|01-11-2019 07:01 PM CET - Business, Economy, Finances, Banking & Insurance||
Bridgestone, Michelin Profiled in Airless Tires Market 2019-2024 | Chief Manufacturers The Goodyear Tire & Rubber Company, Hankook Tire America Corp.
Press release from: Automotive Industry
Airless Tires Market for 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.
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Asia Pacific airless tires market will capture highest revenue share, with over USD 57 million over the forecast timespan. Rising production of commercial and military vehicles, especially in developing countries will primarily contribute to the revenue generation. Presence of established manufacturers including Sumitomo Rubber Industries and Toyo Tires will further support the region’s dominance.
North America will acquire over 26% of the revenue share over the next eight years owing to high demand from the military sector coupled with initiatives from major manufacturers such as Michelin to open manufacturing units to produce these tires across the region.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. The Goodyear Tire & Rubber Company
3. Hankook Tire America Corp.
5. Resilient Technologies
6. Sumitomo Rubber do Brasil
7. Toyo Tires
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Plastic will capture over 65% of global airless tires market volume share over the forecast timeframe owing to shifting preference of tire manufacturers towards usage this material. Bridgestone engages in production of non-pneumatic tires made of plastic. This shifting focus can be attributed to its advantages over rubber such as recyclability and lesser weight. Cost effectiveness is another factor positively influencing the industry growth. Rubber will witness a sluggish growth owing to its excessive cost and stringent regulations regarding curbing its usage in regions such as Europe.
Airless tires of size 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.
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This release was published on openPR.
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