Airless Tires Market revenue to cross USD 74,250 thousand by 2030: Global Market Insights Inc.
The airless tires market from the plastic material segment is estimated to attain a CAGR of over 10.5% by 2030 due to the rising use of polymer materials in component manufacturing.
Selbyville, Delaware, Aug. 15, 2022 (GLOBE NEWSWIRE) —
The airless tires market size is expected to record a valuation of USD 74,250 thousand by 2030, according to the most recent study by Global Market Insights Inc. Increasing use of all-terrain vehicles (ATVs) in recreational, sporting, and military applications is likely to strengthen the industry outlook. The ability to move swiftly across rugged terrain has led to a surge in demand for ATVs in countries like the US, Canada, and certain European regions.
Efforts to improve the performance of ATVs in the agriculture and defense sectors will favor 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. Manufacturing complexity and high product cost may emerge as some of the major restraining factors for the adoption of airless tires. Additionally, high startup costs for new production facilities and unstable raw material prices might limit the airless tires market expansion.
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The motorcycles segment in the airless tires market is slated to register over 7.5% growth rate through 2030. Features such as improved capacity to absorb shock, greater flexibility and strength will drive the product development. Tire manufacturers will look to offer products having sturdier designs and suited for two-wheelers. Growing adopting of electric bikes will present new opportunities for the market players.
The bias tires segment is estimated to be worth over USD 11,140 thousand in 2021 and is anticipated to surpass USD 25,180 thousand by 2030. These tires are expected to become popular as they can be used in heavy-duty vehicles like trucks and buses. These products are easier to repair and sturdier on rocky terrain.
The plastic airless tires market is predicted to observe a 10.5% CAGR till 2030, credited to the increasing use of polymer materials in component manufacturing. The need to develop robust tire designs for passenger cars has encouraged industry leaders to collaborate with leading automakers.
Asia Pacific is projected to account for more than 40% share of global airless tires market by 2030. Rising use of the products in hybrid and electric cars, off-road vehicles, heavy commercial vehicles, and strong acceptance in the military sector will foster the industry expansion. China, India, South Korea, and Japan are among the top countries in the world in terms of military expenditure. It indicates significant prospects for airless tire developers in the region.
Key companies operating in the industry are Bridgestone Corporation, Resilient technologies LLC, The Michelin Group, Toyo Tires, Goodyear Tire & Rubber Corporation, Hankook Tires, and Sumitomo Rubber Industries. These firms are using different business strategies, including new product development and partnerships, to reinforce their position in the market.
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Table of Contents (ToC) of the report
Chapter 3 Airless Tires Market
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Airless tires ecosystem analysis
3.3.1 Raw material suppliers
3.3.2 Manufacturers
3.3.3 Distribution channels
3.3.4 Sales Channel
3.3.5 Shareholder profit margin analysis
3.3.6 Vendor matrix
3.4 Regulatory landscape
3.5 Technology and innovation landscape
3.6 Patent analysis
3.7 Pricing analysis
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Growing demand for all terrain and military vehicles
3.8.1.2 Technological advancements in the products
3.8.1.3 Superior product efficiency as compared to conventional products
3.8.2 Industry pitfalls & challenges
3.8.2.1 Manufacturing complexity and high product cost
3.9 Porter’s analysis
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/airless-tires-market
About Global Market Insights Inc.
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