Automotive Airless Radial Tire Market 2023 to 2029Solid Analyzed Segmentation, Demand, Share Estimation | Bridgestone,SciTech Industries,Hankook,MacNeillie
Automotive Airless Radial Tire Market 2023 to 2029Solid Analyzed Segmentation, Demand, Share Estimation | Bridgestone,SciTech Industries,Hankook,MacNeillieThe Global Automotive Airless Radial Tire Market is expected to grow with a CAGR of 7.1% from 2023 to 2029.
The increased use of golf carts is one of the key factors driving the growth of the global automotive airless radial tire market. This increases investment in golf carts that are designed to carry light loads and a maximum of four people over short distances. These carts have airless radial tires that require lower tire maintenance. This is expected to drive the number of operating golf courses and, subsequently, increase the demand for golf carts. These carts form a convenient mode of transport for beverages, balls, scorecards, and clubs on golf courses. These vehicles are mostly powered by electric motors and occasionally by gasoline-powered motors. The maximum speed that these vehicles can achieve is 35 miles per hour. Golf carts are designed to be silent and slow-moving utility vehicles that can also be used in residential neighborhoods for short-distance traveling. These vehicles are permitted to be used on secondary roads and are classified as low-speed vehicles according to the Federal Standards of the US. Hence, vehicle makers prefer designing these utility vehicles with features that reduce maintenance requirements. Airless radial tires are expected to be used with these vehicles to improve tire life over smooth and slightly rough surfaces.
The development of tweels will fuel the global automotive airless radial tire market growth. Tweel is a hybrid between tire and wheel. Michelin Group has been offering tweels since 2012. Tweel is an automotive airless tire held together by rubber spokes. The airless tire model was designed to reduce the amount of bounce while running over road bumps. The rubber spokes transfer energy arising from road bumps to provide a smoother drive. Michelin Group has been developing a range of tweel model airless tires for various vehicles such as the skid steer loaders and light-tactical vehicles used by military special operators. The company offers tweels for light construction vehicles, ATVs, golf carts, and zero-turn mowers. However, in July 2019, Michelin, in partnership with General Motors, announced to manufacture of airless tires for passenger cars from 2024. The trend of the development of tweets, which started in 2012, is steadily growing across different types of automobiles. This trend is expected to have a positive impact on the global automotive airless radial tire market during the forecast period.
The Automotive Airless Radial Tire market report covers an extensive analysis of the key market players along with their business overview, expansion plans, and strategies. Further, mergers and acquisitions, emerging market trends, the impact of COVID-19, and regional conflicts will all be considered.Bridgestone,SciTech Industries,Hankook,MacNeillie,National Aeronautics,Michelin
The Automotive Airless Radial Tire market research report fully covers the major statistics of production, value, profitability, capacity, supply/demand ratio, volume, and much more. The best possible updated information is showcased in figures, pie charts, tables, and graphs. These statistical representations offer predictive information regarding the upcoming estimations for convincing the growth of the market.
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Based on the region, the North America segment dominated the global airless tires market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. The increasing use of airless tires in military, terrain, and utility vehicles, as well as market players’ ongoing focus on delivering products for military and defense purposes, are expected to propel North America to the top of the market during the forecast period.
The Asia-Pacific is estimated to be the most opportunistic segment during the forecast period. Asia-Pacific is expected to have considerable growth, which can be due to the presence of manufacturers, easy availability of raw materials, and increased vehicle ownership in the Asia-Pacific region.
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