The global automotive airless tire market is anticipated to gain momentum from the increasing sales and production of light and passenger commercial vehicles. Additionally, the governments of several countries have put forward strict laws for vehicle manufacturers to use environment-friendly components to control the emission of carbon. Hence, the manufacturers are using airless tires as they possess longer lives than conventional ones. Fortune Business Insights™ published this information in an upcoming report, titled, “Automotive Airless Tire Market Size, Share & Industry Analysis, By Type (Radial, Bias), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) and Regional Forecast, 2019-2026.” The report further mentions that airless tires have many benefits. They are capable of preventing the risk of being punctured, unlike traditional tires. It would also propel the automotive airless tire market growth during the forecast period.
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Fortune Business Insights™ lists out a few of the most prominent companies present in the automotive airless tire market. They are as follows:
- Bridgestone Corporation
- Yokohama Tire Corporation
- The Goodyear Tyre & Rubber Company
- Hankook Tire Co.Ltd.
- Continental AG
- Pirelli Tyre S.p.A.
- Sumitomo Rubber Industries Ltd.
- Other key market players
What Does This Report Contain?
- In-depth information about the automotive airless tire market trends, growth drivers, hindrances, opportunities, and challenges.
- Competitive intelligence of the market to help the entrepreneurs understand the competitive scenario across various regions.
- Quantitative analysis of the future estimations of the market to evaluate the existing opportunities.
- List of all the segments present in the market.
Ability to Provide Better Vehicle Grip to Propel Radial Segment
On the bases of type, the market is bifurcated into bias and radial. Out of these, the radial segment is projected to dominate the market during the forthcoming years. It is likely to occur as radial tires offer a much better grip and enable the vehicle to run smoothly without skidding.
North America to Lead: Higher Adoption of Airless Tires Will Boost Growth
In terms of region, the market is fragmented into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, at present, North America leads in terms of automotive airless tire market revenue and is expected to retain its position throughout the forecast period. This growth is attributable to the rising adoption of airless tires by off-road vehicles present in this region. Besides, multiple manufacturing companies are currently aiming to upgrade the efficiency of heavy-duty vehicles. To do so, they are producing technologically advanced airless tires.
Europe, on the other hand, is anticipated to follow the footsteps of North America and remain in the second position stoked by the increasing shift of consumers towards airless tires because they possess an excellent property of being punctureless. Lastly, Asia Pacific would showcase significant growth in the coming years owing to the presence of numerous renowned players in the region. Apart from that, China is exhibiting huge sales of airless tires, and hence, it would augment growth in this region.
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Bridgestone to Launch ‘Smart’ Tire; Michelin & General Motors to Provide Puncture-free Rides
Reputed companies present in the market are focusing on strategic collaborations and new product launches to gain the maximum automotive airless tire market share during the forecast period. Below are two of the most recent industry developments:
- January 2020: Bridgestone, a multinational auto and truck parts manufacturer, headquartered in Japan, announced that it is set to participate in the CES technology show for the first time. To justify attendance, it would bring advanced tires to the show. The company would unveil two types of tire technologies, namely, ideas for airless tires and a sensor-filled connected smart tire. The airless tires blend a wheel and tire’s tread into an individual high-strength structure. It eliminates the chances of a flat At present, Bridgestone is planning to develop an elastic and airless tire that would be used on an international space exploration mission for a lunar rover.
- June 2019: General Motors, an American multinational corporation headquartered in Detroit, declared that it has joined hands with Michelin, a French tire manufacturer based in Clermont-Ferrand, to target a 2024 production goal for airless tires. The tires are named Uptis, and they would possess many advantages over radial tubeless tires. They are capable of reducing the number of scrapped tires from damage or puncture.
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