According to the TechSci Research report titled “Noiseless Tire Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027,” the global noiseless tire market is projected to experience remarkable growth in the forecast period of 2023-2027. The market is being driven by an increase in automotive production and sales, along with heightened competition among tire manufacturers offering innovative solutions. Manufacturers are adopting innovative solutions and technologies to address growing fuel efficiency and safety concerns. Noiseless tires that can perform well in various weather conditions, including snow-covered and wet roads, while being affordable, are attracting numerous customers.
Furthermore, the surge in demand for commercial vehicles like tractors, trucks, and trailers, coupled with rapid industrialization worldwide, is further propelling the sale of noiseless tires. Drivers who frequently travel long distances prefer noiseless tires, as they provide a stable and comfortable driving experience, reducing vehicle bounce and sway during the ride.
However, fluctuations in raw material prices may act as a restraining factor for the global noiseless tire market’s growth during the forecast period.
The global noiseless tire market is segmented based on vehicle type, tire construction type, demand category, price segment, company, and regional distribution.
In terms of vehicle type, the global noiseless tire market is divided into two-wheelers, passenger cars, LCVs, M&HCVs, and OTR vehicles. The passenger car segment is expected to hold a significant market share in the next five years. The rising disposable income of consumers, improved living standards, and the preference for private vehicle ownership drive the demand for passenger cars worldwide. Advancements in manufacturing processes and the introduction of advanced noiseless tires suitable for passenger cars contribute to the global noiseless tire market’s growth.
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Concerning tire construction type, the global noiseless tire market is segmented into radial and bias tires. Radial tires dominate the market and are projected to maintain their dominance throughout the forecast period. Radial tires offer longer tread wear and smoother rides compared to bias tires. They also provide lower fuel consumption, improved cut resistance in the tread area, better traction, floatation, and better run compared to bias tires.
The demand category segment 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 with a manufacturer’s tread-life warranty, ensuring that the tire does not wear excessively after a certain distance. OEM tires provide a smoother, quieter drive with excellent handling and contribute to higher fuel efficiency in vehicles compared to aftermarket tires.
The price segment is divided into budget, ultra-budget, and premium tires. Ultra-budget noiseless tires are expected to hold the largest market share in the next five years. The installation of ultra-budget tires in premium and luxury vehicles, along with advancements in tire technology, drives market demand during the forecast period.
Regionally, the North American region is projected to hold the largest market share in the forecast period. The use of advanced technologies in the manufacturing process and the presence of major market players in the region contribute to 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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TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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