Airless Tires Market from plastic to account for over USD 135 million over the next eight years

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Airless Tires Market from plastic to account for
over USD 135 million over the next eight years
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Key Insights from Airless Tires Market

• 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.
• 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.
• Automobile OEMs are adopting these airless tires
  in their vehicles for overall weight reduction,
  opening new growth opportunities. For instance,
  Toyota is considering non-pneumatic tires
  supplied by Sumitomo Rubber Industries for
  installing in its electric vehicles to reduce the
  overall weight of the vehicle.

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Continued...

• 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.
• 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.
• 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.
• 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.

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U.S. Airless Tires Market, By Product, 2016
2024, (Units)

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Major Companies in Airless Tires Market

• Michelin
• Sumitomo Rubber Industries
• Bridgestone
• Hankook
• Toyo Tires
• Goodyear Tire and Rubber Co.
• Toyo Tires

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Industry Coverage

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Regional Insights in Airless Tires Market

• 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 regions 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.

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