Rechargeable Tyres Market: Current Analysis and Forecast (2022-2028)

Report Description

The Global Rechargeable Tyres Market was valued at USD 99.7 million in 2020 and grow at a CAGR of 4.5% from 2022-2028. The major factor in the growth of the Rechargeable Tyres industry is the technological advancement in the automotive sector with the adoption of advanced safety features in vehicles coupled with a growing investment in R&D by key players in the tires across the globe as it has a high influence on safe driving. For instance: In 2021, Pirelli invested significantly in research and development of renewable and recycled innovative tire technologies for Volvo’s electric Concept Recharge vehicle.

Good Tire & Rubber Company, Michelin, Continental AG, Bridgestone Corporation, Pireli & C.S.p.A, Hankook Tire & Technology Co., Ltd, Toyo Tire & Rubber Co., Ltd, Yokohama Rubber Company, Ltd., Nexen Tire Corporation, JK Tyres

Insights Presented in the Report

“Amongst type, non-pneumatic category to witness robust CAGR during the forecast period”

Based on the type, the rechargeable tyre market is segmented into the pneumatic tire, run-flat tire, and non-pneumatic tire. The non-pneumatic tyres cater to the highest share of the rechargeable tire market and is expected to witness propelling growth in the forecasted period. The non-pneumatic tire is an airless tire that supports the weight of the car and it does not rely on air pressure to maintain its shape. With no need to maintain air pressure, there is no risk of pressure that can lead to downtime which eliminates the need to change a tire or stop for repairs. Hence, accentuate the driving experience as drivers can continue their journey without interruption.

“Amongst application, passenger car category to witness robust CAGR during the forecast period”

Based on application, the rechargeable tyres market is categorized into passenger cars and commercial cars. Passenger cars cater significant share of the rechargeable tyres market. It is mainly owing to the key players in rechargeable tires that are developing self-generating concept tires for motorists or two-wheelers and passenger cars with the vision that these tires are useful for any weather condition. Moreover, the rechargeable tire is lightweight and built with biodegradable material which in turn will be used in electric vehicles to attain 100% sustainability by 2030 as per the zero-emission mission across the globe. For instance: In 2021, As per Michelin’s vision for 2024, the development of tires with 3D print tread will improve the health of tires from wear and tear and be suitable for winter or summer conditions.

“Asia Pacific to hold a significant share in the market”

Asia Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the increasing manufacturing of electric vehicles coupled with the high application of agriculture tractors in China and India is creating opportunities for rechargeable tires in the region. Moreover, rising sales of passenger cars and the gradual shift of consumers from transportation to comfortable/convenient transportation and from convenient transportation to luxurious and safe transportation. Further, Increasing investments and product launches by major OEMs in the country and their focus on achieving sustainable mobility by 2030 is driving the demand for rechargeable tyres in the region.

Rechargeable Tyres Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Rechargeable Tyres market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Rechargeable Tyres Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Rechargeable Tyres market were the three major steps undertaken to create and analyze the adoption of Rechargeable Tyres in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Rechargeable Tyres market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Rechargeable Tyres market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Rechargeable Tyres market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Rechargeable Tyres market. Further, we conducted factor analysis using dependent and independent variables such as type, and application a thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Rechargeable Tyres market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Rechargeable Tyres market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Rechargeable Tyres market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Rechargeable Tyres market in terms of the product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Rechargeable Tyres market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, and application in the global Rechargeable Tyres market.

The main objective of the Global Rechargeable Tyres Market Study

The current & future market trends of the global Rechargeable Tyres market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Rechargeable Tyres market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, and application.
• Define and analysis of the regulatory framework for the Rechargeable Tyres
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Rechargeable Tyres market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Rechargeable Tyres market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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