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The automotive airless tire market share is expected to increase to USD 251.06 million from 2021 to 2026, at a CAGR of 4.33%.
This automotive airless tire market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive airless tire market segmentation by material (rubber and plastic) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The automotive airless tire market report also offers information on several market vendors, including Amerityre Corp., Bridgestone Corp., Michelin Group, Toyo Tire Corp., Marathon Industries inc., Sentry Tire and Rubber LLC., The Goodyear Tire and Rubber Co., and Yokohama Rubber Co. Ltd. among others.
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The performance benefits of using airless tires is notably driving the automotive airless tire market growth, although factors such as price fluctuations of rubber may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive airless tire industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Airless Tire Market Driver
One of the key factors driving the global automotive airless tire market growth is the performance benefits of using airless tires. Some of the key benefits include:
The airless tires are usually made of a soft rubber compound to ensure a superior road grip even at high speeds, enabling vehicles to maneuver sharp turns with ease. They also enable a shorter stopping distance to allow improved confidence while braking abruptly. The airless tires enhance the performance of advanced safety systems such as ABS, ESC, TCS, and EBD, among others. Such factors will drive the market growth during the forecast period.
Key Automotive Airless Tire Market Trend
Use of 3-dimensional (3D) printing to reduce manufacturing costs and curb pollution is one of the key automotive airless tire market trends that is expected to impact the industry positively in the forecast period. For instance, in October 2021, MICHELIN developed Unique Puncture-proof Tire System Airless Tire (UPTIS), with 3D printing technology using biodegradable materials. The Michelin VISION concept uses 3D printing to produce airless tweels of biodegradable substances such as orange peel zest. Similarly, the Goodyear Tire and Rubber Company also announced to test tire manufacturing using 3D printing technology on an autonomous truck in Florida, the US. The growing adoption of 3D printing will further support the market growth in the forecast years.
Key Automotive Airless Tire Market Challenge
One of the key challenges to the global automotive airless tire market growth is the price fluctuations of rubber. The fluctuations in rubber prices can create volatility in the prices of associated raw materials and adversely impact industry stakeholders across the value chain. The prices of natural rubber increased by 6.4% YoY in August 2021, which is a divergence from the double-digit trends seen since August 2020. The synthetic rubber prices were up by 30% YoY. The fluctuations in rubber prices have compelled major natural rubber-producing countries to reduce their production capacity. For instance, Thailand has reduced its overall natural rubber output by 200,000 tons. Such factors may challenge the growth of the global automotive airless tire market in the forecast years.
This automotive airless tire market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive airless tires market as a part of the global tires and rubber market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive airless tire market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive airless tire market encompasses successful business strategies deployed by the key vendors. The automotive airless tire market is concentrated and the vendors are deploying growth strategies such as technological innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive airless tire market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive airless tire market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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40% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for automotive airless tires in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in the demand for automotive airless tires owing to high passenger and commercial vehicle sales in China, South Korea, Japan, Malaysia, and Australia will facilitate the automotive airless tire market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the significant rise in the number of COVID-19 cases led to partial or complete lockdowns in APAC, which adversely impacted manufacturing operations. However, with the initiation of large-scale COVID-19 vaccination drives, the number of COVID-19 cases declined in 2021. Also, the lifting of lockdowns led to the resumption of automotive production activities at a rapid pace in the region in Q3 and Q4 2020. These measures triggered demand for vehicles in 2021, which will, in turn, drive the demand for automotive airless radial tires in the region during the forecast period.
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The automotive airless tire market share growth by the rubber segment will be significant during the forecast period. Rubber airless tires prevent causing any damage to vehicles from the irregularities in the road surface and protect the airless tires from wear and tear. The major driving factor for the rubber segment in automotive airless tires is the increase in demand for utility vehicles across the world.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive airless tire market size and actionable market insights on post COVID-19 impact on each segment.
Automotive Airless Tire Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Decelerate at a CAGR of 4.33% |
Market growth 2022-2026 |
$ 251.06 million |
Market structure |
Concentrated |
YoY growth (%) |
4.74 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 40% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Amerityre Corp., Bridgestone Corp., Michelin Group, Toyo Tire Corp., Marathon Industries inc., Sentry Tire and Rubber LLC., The Goodyear Tire and Rubber Co., and Yokohama Rubber Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Material
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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