Market Snapshot
Global Airless Tires Market is predicted to experience a major growth throughout the forecast period owing to growing awareness for ride safety by preventing road accidents caused by tire punctures. Airless tires are considered as the next-generation tires which is eliminating the requirement of air pressure in the tires. In addition, industry participants and manufacturers are designing eco-friendly tires by means of recycled materials, since airless tires have longer life in comparison with conventional tires.
Various features offered by airless tires such as higher durability, puncture proof, higher usage in rugged activities, and many more are expected to propel the market demand in future. Growing requirement for highly flexible and robust tires coupled with improvised shock absorbing abilities are pushing the industry participants and manufacturers towards rapid production of airless tires over the counterpart. Furthermore, greater compatibility of specialized airless tires among heavy vehicles in order to increase the ride safety is expected to witness an extensive growth during the forecast period.
The prominent players in the Airless Tires Market are-
Bridgestone Corporation (Japan), Hankook Tire (South Kores), The Goodyear Tire & Rubber Company (US), Pirelli (US), Sunitomo Rubber Industries (Japan), Amerityre Corporation (US), Michelin (France), Toyo Tire & Rubber Co. Ltd. (Japan), Cooper Tire (US), Tannus Ltd. (Korea).
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Airless Tires Market Segmentation:
The global airless tires market is segmented by product, by vehicle, by material, by size, and by sales channel. Based on type, the market is divided into radial and bias tires. High demand of airless tire manufacturers towards production of radial tires is presumed to support the significant revenue generation. Moreover, various features offered by radial tires such as better shock absorbing ability, higher flexibility, lesser fuel consumption, enhanced strength are expected to propel the market demand for radial tires during the forecast period.
On the basis of vehicle, the market is divided into LCVs, HCVs, Military vehicles, Terrain Vehicles, Utility vehicles, Two-wheelers. Major adoption of airless tires in HCV is expected to take the market demand on another level. In addition, growing construction and infrastructure across the globe requires the tires that can be worked for rugged activities and carry more weight and anticipated to augment the market demand of non-pneumatic tires in HCVs. The non-pneumatic tires market is divided into rubber and plastics by material type, increasing cost of rubber is expected to hinder the market demand for rubber tires.
Regional Analysis:
Geographically, the global airless tires market has been divided into four major regions such as North America, Europe, Asia-Pacific, and The Rest of the World. North America is projected to dominate the airless tires market during the forecast period. Early adoption of advanced tires in the US, coupled with installation of advanced technologies in the premium cars is anticipated to drive the regional market demand for airless tires in future. Europe is expected to contribute a large market share during the forecast period owing to increasing regulations from European Commission for driver’s safety and convenience while driving.
In addition, the introduction of low-cost chip embedded non-pneumatic tires in the advanced vehicles enhance the convenience and level of safety, which is expected to escalate the regional market demand over the forecast period. Furthermore, rising demand for automotive in Asia-Pacific has led to rapid increment in automotive industries in China, Japan, and South Korea, and anticipated to face a decent market growth over the forecast period.
More info:
https://www.reuters.com/brandfeatures/venture-capital/article?id=74430
Scope of the Report
The report for Global Airless Tires Market of Market Research Future comprises extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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