The plastics segment airless tire market is estimated to reach a CAGR of over 10.5% by 2030 due to the increasing use of polymeric materials in component manufacturing.
Selbyville, Delaware, August 15, 2022 (GLOBE NEWSWIRE) –
The size of the airless tire market is expected to register a valuation of $ 74,250,000 by 2030, according to the most recent study by Global Market Insights Inc. The increasing use of all terrain vehicles (ATVs) in recreational, sporting and military applications is likely to strengthen the industry’s prospects. The ability to move quickly over rough terrain has led to increased demand for ATVs in countries such as the United States, Canada, and some European regions.
Efforts to improve the performance of ATVs in the agriculture and defense sectors will encourage the development of new airless tires. In 2018, Michelin unveiled its X Tweel UTV airless radial tires for ATVs and UTVs to improve mobility in difficult landscapes. The complexity of production and the high cost of the product can emerge as some of the main restrictive factors for the adoption of airless tires. In addition, high start-up costs for new production facilities and unstable raw material prices could limit the expansion of the airless tire market.
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The motorcycle segment in the airless tire market is expected to experience a growth rate of more than 7.5% by 2030. Features such as improved shock absorbency, increased flexibility and durability will guide product development. Tire manufacturers will try to offer products with more robust designs that are suitable for two wheels. The growing adoption of electric bicycles will present new opportunities for market players.
The diagonal tire segment is estimated to be worth over $ 11,140,000 in 2021 and is expected to exceed $ 25,180,000 by 2030. These tires are expected to become popular as they can be used in heavy-duty vehicles such as trucks and buses. These products are easier to repair and more robust on rocky ground.
The plastic airless tire market is expected to observe a 10.5% CAGR through 2030, attributed to the increasing use of polymeric materials in component manufacturing. The need to develop robust passenger car tire designs has encouraged industry leaders to partner with major car manufacturers.
Asia Pacific is expected to account for more than 40% share of the global airless tire market by 2030. The increasing use of the products in hybrid and electric cars, off-road vehicles, heavy commercial vehicles and strong military acceptance will foster the expansion of the sector. China, India, South Korea and Japan are among the top countries in the world in terms of military spending. Indicates significant prospects for airless tire developers in the region.
The main companies operating in the sector are Bridgestone Corporation, Resilient technologies LLC, The Michelin Group, Toyo Tires, Goodyear Tire & Rubber Corporation, Hankook Tires and Sumitomo Rubber Industries. These companies are using various business strategies, including new product development and partnerships, to strengthen their position in the market.
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Summary (ToC) of the report
Chapter 3 Airless Tire Market
3.2 Impact of the COVID-19 outbreak
3.3 Ecosystem analysis of airless tires
3.3.1 Suppliers of raw materials
3.3.3 Distribution channels
3.3.4 Sales channel
3.3.5 Shareholder Profit Margin Analysis
3.3.6 Supplier matrix
3.4 Regulatory landscape
3.5 Technological and innovation landscape
3.6 Patent analysis
3.7 Price analysis
3.8 Sector Impact Forces
3.8.1 Growth factors
220.127.116.11 Growing demand for off-road and military vehicles
18.104.22.168 Technological advancements in products
22.214.171.124 Product efficiency higher than conventional products
3.8.2 Pitfalls and challenges of the sector
126.96.36.199 Production complexity and high cost of the product
3.9 Porter’s analysis
3.10 PESTEL analysis
Browse the full table of contents (ToC) @ https://www.gminsights.com/toc/detail/airless-tyres-market
About Global Market Insights Inc.
Global Market Insights Inc., based in Delaware, United States, is a global market research and advisory services provider, offering syndicated and customized research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid strategic decision making. These comprehensive reports are designed using a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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