High acceptance from the military department along with the rising demand from off-road and commercial vehicles will foster airless tires market share over the forecast time period. Industry players have consistently been focusing on the development of the product for utility vehicles like golf carts and lawn mowers which will consequently influence the industry outlook in the future.
Global airless tires industry size has been estimated to exceed USD 200 million by the year 2024. The product exhibits properties like suitability, is puncture-proof and durable for rugged applications that will lead to an increase in the production while also bolstering the evolution of the tire industry. The OEMs have been focusing on the manufacturing of these products with the help of recycled materials and providing products that are eco-friendly.
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What will be the impact of R&D efforts undertaken by OEMs on airless tires market size?
OEMs have been laying major emphasis on the volume of the production due to the low penetration of the product initially. Michelin has made available its Tweel product for the segment of commercial automobile while Bridgestone has designed a product that had the potential to be commercialized for two-wheelers by this year.
Airless tires by Michelin have been prepared for commercial use and eliminates the risks of blow outs and flat tires entirely. Constant innovations that also includes contact area information system which will further drive airless tires market trends.
Toyota will reportedly adopt the products offered by Sumitomo Rubber Industries in order to incorporate them across electric vehicles and minimize the overall weight of the vehicle.
Is the consistent rise in deployment of heavy vehicles beneficial for airless tires industry players?
Producers are increasingly concentrating on the manufacturing of such tires on account of the improved benefits and properties of the product compared to the conventional ones in terms of being use for commercial and heavy-duty vehicles. Airless tires market share from the radial segment will be valued at more than USD 140 million by 2024.
Airless tires provide excellent strength, improved flexibility and shock-absorbing features. The bias segment is slated to experience a growth of nearly 9% over the projected timeframe. This will be attributed to the rise in the product implementation in heavy vehicles coupled with the economic benefits as against their counterparts.
Will there be an increase in the demand for plastic Airless Tires Market over the next few years?
Producers have shifted their preference towards the use of plastic materials in the manufacturing process which will help encourage the demand for the product. For instance, Bridgestone has been involved in the production of an airless tire based entirely on plastic.
Plastic tires have less weight in comparison with rubber and are easily recycled which are the prime reasons propelling the industry growth. Moreover, the cost economy in comparison with the counterpart is likely to impact the selection of the materials. Plastic airless tires market size is expected to account for more than 65% of global share by volume up to 2024.
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How will the different sales channels impact airless tires industry trends over the years?
OEM products provide excellent durability along with enhanced services that have helped fuel airless tire industry size. Furthermore, OEMs guarantee safety standards pertaining to the product which will prove to be an asset for the generation of substantial revenues. Airless tires market size from the OEM segment will be accounting for over USD 198 million by the year 2024.
The aftermarket segment will grow at the CAGR of nearly 10.5% between 2017-2024 owing to the gradual need for replacement of conventional tires with the airless tires and its cost-effectiveness in terms of daily maintenance.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry Insights and validation
1.1.4 Definitions, assumptions & forecast parameters
184.108.40.206 Methodology & Assumptions
1.2 Data sources
Chapter 2 Executive Summary
2.1 Airless tires industry 3600 synopsis, 2016 – 2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Vehicle trends
2.1.4 Material trends
2.1.5 Sales channel trends
2.1.6 Regional trends
Chapter 3 Airless Tires Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2026
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Profit margin analysis
3.3.4 Distribution channel analysis
3.3.6 Vendor matrix
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