Airless Tires Market To Thrive At A CAGR Of 9% By 2030
Airless Tires Industry Overview:
The research documents by MRFR indicate that
the Airless Tires Market Research Report Information by Vehicle
Type, Tire Size, Type, Region, Sales Channels, and Material Type - Forecast Till
2030, the Airless Tires market is predicted to grow substantially over the
assessment timeframe from 2022 to 2030 at a healthy CAGR of around 9%. The
reports even share predictions regarding the market's growing revenue share,
which will likely reach USD 63.6 Million by the end of 2030.
The
listing of the top leaders across the global Market for Airless Tires
contains participants such as:
·
Continental
AG (Germany)
·
The Hankook Tire & Technology (South Korea)
·
Bridgestone Corporation (Japan)
·
The Goodyear Tire & Rubber Company (U.S.)
·
Michelin (France)
Market USP
Covered
Market
Drivers
The primary aspects causing a surge in
market performance are the escalating demand For Fuel-efficient Tires,
government regulations regarding tire labeling, and rising demand in fleets.
Market
Restraints
However, some
aspects may limit the market's performance. The main aspect limiting the
market's development is the high costs linked. Furthermore, the increased
technology causing volatility in the prices of vehicles is also likely to
restrain the growth of the global market.
COVID-19
Impact
The global
health hazard of COVID-19 has impacted most industry operations in the last few
years. The health emergency affected the industry operations and tremendously
impacted public health in nearly 225 nations. The Airless Tires industry was no
exception to this. The supply chain disruptions and partial or complete
lockdowns around various regions worldwide led to several disruptions in market
operations.
However, with
the rapid recovery of the global economy, the market is predicted to showcase
substantial development over the review era. In addition, several governmental
organizations and key market players are collaborating and, therefore,
introducing solutions like innovations and research and development processes
through excellent funding that will positively impact the global market for Airless
Tires over the review timeframe.
Segment
Analysis
Based on the
tire sizes, the passenger cars segment is anticipated to ensure the top
position across the global market for airless tires over the assessment period.
On the other hand, the <20 inches size tires segment is anticipated to
ensure the maximum growth rate over the assessment period.
Based on the
types, the radial tires segment is anticipated to ensure the top position
across the global market for airless tires over the assessment period. On the
other hand, the bias tires segment is anticipated to ensure the maximum growth
rate over the assessment period.
Based on the
materials, the rubber compounds segment is anticipated to ensure the top
position across the global market for airless tires over the assessment period.
On the other hand, the plastic materials segment is anticipated to ensure the
maximum growth rate over the assessment period.
Based on the
sales channels, the original equipment manufacturers (OEMs) segment is
anticipated to ensure the top position across the global market for airless
tires over the assessment period, given the rise in transportation and the
distances covered by vehicles.
Among all the
vehicle types, the two-wheeler segment is anticipated to ensure the top
position across the global market for airless tires over the assessment period,
given the increase in the demand for passenger vehicles, owing to the increase
in population.
Regional
Analysis
The research
documents by MRFR indicate that The Asia-pacific Region is anticipated to
secure the top position across the global Airless Tires industry over the assessment
period. The regional market is projected to showcase the maximum growth rate
over the assessment era. India, China, and Indonesia are the top development
contributors in the region. Further, the China Airless Tires Market held the
largest market share, and India was the fastest-growing market in the
Asia-pacific Region. The automotive industry's rapid growth in emerging nations
is the main aspect supporting regional market expansion.
Furthermore, factors
such as the growing construction activities, the rise in demand for
fuel-efficient technologies, and industrial development are also projected to
impact the regional market's performance positively. Moreover, aspects such as clear
government guidelines, low labor costs, abundant raw material suppliers, a strong
focus on agriculture, and investments by top international players in forming
joint ventures with local vehicle brands will likely boost the regional
market's growth over the assessment period.
The North American Region secured the top position across the
global Airless
Tires industry in 2021. The region has Mexico, Canada, and
the U.S. as the top development contributors. Further, the U.S. Airless Tires
Market held the largest market share, and Canada was the fastest-growing North
American Region. The main aspect supporting regional market
expansion is the demand for airless tires in construction and industrial
equipment vehicles.
Furthermore, the
escalating demand for high-performance industrial-grade tires, particularly in
the replacement market, is also considered to be one of the vital parameters
enhancing the performance of the regional market. In addition, the growing
number of initiatives taken by governments and other organizations in the
region are also likely to boost the regional market's growth over the assessment
period.
The European
Region anticipates ensuring the second spot across the global Airless Tires
industry over the assessment period. The region has France, Germany, and the
U.K. as the top development contributors. Further, the German Airless Tires
Market held the largest market share, and the U.K. was the fastest-growing
Market in Europe. The region's main aspects supporting regional market
expansion are the factors such as the growing construction activities, the rise
in demand for fuel-efficient technologies, and industrial development are also
projected to impact the performance of the regional market positively.
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