research report categorizes the global market by Pump Type (Fuel Supply, Fuel Injection, Transmission Oil, Engine Oil, Steering, Coolant, Windshield Washer, Vacuum), By Sales Channel Type (Electric, Mechanical), By Vehicle Type (Passenger Car, LCV, HCV), by Sales Channel (OEM, Aftermarket), & By Region
[USPRwire, Thu Aug 22 2019]
The automotive tire market is projected to register a steady growth during the 2017-2022 period with the market estimated to be valued at almost US$ 300 billion in 2019. Enhanced tire performance, surging tire production, and introduction of innovative products are some of the factors fueling automotive tire market growth.
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A recent surge in the mobility service offerings across the world is fuelling demand for lightweight commercial vehicles. Growing traffic congestion, environmental concerns, and advancements in technology are gradually inducing a change in consumer perception. Mobility solutions include a wide array of services such as shared transport, on-demand transport, autonomous driving vehicles, and subscription-based transport services. These services are likely to create demand for commercial vehicles in the foreseeable future and are expected to be a vital cause contributing to the growth of the automotive tire market. According to the report, LCVs are estimated to contribute US$ 76 billion to the automotive tire market revenue in 2019.
Increasing focus on implementing the corporate average fuel (CAFÉ) norms and growing demand for tires which contribute to fuel efficiency are key factors prompting tire manufacturers to focus on the development of sustainable products. Additionally, the imposition of stringent government regulations to limit carbon emissions during production is creating a demand for streamlining the tire manufacturing processes. Growing consumer awareness about the adverse environmental impact of waste produced due to tires is influencing their buying patterns and driving sustainability in production.
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Automotive tire manufacturers are investing heavily in developing sustainable material and solutions to work in accordance with government regulations and accommodate for the changing consumer perception. For instance, Bridgestone announced the development of the first hybrid polymer which according to the company will substantially reduce the volume of materials required for manufacturing tires while providing high performance. Further, Bridgestone claimed that the new polymer will have a crack resistance significantly greater than normal tires making it far more durable than conventional tires.
Technological headways are increasingly aiding automotive tire manufacturers to streamline their production process, attain sustainability, and cater to the changing consumer demands. The maturing industry 4.0 technologies are helping manufacturers gain greater control over the quality of production at lower costs. Additionally, sophisticated technology is providing a mechanism for manufacturers to optimize the supply chain and gain maximum profitability in the market. A recent development complementing the integration of technology in automotive tire manufacturing was when Michelin launched Vision, a 3D-printed tire using sustainable materials. The company is planning to leverage the technology for production of tires with 80% sustainable materials as constituents.
OEMs and other tire manufacturers are aiming to leverage vehicle connectivity to further strengthen their marketing and distribution network. With potential car-to-internet connectivity on the cards in the foreseeable future, manufacturers are planning to equip their stores to allow identification of consumers in need of tires in the vicinity.
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