Published Date : May 18, 2016
Though the global automotive tire market is a mature market, it still has the potential for robust growth over the next few years. In the aftermath of global economic recession, the market had witnessed a significant decline. However, in the last couple of years, the automotive industry has been picking up pace and in turn, has boosted the demand for tires.
The rise in commercial and passenger vehicles has fuelled the demand from the global automotive tire market. Rapid advancements in technology and the growing demand for ecologically viable tires have further augmented the growth of the market. During the forecast period, the demand for luxury and sports utility vehicles, coupled with growing focus on consumer safety and stringent government regulations is expected to play an important role in the expansion of the market.
Michelin Focuses on Developing Tires for Electric Cars
Tire manufacturer Michelin is working with a number of players in the automotive industry who are developing electric cars. At the company’s research and development center in South Carolina, test drivers and engineers are working on various construction methods, rubber compounds, tread design, belt arrangement, groove width, sidewall design, and other variables to deliver the best combination for tires for electric cars. Tesla is one of the pioneer auto manufacturers developing electric cars. A representative from Tesla has stated that the company is looking for tires that offer minimal noise while delivering maximum range, performance, and comfort. Partnering with Tesla, Michelin is working on the development of such tires to be installed in electric vehicles. Michelin accounts for around 45% of tires manufactured for electric vehicles in the United States. The tire manufacturer has built tires for Chevy’s Volt, the Nissan Leaf, Tesla’s Model X and Model S, and soon to be launched Bolt EV.