By 2024, Airless Tires Market to reach around 139 thousand units | Bridgestone, The Goodyear Tire & Rubber Company, Michelin, Toyo Tires

Global airless tires market 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.

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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 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.

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:

• Bridgestone
• The Goodyear Tire & Rubber Company
• Hankook Tire America Corp.
• Michelin
• Resilient Technologies
• Sumitomo Rubber do Brasil
• Toyo Tires

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HCVs are likely to dominate the airless tires market, holding more than 27% share till 2024. This can be attributed to rising implementation of these tires in heavy vehicles owing to their capability of carrying more weight. Shifting focus of major manufacturers such as Michelin towards developing these tires for HCVs will further support the industry dominance over the coming years. Terrain vehicles will exhibit over 9% CAGR owing to high usage of non-pneumatic tires. This is credited to their advantages such as durability and comfort on uneven surfaces.

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.

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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.

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