MarketStudyReport.com Adds a New “Airless Tires Market research report for the period of 2017 – 2024 to its research database covering information and data by product, by vehicle, by material, by tire size, by sales channel, industry analysis report, regional outlook, growth potential, price trends, competitive market share & forecast spreading across 350 Pages with table and figures in it.
The Airless Tires Market Research Report for the period of 2017-2024 shows the growth of the market is rising at a Steady CAGR to 2024.
Global Airless Tires Market expected to reach approximately 139 thousand units till 2024. Rising demand from off-road and heavy commercial vehicles along with high adoption from military sector, especially in developed countries across the globe will primarily drive the industry growth over the forecast timespan. Manufacturers are continuously developing airless tires for utility vehicles including golf carts, lawn mowers, etc., paving opportunistic ways for the airless tires market.
Industry participants are focusing on developing these tires using recycled materials, that results in eco-friendly products. Puncture proof, durability, and ideal for rugged applications are other advantages that will push the manufacturers to increase their production, further strengthening the airless tires market demand over the coming years. However, high production costs along with limited performance during high speed or friction will hamper the industry growth.
Airless Tires Market is estimated to surpass USD 200 million by 2024. Low penetration of these tires has pushed the manufacturers to focus on their mass production. For instance, Michelin has been selling its airless tire “Tweel” for commercial vehicles, Bridgestone has designed a tire that is expected to be commercialized for two-wheelers by 2019. Regular innovations such as contact area information system by Bridgestone will further induce immense potential to the airless tires market.
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Radial tires are anticipated to exhibit maximum revenue share, crossing USD 140 million over the next eight years. Rising focus of industry participants towards production of these tires owing to their benefits over the counterpart will contribute significantly towards the high revenue generation. These benefits include higher flexibility and strength along with enhanced shock absorbing ability. Bias tires are likely to exhibit a CAGR of over 9% owing to its cost effectiveness as compared to radial tires. Moreover, high usage in heavy vehicles will further support the airless tires market growth.
Airless tires of 21-25 inches are likely to dominate the airless tires market with the demand of over 46 thousand units till 2024. The high demand is primarily credited to their extensive usage in commercial vehicles across the globe. High deployment in terrain vehicles will further escalate the revenue generation. Tires above 35 inches will grow rapidly, exhibiting approximately 10% CAGR owing to rising demand from military vehicles and vehicles used in construction & agriculture.
OEMs are likely to dominate the airless tires market, accounting for over USD 198 million over the next eight years. Durability of the OEM products along with the better service will primarily support the substantial revenue generation. Moreover, OEMs ensure efficient maintenance of product safety standards, further supporting the industry dominance till 2024. Aftermarket will grow significantly, witnessing over 10.5% CAGR owing to cost effectiveness as compared to OEM and high replacement of conventional tires with airless tires over the coming years.
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Michelin, Sumitomo Rubber Industries, Bridgestone, Hankook, Toyo Tires, 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 instance, in July 2016, Hankook completed testing on its new iFlex airless tire that is made of recycled and eco-friendly materials.
The above information is provided for the following regions and countries:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Spain, Russia, Poland, Asia Pacific, China, India, Japan, Australia, Malaysia, Indonesia, Thailand.
Report Table of Content:
- Chapter 1. Methodology and Scope
- Chapter 2. Executive Summary
- Chapter 3. Airless Tires Market Industry Insights
- Chapter 4. Airless Tires Market, By Product
- Chapter 5. Airless Tires Market, By Vehicle
- Chapter 6. Airless Tires Market, By Material
- Chapter 7. Airless Tires Market, By Tire Size
- Chapter 8. Airless Tires Market, By Sales Channel
- Chapter 9. Airless Tires Market, By Region
- Chapter 10. Company Profiles
Related Report:
United States Airless Tires Market Report 2018
In this report, the United States Airless Tires market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025.
https://www.marketstudyreport.com/reports/united-states-airless-tires-market-report-2018/?utm_source=ArtikelRR-PSR
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