Global Airless Tire Market is expected to foresee steady growth. Asia Pacific holds the largest share!
- Vikas Kumar
- January 10, 2022
- AUTOMOTIVE, NEWS
- Airless Tire Market, Airless Tire Market Growth, Airless Tire Market news, Airless Tire Market share, Airless Tire Market size, Airless Tire Market Trend
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Global Airless Tire Market is expected to grow at a CAGR of around 5% during the forecast period 2021-2027. Tires have evolved into an essential component of all sorts of vehicles throughout the years. Because tires govern a vehicle’s motion, they have caused numerous accidents across the world. Tire-related difficulties, for example, cause more than 700 fatalities per year in the United States alone. According to research, the number of fatalities due to tire-related difficulties is higher than the rate of fatalities due to cell-phone driving. The automotive tire is an important component of every vehicle since it ensures the driver and passengers’ safety and comfort. The tire’s primary purpose is to protect the wheel rim while also delivering tractive force between the vehicle and the road. The airless tire, also known as a non-pneumatic tire (NPT) or a flat-free tire, does not rely on air pressure for support, hence there is no need to fill the tires with air on a regular basis. It functions as a flexible cushion, decreasing the impact of vibrations and cushioning the shock of the car, thanks to its rubber construction.
For a detailed analysis of the market drivers browse through https://univdatos.com/report/airless-tire-market/
Increased demand for vehicle production to meet the increasing demand for automobiles across all segments fuels the expansion of the airless tire market in the anticipated timeframe. The growing need for low-maintenance, long-lasting vehicle tires has compelled major automakers to produce airless or solid tires. The expansion of the airless tire market is predicted to be fueled by factors such as a rise in demand for maintenance-free tires and an increase in demand for all-terrain and military vehicles. Low performance in friction and high-speed conditions, as well as significant capital expenditure required to build up new production facilities, are projected to limit market development. Conversely, increasing plastic recyclability and increased use of electric cars globally in the approaching years are expected to provide lucrative chances for the worldwide airless tire market to grow in the coming years.
For a detailed analysis of the Covid-19 Impact on the market browse through https://univdatos.com/get-a-free-sample-form-php/?product_id=14272
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has had a negative impact on the Airless tire industry. Supply chain execution, regulatory and policy changes, labour reliance, working capital management, and liquidity and solvency management are all major concerns for tire manufacturers. Massive industrial disruptions have been reported as a result of the COVID-19 outbreak, and tire production processes have been suspended throughout the world. This has an influence on research and development income sources, as well as the acceptance of innovative technologies like plastic and solid tires. Furthermore, the selling of airless tires is intricately linked to the manufacture and supply of automobiles.
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For a better understanding of the market adoption of Airless Tire, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of APAC), and Rest of World. Asia Pacific dominated the market in 2020 and is expected to grow at a higher rate during the forecasted period. Because of the tremendous expansion of the automobile sector in nations like China, India, and Japan, Asia-Pacific has one of the largest automotive aftermarkets. Factors such as rising building activity, industrial expansion, and desire for fuel-efficient technologies are all contributing to the increased need for airless tires in the region. In nations like Japan, China, and South Korea, there are plenty of raw material suppliers, low labour prices, and favorable government policies. Because these countries place a major emphasis on agriculture, demand for airless tires in the agriculture sector is likely to be substantial as well. In terms of worldwide automobile sales, China is the most important market.
Global Airless Tire Market Segmentation
Market Insight, by Product Type
Market Insight, by Material
Market Insight, by Vehicle Type
- Military Vehicles
- Terrain Vehicles
- Passenger & Commercial Vehicles
Market Insight, by Region
- North America Airless Tire Market
- United States
- Rest of North America
- Europe Airless Tire Market
- United Kingdom
- Rest of Europe
- Asia Pacific Airless Tire Market
- South Korea
- Rest of Asia-Pacific
- Rest of World Airless Tire Market
Top Company Profiles
- Bridgestone Corporation
- Amerityre Corporation
- Continental AG
- Goodyear Tire & Rubber Company
- Toyo Tire & Rubber Company
- Hankook Tire & Technology
- Sumitomo Rubber Industries, Ltd.
- Yokohama Tire Corporation
- Trelleborg AB