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The automotive airless radial tire market share is expected to increase by 22.82 million units from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.21%. This automotive airless radial tire market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The automotive airless radial tire market report also offers information on several market vendors, including Amerityre Corp., Bridgestone Corp., Croc Tyres Pty Ltd., Hankook Tire and Technology Co. Ltd., Michelin Group, Polaris Inc., Sumitomo Rubber Industries Ltd., THE GOODYEAR TIRE and RUBBER Co., Toyo Tire Corp., and Yokohama Rubber Co. Ltd. among others. Furthermore, this report extensively covers automotive airless radial tire market segmentations by application (off-road vehicles and other vehicles) and geography (North America, Europe, APAC, MEA, and South America).
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increased use of golf carts is notably driving the automotive airless radial tire market growth, although factors such as increased rolling resistance 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 radial 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 Radial Tire Market Driver
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.
Key Automotive Airless Radial Tire Market Trend
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.
Key Automotive Airless Radial Tire Market Challenge
The high penetration of pneumatic tires is a major challenge for the global automotive airless radial tire market growth. In 2019, the global automotive market was dominated by pneumatic tires. Vehicle buyers are accustomed to using pneumatic tires in all their vehicles. A sudden change to automotive airless radial tires will be less probable, considering the wide list of technical challenges that airless tires have to overcome to be commercially viable. Moreover, modern pneumatic tires are highly reliable and less susceptible to tire blowouts unless these tires are used to their extreme limits. Maintenance centers for pneumatic tires are widely available, and minor servicing such as changing punctured tires can be undertaken by car buyers. On the other hand, automatic airless radial tires require servicing by experts. Moreover, the costs of maintaining these tires are significantly higher than pneumatic tires. Pneumatic tires will continue to occupy the major share of the automotive market. Additionally, the pneumatic tires market is witnessing several innovations, such as the introduction of run-flat tires and self-inflating tires, which are expected to hamper the growth of the global automotive airless radial tire market during the forecast period.
This automotive airless radial 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 2021-2025.
Technavio categorizes the global automotive airless radial tire market as a part of the global tires and rubber market within the global auto components 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 radial 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 radial tire market encompasses successful business strategies deployed by the key vendors. The automotive airless radial tire market is concentrated and the vendors are deploying organic and inorganic growth strategies 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 radial 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 radial 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.
The value chain of the global tires and rubber market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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