HCVs in the airless tires market are estimated to hold major share with over 27% by 2024. The dominance can be credited to multiple benefits offered such as superior weight carrying capacity. Increasing trends of the industry participants towards expanding the product portfolio for HCVs will contribute to the industry dominance. Terrain vehicles will witness growth at over 9% during the forecast timeframe. The growth can be attributed to superior comfort and durability on rough surface.
APAC airless tires market is slated to hold more than 30% of the global landscape by 2024. All in all, with automotive OEMs increasingly exploiting the potential of these cutting-edge tires for overall weight reduction and performance enhancement of the vehicles, airless tires market is likely to witness a slew of opportunities over the ensuing years. The global revenue share is projected to surpass USD 200 million by 2024.
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Global airless tires market is projected to cross USD 200 million by 2024. High demand from heavy commercial and off-road vehicles coupled with high acceptance from military segment, specifically in developed nations is majorly driving the industry growth. Industry participants are continuously focusing on product development for utility vehicles such as lawn mowers and golf carts, further positively impacting the industry over the forecast timeline.
Airless tires market from plastic is estimated to account at over 65% of volume share by 2024. Shifting preference towards the usage of plastic materials for manufacturing will fuel the product demand. For instance, Bridgestone is engaged in manufacturing the product made from plastic. Ease in recyclability along with less weight compared to rubber are the key factors boosting the product demand. In addition, cost economy over the counterpart will positively influence the material selection. Rubber is estimated to witness significant growth owing to recyclability issues and higher cost of the product.
OEMs segment of the airless tires market is projected to generate more than USD 198 million by 2024. Superior durability offered in OEM products coupled with improved services is primarily driving the segment growth. Additionally, OEMs ensure product safety standards, that will further support in substantial revenue generation. Aftermarket will observe CAGR at around 10.5% due to cost effectiveness and replacement of conventional tires with airless tires over the forecast timeframe.
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Noticeable industry players are Sumitomo Rubber Industries, Toyo Tires, Michelin, Goodyear Tire & Rubber Co., Bridgestone, and Hankook. Geographical expansion and new product developments are the key strategies adopted by these industry participants to strengthen their foothold. For instance, in July 2016, Hankook tested its iFlex that is manufactured from eco-friendly and recycled materials.
Major Table of Content
Chapter 1. Methodology and 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, scope and forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. Airless tires Market industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Vehicle trends
2.1.4. Material trends
2.1.5. Tire size trends
2.1.6. Sales channel trends
2.1.7. Regional trends
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