Overview
Expansion of the construction industry in developing countries, usage of advanced technologies in the agriculture industry, and the rise in demand for off-road vehicles are key driving factors that will drive the market for automotive airless tires during the forecast period. Furthermore, these tires are more durable and hence, are expected to witness high demand. However, heat and noise generation during their working is likely to hamper the automotive airless tires market during the forecast period. For instance, Bridgestone developed tires of contact area information system (CAIS). These tires are equipped with sensors that are responsible for monitoring the road surface and communicating real time information with the driver. Global airless tires market is expected to witness an extensive growth during the forecast period backed on the factors such as increasing demand for specialized tires for heavy vehicles and rising ride safety by avoiding accidents due to tire punchers. Due to excessive wear and tear the tire manufactures are focusing on cutting down expenses incurred in replacement of tires. Moreover, increase in global raw material prices of natural rubber due to concentrated supply will also drive the airless tires market during the forecast period. Global airless tires market can be categorized into Radial Tires and Bias Tires. Radial tires are expected to capture largest revenue share of market during the forecast period. This is mainly recognized to rising applications in electric and hybrid vehicles along with in construction and agriculture segment. Most of the sales of radial tires is limited to construction and all-terrain vehicles. High preference of non-inflated tire manufacturers towards production of radial tires will mainly support the substantial revenue generation. Increasing demand from commercial vehicles will further strengthen the product penetration. Moreover, provision of the benefits such as higher flexibility, enhanced strength, better shock absorbing capacity, and lesser fuel consumption than its counterpart is another factor positively impacting the airless tires market growth over the forecast timeframe. Bias tires will find its application in heavy duty vehicles including buses and trucks. It will gain major share in Asia Pacific region. This is largely
attributed to product innovation and integrated logistics market. Developing economies such as India and Indonesia are observing high distribution of these tires in heavy commercial vehicles, further supporting the industry growth. Cost effectiveness as compared to its counterpart is another factor clearly impacting the airless tire market from bias tires. As per application side, Global airless tires market can be divided into Military Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Terrain Vehicles, Utility Vehicles and Motorcycles. HCV are likely to dominate the airless tires market, holding a large amount of share and expected to generate a demand of over 37 thousand units in the coming years. These vehicles are equipped with airless tires to engage in craggy activities and carry more weight. Owing to these features, the manufacturers are more and more preferring these tires, raising the industry growth. Shifting Focus of major manufacturers such as Michelin towards development of these tires for heavy vehicles, further offering growth opportunities for this segment. Terrain vehicles will increase its demand owing to high usage of non-pneumatic tires. This is credited to their advantages such as durability and comfort on uneven surfaces. Terrain vehicles will increase its demand owing to high usage of nonpneumatic tires. This is credited to their advantages such as durability and comfort on uneven surfaces. Military vehicles is expected to contribute a large market share during the forecast period, owing to high usage of airless tires, especially in developed countries such as U.S. Industry participants are developing nonpneumatic tires for military and defense sector, positively impacting the product penetration. For example, in October 2012, Polaris presented a non-pneumatic tire at U.S. army’s annual meeting and exposition. The e-commerce platforms such as Alibaba have also included military airless tires in their product offerings, thus, strengthening the airless tires market demand over the coming years. 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. Asia Pacific is expected to dominate the Airless tires market. Great scale demand will generate from rising application in hybrid and electric vehicles sales. The automotive industry is tilting towards Asia Pacific. For example, over 60% of electric bus industry revenue is generated from China itself. The trend is similar for electric scooters and cars. As such, the region will create considerably higher sales profit for airless tires manufacturers. Also, Substantial production of military and commercial vehicles, especially in China and India will primarily drive the airless tires market growth.
Initiatives from major producers for the development of these tires will further support the region’s dominance. For example, in October 2017, Sumitomo Rubber Industries displayed airless tires at Tokyo Motor Show in Japan. Additionally, the company is likely to supply its product to Toyota for their electric vehicles. North America airless tires market will hold significant market share over the forecast timeframe. High demand of airless tires across the region, especially from military sector and tactical purpose will contribute the revenue generation. Prominent industry players are providing airless tires for military sector in this region. For example, Michelin and Resilient Technologies have been providing these tires to the U.S. military. Michelin, Sumitomo Rubber Industries, Bridgestone, Hankook, Goodyear Tire and Rubber Co., and Toyo Tires are among the noticeable participants in the industry. New product developments and geographical expansion are prominent strategies implemented by the industry players to strengthen their visibility. For example, in November 2014, Michelin opened their first manufacturing plant, specially dedicated to the production of airless radial tires for commercial vehicles. Also in July 2016, Hankook finished testing on its new iFlex airless tire that is made up of recycled and eco-friendly materials. This advanced innovate product helped the company to enhance its visibility in the airless tires market.
Major players in the Market are identified through secondary research and their Market revenues determined through primary and secondary research. Secondary research included the research of the annual and financial reports of the top manufacturers; whereas, primary research included extensive interviews of key opinion leaders and industry experts such as experienced front-line staff, directors, CEOs and Marketing executives. The percentage splits, Market shares, growth rate and breakdowns of the product Markets are determined through using secondary sources and verified through the primary sources. Inquiry about report OR ask for Sample Report @ https://www.profsharemarketresearch.com/inquiry/airless-tires-market-reportinquiry/ Global Airless Tires Market: Product Type Radial Tires Bias Tires Global Airless Tires Market: Application Military Vehicles Light Commercial Vehicles Heavy Commercial Vehicles Terrain Vehicles Utility Vehicles Motorcycles Global Airless Tires Market: Competitive Analysis Michelin Bridgestone Hankook Goodyear Tire Toyo Tires Sumitomo Rubber Industries
Airless Tires Market: Regional Analysis North America U.S.A Canada Europe France Germany Spain UK Rest of Europe Asia Pacific China Japan India South East Asia Latin America Brazil Middle East and Africa
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