France Advanced Tires Market to Grow at a CAGR of 10.4% during Forecast Period
Published | 05 September 2022
France Advanced Tires Market is flourishing owing to the rising motorization rate in the country and increasing per capita disposable income of the nation along with the rising foreign investment in the nation's auto industry.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the France Advanced Tires Market was worth USD 240.5 million in the year 2021. The market is projected to grow at a CAGR of 10.4%, earning revenues of around USD 474.2 million by the end of 2028. The France Advanced Tires Market is booming because the necessity for safe driving is growing among consumers as they reflect on road rash and accidents. Furthermore, it is anticipated that the country's need for sophisticated tires will increase as tire producers place a greater emphasis on cutting-edge technologies including organic raw materials, 3D printing, and autonomous vehicles. However, it is anticipated that the market expansion is hampered by the fluctuating price of raw materials needed to produce sophisticated tires. Additionally, the increased interest in automotive safety and fuel efficiency presents a fantastic potential opportunity for market participants.
Luxury Vehicles are Becoming More Popular
Consumer preference for premium vehicles and connected vehicle technologies are projected to drive demand for advanced tires. Connected auto technology, such as tire pressure monitoring systems and self-inflating tires, improves vehicle safety. Modern tire technologies, such as chip-embedded tires, self-inflating tires, multi-chamber tires, and all-in-one tires, are expected to significantly increase vehicle convenience. The aforementioned technologies also help to improve tire durability by providing real-time tire pressure monitoring. All of these factors contribute to the expansion of the France Advanced Tires Market during the forecast period (2022-2028).
Increased Automobile Production
The vehicle industry has grown rapidly in the last ten years, particularly in France. Initially, the global automobile sector was mainly concentrated in developed nations. Automobile manufacturing plants will relocate to France as the industry becomes more standardized. The automobile industry has recently expanded rapidly as a result of rapid industrialization, which has increased sales of commercial vehicles such as trucks, tractors, and trailers. Furthermore, the increased production of automotive catalysts for pollution control devices in automobile exhaust systems is a result of increased auto production. As a result, it is expected that increased vehicle manufacturing will drive growth in the global market for advanced tires.
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Fluctuating Raw Material Prices
The expansion of the pneumatic tire market is hampered by fluctuating raw material prices caused by growing input costs due to a scarcity of natural rubber supply and rising oil prices. Furthermore, almost all raw materials are crude derivatives, making them price sensitive to crude oil. Furthermore, the cost of producing complex tires is mostly determined by the raw materials used in their production, with synthetic and natural rubber acting as the primary raw materials. Crude oil prices have recently risen over the world, including in France. As a result, the cost of synthetic rubber and other crude derivatives used in tire manufacturing is expected to climb in the future years.
Segmental Coverage
France Advanced Tires Market - By Material Type
Based on material type, the France Advanced Tires Market is segmented into Elastomers, Natural Rubber, Steel, and Synthetic Rubber. The elastomer segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). The market for elastomers is expected to be fueled by the need for lightweight and durable raw materials. Furthermore, price volatility and a drop in natural rubber production are expected to hurt tire manufacturers. This has increased the demand for elastomers. This influences the elastomers segment to dominate the market share in the upcoming years.
Impact of COVID-19 on France Advanced Tires Market
The COVID-19 pandemic has affected a wide spectrum of enterprises across the country. The market for improved tires also played a significant role. To curb the spread of COVID-19, governments around the country implemented strict controls like border locks, lockdowns, and severe social isolation measures. Numerous industries were impacted, and their actions had a significant effect on the economy. Additionally, a decrease in raw material availability had an impact on the national market for manufacturers of innovative tire devices. When estimating the size and growth trends of the markets in all regions, the effect of COVID-19 on market demand is taken into account.
Competitive Landscape
The leading market players in the France Advanced Tires Market are Compagnie Générale des Établissements Michelin (CGEM), Bridgestone Europe NV/SA, Continental Aktiengesellschaft, Goodyear France SAS, Pirelli & C. S.p.A., Hankook Tire France SARL, Yokohama France SAS, Apollo Tires Ltd., Cooper Tire & Rubber Company France SARL, Kumho Tire Co., Inc., and other prominent players. The France Advanced Tires Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the France Advanced Tires Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the France Advanced Tires Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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