SELBYVILLE, Del., April 14, 2020 /PRNewswire/ -- According to the latest report "Airless Tires Market by Product (Radial, Bias), Vehicle (Military Vehicles, Passenger & Commercial Vehicles, Terrain Vehicles, Utility Vehicles, Two-wheelers), Material (Rubber, Plastic), Sales Channel (OEM, Aftermarket), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of airless tires will cross $45 million by 2026.
The introduction of non-pneumatic tires for passenger and commercial vehicles will primarily boost the market demand. Increasing demand for maintenance-free tires will further drive the market growth.
The radial segment in the airless tires market is predicted to grow at a faster rate through 2026, on account of increasing demand from hybrid, electric and other vehicles. Radial tires assist in reducing the wear and tear caused by the extreme torque in utility vehicles.
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Plastics dominate the material segment with a market share of 65% and is anticipated to grow significantly from 2020 to 2026. This is because companies such as Bridgestone are involved in the development of recycled plastic tires to commercialize airless tires for motor vehicles. Moreover, reduced weight and recyclability are other key factors that enhance market growth.
Utility vehicles such as golf carts and lawnmowers accounted for more than 25% of the overall airless tires market revenue in 2019 and will see a substantial rise in the coming years. The aftermarket suppliers will grow at a rate of around 7% till 2026, due to the cost affordability and low tire replacement rate when compared to OEMs.
The Latin American airless tires market is likely to witness a growth of around 5% during the forecast timeframe, owing to favorable trade policies, along with foreign direct investment inflows in the region. The product market is a growing industry and poised to grow further with the commercialization of passenger and commercial vehicle airless tires and other major technology interventions in the automotive industry.
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Some major findings of the airless tires market report include:
- Shifting focus towards maintenance-free tires will positively influence product penetration.
- Asia-Pacific is the largest and fastest-growing market for airless tires.
- Increasing product demand from passenger and commercial vehicles will drive market growth in the coming years.
- Key airless tire industry participants include Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Corporation, and Sumitomo Rubber Industries.
- Product manufacturers are focusing on strategic merger and acquisitions, technology advancement, and geographic expansion strategies in the long run.
Table of Contents (ToC) of the report:
Chapter 3 Airless Tires Market 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
3.4 Technology landscape
3.5 Raw material analysis
3.6 Regulatory landscape
3.6.1 North America
3.6.4 LATAM & MEA
3.7 Industry best practices & key buying criteria
3.8 Pricing analysis
3.8.1 Regional Pricing
3.8.2 Cost structure analysis
18.104.22.168 Manufacturing cost
22.214.171.124 Labor cost
3.9 Industry impact forces
3.10 Innovation & sustainability
3.11 Growth potential analysis, 2019
3.12 Porter's analysis
3.13 Competitive landscape, 2019
3.13.1 Market share analysis, 2019
3.13.2 Strategy dashboard
3.14 PESTLE analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Global Airless Tires Market growth predicted at more than 5% till 2026: GMI
Key airless tire market participants include Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Corporation, and Sumitomo Rubber Industries.
SOURCE Global Market Insights, Inc.