According to the report, Emergence of Advanced Technology such as Tread Depth Sensor & Tire Pressure Monitoring System is one of the primary growth factors for the market. Rise in Sales of Passenger Vehicles Owing To Increased Consumer Affordability in Developing Countries is driving the Market Growth
is also expected to contribute significantly to the Summer Tires market. Overall, Passenger Vehicle
applications of Summer Tires, and the growing awareness of them, is what makes this segment of the industry important to its overall growth. The Rim Size, such as 13 to 15 Inches, is boosting the Summer Tires market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.The Sales Channel, such as OEM, is boosting the Summer Tires market. Additionally, the rising demand from SMEs and various industry verticals, macro-economic growth are the prime factors driving the growth of the market.
New technologies and major shifts in the industry will be game-changing factors that all players have to react now in order to maintain strong positions in the future. As many industry experts agree that significant changes are ahead. AMAs Analyst on the Global Summer Tires market identified that the demand is rising in many different parts of the world as "Rise in Average Age of Vehicles and Increase in Number of Average Annual Miles
". Furthermore, some recent industry insights like "In January 2022 Michelin had announced the launch of MICHELIN Primacy 4+ summer tire. MICHELIN EverGrip technology, which cleverly mixes two layers of rubber to counterbalance tread depth loss and so continuing to better evacuate water when worn, is responsible for this performance. These new MICHELIN summer tyres are designed to meet the needs of both sports car enthusiasts and daily drivers. Long-lasting and high-performing, they can be used for longer periods of time and so help to reduce environmental effect." which is constantly making the industry very dynamic.
The report provides an in-depth analysis and forecast about the industry covering the following key features: o Industry outlook including current and future market trends, drivers, restraints, and emerging technologies o Analyses the Global Summer Tires market according to Type, Application, and regions o Analyzes the top 10 players in terms of market reach, business strategy, and business focus o Provides stakeholders insights and key drivers & trends of the market
**The market is valued based on weighted average selling price (WASP) and includes any applicable taxes on manufacturers. All currency conversions used in the creation of this report have been calculated using constant annual average 2021 currency rates.
Market Size Estimation In market engineering method, both top-down and bottom-up approaches have been used, along with various data triangulation process, to predict and validate the market size of the Summer Tires market and other related sub-markets covered in the study.
o Key & emerging players in the market have been observed through secondary research. o The industrys supply chain and overall market size, in terms of value, have been derived through primary and secondary research processes. o All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation The overall Summer Tires market size is calculated using market estimation process, the Summer Tires market was further split into various segments and sub-segments. To complete the overall market engineering and arriving at the exact statistics for all segments and sub-segments, the market breakdown and data triangulation procedures have been utilized, wherever applicable. The data have been triangulated by studying various influencing factors and trends identified from both demand and supply sides of various applications involved in the study. Along with this, the Global Summer Tires market size has been validated using both top-down and bottom-up approaches.