Airless Tires Market Growth in Future | Global 2018 Key companies are Bridgestone, Michelin, Sumitomo Rubber Industries, Hankook, Toyo Tires, Goodyear Tire and Rubber Co., and Toyo Tires

Airless Tires Market size is estimated to surpass USD 200 million by 2024; according to a new research report by Global Market Insights, Inc.

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.

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Global airless tires are 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.

Airless Tires Market by Product

• Radial
• Bias

Airless Tires Market by Vehicle

• Military vehicles
• LCV
• HCV
• Terrain vehicles
• Utility vehicles
• Motorcycles

Airless Tires Market by Material

• Rubber
• Plastic

Airless Tires Market by Tire Size

• < 20 inches
• 21-25 inches
• 26-30 inches
• 31-35 inches
• > 35 inches

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Radial segment is estimated to account for major revenue share generating over USD 140 million during the forecast timeframe. Shifting focus of producers towards manufacturing these tires owing to enhanced benefits over the conventional product will fuel the business growth. These offers superior shock absorbing ability, strength, and enhanced flexibility. Bias segment will witness growth of around 9% over the forecast study period. This can be credited to increasing implementation of the product in heavy vehicles along with economic benefit over other counterparts.

Airless tires market from plastic is estimated to account at over 65% of volume share by 2024. Shifting preference towards the usage of plastic materials for manufacturing will fuel the product demand. For instance, Bridgestone is engaged in manufacturing the product made from plastic. Ease in recyclability along with less weight compared to rubber are the key factors boosting the product demand. In addition, cost economy over the counterpart will positively influence the material selection. Rubber is estimated to witness significant growth owing to recyclability issues and higher cost of the product.

OEMs segment of the airless tires market is projected to generate more than USD 198 million by 2024. Superior durability offered in OEM products coupled with improved services is primarily driving the segment growth. Additionally, OEMs ensure product safety standards, that will further support in substantial revenue generation. Aftermarket will observe CAGR at around 10.5% due to cost effectiveness and replacement of conventional tires with airless tires over the forecast timeframe.

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Asia Pacific airless tires market will capture maximum revenue share with more than USD 57 million over the study period. Increasing production of military and commercial vehicles, particularly in emerging nations is significantly contributing in regional revenue generation. Presence of established industry players such as Toyo Tires and Sumitomo Rubber Industries will further support the regional growth rate. North America airless tires market is predicted to capture around 26% of the revenue share by 2024 owing to high usage in military sector combined with manufacturers initiatives.

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 on a regional and country basis for the following:

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Poland
• Russia
• Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• Saudi Arabia
• UAE
• South Africa

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Email: sales@gminsights.com
Web: www.gminsights.com

This release was published on openPR.