Airless Tires Market for Product over 35 inches will witness strong growth of around 10% owing to increasing demand from utility vehicles including agriculture and construction along with military applications. Tire size of 21-25 inches is estimated to dominate the volume share owing increased usage in commercial vehicles. Increasing penetration of the product in terrain vehicles will further fuel the industry growth.
Bias segment will witness growth of around 9% over the forecast study period. This can be credited to increasing implementation of the product in heavy vehicles along with economic benefit over other counterparts. Airless Tires Market for Radial segment is estimated to account for major revenue share generating over USD 140 million during the forecast timeframe. Shifting focus of producers towards manufacturing these tires owing to enhanced benefits over the conventional product will fuel the business growth. These offers superior shock absorbing ability, strength, and enhanced flexibility.
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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.
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.
Asia Pacific airless tires market will capture maximum revenue share with more than USD 57 million over the study period. Increasing production of military and commercial vehicles, particularly in emerging nations is significantly contributing in regional revenue generation. Presence of established industry players such as Toyo Tires and Sumitomo Rubber Industries will further support the regional growth rate.
North America airless tires market is predicted to capture around 26% of the revenue share by 2024 owing to high usage in military sector combined with manufacturers initiatives.
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OEMs are concentrating on manufacturing by means of recycled materials, offering eco-friendly products. Durability, puncture proof, and suitability for rugged applications are among other benefits that will result in increased production, strengthening the industry over the forecast timeframe. However, limited performance during friction or high speed along with high production costs may hinder the airless tires industry growth rate.
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.
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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.