Airless Tires Market Size, Industry Analysis Report, Regional Outlook (U.S., Germany, UK, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2017 – 2024
Report ID: GMI1390
Airless Tires Market size witnessed a substantial growth, with increasing demand for specialized tires from mining, construction, agricultural equipment’s and other off road applications where risk of tire puncture is high. Rising demand of riding lawn movers and motorized golf carts with add to the growth of airless tires market in forecast time frame. Thus, the industry is shifting focus on cutting down expenses incurred in replacement of tires due to excessive wear and tear. Further tires filled with polymers in All Terrain Vehicle(ATV) will also be the major driving force for airless tires market growth.
Rising demand of heavy equipment’s outfitted with tires not supported by air pressure will propel the growth of airless tires market in forecast time frame. Airless tires are anticipated to increase ride safety by averting accidents due to blowouts and punctures. Upsurge in preference for large and ultra large metal radials in construction and mining industry will be the most key factors responsible for growing demand of airless tires market.
The product can bear more weight and rugged activities, thus application in Light Commercial Vehicles and Heavy Commercial Vehicles will continue to witness significant demand in forecast period. Economic and population growth in emerging countries will result in rise in demand of agricultural activities. Defense vehicles undergoes rough condition as a result there is rise in demand for bullet proof tires to resist punctures and keep military personnel out of danger will led to airless tires market growth.
North America will provide various growth opportunities for the airless tires market in the region owing to increasing demand of metal radials in military equipment’s. The automobile industry continues to witness a dynamic change owing to involvement of foreign automakers in the region which drives the industry toward global product offerings. Foreign firms are opening new manufacturing facilities in the United States and building a domestic presence. Consumers have shown growing interest toward safety and performance. At the same time, surge in demand for tires filled with polymers mainly polyurethane will further add to the airless tires market growth.
European Union is amongst the world's major producers of motor vehicles and automotive components. The region will witness a substantial investment in research and development (R&D) in the forecast period as tire market is directly reliant on automobile sector. Europe is native to many tire manufacturers including Michelin, Pirelli, Continental, Bridgestone and Goodyear. Chinese airless tire brands will penetrate the European tire market in forecast period.
Asia-Pacific region is the fastest-growing market for airless tires market. The growth is supplemented by growing demand for building & construction equipment’s in the region. The key areas of construction growth in emerging economies mainly China and India are residential, commercial buildings, transport and defense infrastructure. China's constant demand for industrial, infrastructural and residential expansion has generated necessity for heavy construction equipment’s which will drive the product market growth.
Airless tires market is highly competitive and diversified owing to presence of considerable number of international and regional vendors worldwide. Manufactures are investing heavily in research and development to enhance product portfolio and customer base. Non-availability and increase in global raw material prices of natural rubber due to concentrated supply will be the key drivers for airless tires market growth.
The key players involved in airless tires market are Bridgestone, Hankook and Michelin. Other prominent manufacturer are SciTech industries, National Aeronautics and Space Administration Continental, Pirelli, and Cooper. Michelin presently developing an integrated tire and wheel combination, named as "Tweel" which runs completely without air. According to Michelin its "Tweel" has shock absorbing, load carrying, and handling characteristics similar to conventional pneumatic tires. The company also planned to develop a low energy loss airless tire with Clemson University through NIST ATP project. Polymer Engineering Center and Resilient Technologies are manufacturing a non-pneumatic tire, for the U.S. Army. Resilient Technologies acquired by Polaris creating a commercially available mass-produced airless tire.
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