Airless Tires Market Key Players, Growth, Business Outlook, Forecast 2023
Global Airless Tires Market Is Predicted to Witness 9% CAGR By 2023. Global Airless Tires Market Size, Trends, Share, And Regional Outlook To 2023
The prominent market players in the global airless market include Bridgestone Corporation (Japan), Hankook Tire (South Korea), The Goodyear Tire & Rubber Company (US), Pirelli (US), Sunitomo Rubber Industries (Japan), Amerityre Corporation (US), Michelin (France), Toyo Tire & Rubber Co. Ltd. (Japan), Cooper Tire (US), Tannus Ltd. (Korea).
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Global Airless Tires Market is predicted to experience a major growth throughout the forecast period owing to growing awareness for ride safety by preventing road accidents caused by tire punctures. Airless tires are considered as the next-generation tires which is eliminating the requirement of air pressure in the tires. In addition, industry participants and manufacturers are designing eco-friendly tires by means of recycled materials, since airless tires have a longer life in comparison with conventional tires.
Various features offered by airless tires such as higher durability, puncture proof, higher usage in rugged activities, and many more are expected to propel the market demand in future. Growing requirement for highly flexible and robust tires coupled with improvised shock absorbing abilities are pushing the industry participants and manufacturers towards rapid production of airless tires over the counterpart. Furthermore, greater compatibility of specialized airless tires among heavy vehicles in order to increase the ride safety is expected to witness extensive growth during the forecast period.
Airless tires market has experienced a substantial growth and presumed to grow with a CAGR of ~9% over the forecast period. Higher adoption of airless tires for heavy commercial vehicles from military sector across the globe is predicted to escalate the demand over the forecast period. In addition, increasing demand from off-road vehicles in order to improve safety factor against tire blowout is expected to propel the market demand of airless tires in near future.
Airless Tires Market Segmentation:
The global airless tires market is segmented by product, by vehicle, by material, by size, and by sales channel. Based on type, the market is divided into radial and bias tires.
On the basis of vehicle, the market is divided into LCVs, HCVs, Military vehicles, Terrain Vehicles, Utility vehicles, Two-wheelers. Major adoption of airless tires in HCV is expected to take the market demand on another level.
The non-pneumatic tires market is divided into rubber and plastics by material type, increasing cost of rubber is expected to hinder the market demand for rubber tires.
On the basis of sales channel, the OEMs are projected to dominate the airless tires market owing to major contribution of manufacturers towards the process of maintenance of safety standards, Various offering such as better service, durability, provision of safe driving conditions, and easy installation over aftermarket are expected to commercialize on larger scale and augment the market demand over the forecast period.
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. North America is projected to dominate the airless tires market during the forecast period. Early adoption of advanced tires in the US, coupled with installation of advanced technologies in the premium cars is anticipated to drive the regional market demand for airless tires in future. Europe is expected to contribute a large market share during the forecast period owing to increasing regulations from European Commission for driver’s safety and convenience while driving.
In addition, introduction of low-cost chip embedded non-pneumatic tires in the advanced vehicles enhance the convenience and level of safety, which is expected to escalate the regional market demand over the forecast period. Furthermore, rising demand for automotive in Asia-Pacific has led to rapid increment in automotive industries in China, Japan, and South Korea, and anticipated to face a decent market growth over the forecast period.
Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat of New Entrants
3.1.2 Bargaining Power of Buyers
3.1.3 Threat of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power of Buyers
3.2 Value Chain/Supply Chain Analysis
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