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The rising production and sales of passenger and light commercial vehicles globally are anticipated to propel the automotive tire market. The Asia Pacific is projected to dominate the market amid the presence of major key players in this region. China is expected to hold the largest market share in the Asia Pacific region amid huge sales of the airless tire. Airless tire works similar to the pneumatic tires, they are not functioned by compressed air inside the tire rather, it consists of high tension steel belts and threads for its function. Airless tires have numerous advantages over the conventional tires. For example, an airless tire eliminates the risk of the tire getting punctured or loss of air from the conventional tires, which hampers the working of the vehicle.
Key Market Driver -
Increasing adoption of nanotechnology in airless tires is expected to drive the disc brake market over the forecast period.
Key Market Restraint -
High manufacturing cost is anticipated to hinder the growth of airless tire market.
Stringent emission norms have made it essential for manufacturers to equip environment-friendly components in the vehicles to curb the emission. Key players are therefore focusing on manufacturing eco-friendly airless tires as these tires have a longer life than conventional tires. Increasing vehicle sales and production is anticipated to boost the automotive airless market during the forecast period. The sale of passenger cars is directly depended on economic conditions owing to fluctuation in GDP growth, exchange rates, and changes in government policies. The high cost of airless compared to conventional tires of the vehicles is expected to hamper the growth of the automotive airless tire market over the forecast period.
Some of the major companies that are present in the automotive airless tire market include Bridgestone Corporation, The Goodyear Tyre & Rubber Company, Continental AG, MICHELIN, Pirelli Tyre S.p.A, Sumitomo Rubber Industries Ltd, Hankook Tire Co.Ltd, Yokohama Tire Corporation, and SciTech Industries among the other players.
The global automotive airless tire is segmented into type, vehicle type, and geography. By type, the global automotive airless tire market is segmented into radial and bias tires. The radial tire segment is anticipated to dominate the automotive airless tire market over the forecast period. Radial tires provide better grip and allow the vehicle to run more stably without skidding. By vehicle type, the automotive airless tire market is segmented into passenger cars and commercial vehicles. The heavy commercial vehicle segment is anticipated to hold the largest market share over the forecast period. Rising adoption of airless tires in trucks and buses, especially into goods carriers is of the factor which is fueling the demand for the airless tire in this segment. The passenger car segment is expected to show good growth in the market amid rising production and sales of passenger cars. The growing need for the fuel-efficient vehicle is also another factor which would help to fuel the demand for passenger cars over the forecast period.
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Geographically, the automotive Airless tire market is segmented into North America, Europe Asia Pacific and the rest of the world. North America leads the automotive airless tire market and is expected to continue to lead over the forecast period owing to the increasing adoption of airless tires by off-road vehicles in this region. Manufacturing companies in this region are focusing on producing an advanced airless tire that would enhance the efficiency of the heavy-duty vehicle. Europe is expected to hold the second-largest position in the market owing to the growing inclination of consumers towards airless tires amid its property to be punctureless.
By Vehicle Type
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