Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) -- According to the report, the global Automotive Airless Tire market size is anticipated to gain momentum from the increasing sales and production of light and passenger commercial vehicles. Additionally, the governments of several countries have put forward strict laws for vehicle manufacturers to use environment-friendly components to control the emission of carbon. Hence, the manufacturers are using airless tires as they possess longer lives than conventional ones.
Fortune Business Insights™ published this information in an upcoming report, titled, “Automotive Airless Tire Market Size, Share & Industry Analysis, By Type (Radial, Bias), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) and Regional Forecast, 2019-2026.” The report further mentions that airless tires have many benefits. They are capable of preventing the risk of being punctured, unlike traditional tires. It would also propel the automotive airless tire market growth during the forecast period.
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COVID-19 Impact:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Ability to Provide Better Vehicle Grip to Propel Radial Segment
On the bases of type, the market is bifurcated into bias and radial. Out of these, the radial segment is projected to dominate the market during the forthcoming years. It is likely to occur as radial tires offer a much better grip and enable the vehicle to run smoothly without skidding.
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North America to Lead: Higher Adoption of Airless Tires Will Boost Growth
In terms of region, the market is fragmented into Asia Pacific, Europe, North America, and the rest of the world. Amongst these, at present, North America leads in terms of automotive airless tire market revenue and is expected to retain its position throughout the forecast period. This growth is attributable to the rising adoption of airless tires by off-road vehicles present in this region. Besides, multiple manufacturing companies are currently aiming to upgrade the efficiency of heavy-duty vehicles. To do so, they are producing technologically advanced airless tires.
Europe, on the other hand, is anticipated to follow the footsteps of North America and remain in the second position stoked by the increasing shift of consumers towards airless tires because they possess an excellent property of being puncture less. Lastly, Asia Pacific would showcase significant growth in the coming years owing to the presence of numerous renowned players in the region. Apart from that, China is exhibiting huge sales of airless tires, and hence, it would augment growth in this region.
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Bridgestone to Launch ‘Smart’ Tire; Michelin & General Motors to Provide Puncture-free Rides
Reputed companies present in the market are focusing on strategic collaborations and new product launches to gain the maximum automotive airless tire market share during the forecast period.
List of the Companies Operating in the Market:
- MICHELIN
- Bridgestone Corporation
- Yokohama Tire Corporation
- The Goodyear Tyre & Rubber Company
- Hankook Tire Co.Ltd.
- Continental AG
- SciTech
- Pirelli Tyre S.p.A.
- Sumitomo Rubber Industries Ltd.
- Other key market players
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Global Automotive Airless Tire Market Segmentation:
By Type:
- Radial
- Bias
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Part II - Run Flat Tire Market Research Report 2021-2025:
According to the report, the global Run Flat Tire market to gain momentum from the increasing production of commercial and passenger vehicles. Besides, these tires enable drivers to travel to the nearest service centre safely, even if there is persistent loss of air from the tires. With the help of these tires, cars can be driven up to around 80km at an average speed. Fortune Business Insights™ provided this information in a recent report, titled, “Run Flat Tire Market Size, Share & Industry Analysis, By Run Flat Tire Type (Self Supporting, Support Ring System), By Application Type (Transportation and Logistics, Military and Defence, Agriculture, Construction, Others), By Vehicle Type (PC, LCV, HCV) Others and Regional Forecast, 2019-2026.”.
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/run-flat-tire-market-101999
COVID-19 Impact:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Expensive Nature of Run Flat Tire May Obstruct Growth
One of the major factors that is expected to drive the run flat tire market growth in the coming years is the increasing production and sales of vehicles worldwide. The economic conditions of a specific country are directly dependent on the sale of passenger cars. It is caused because of the changes in government policies, fluctuations in exchange rates, and GDP growth. However, standard tires are cost-effective, unlike the run flat tires. It may obstruct the growth of the market in the coming years.
Click here to get the short-term and long-term impacts of COVID-19 on this Market. Please visit: https://www.fortunebusinessinsights.com/run-flat-tire-market-101999
What does the Report Offer?
The report for Run Flat Tire aids in understanding the dynamics and structure of the global market by evaluating market segments and projecting the market size. The clear representation of competitive analysis of key competitors in the market by product, price, financial situation, and product portfolio.
Self-supporting Segment to Lead Backed by Rising Sales of Passenger Vehicles
Based on technology type, the market is bifurcated into support ring system and self-supporting. Out of these, the self-supporting segment is projected to dominate in terms of run flat tire market share during the forthcoming years. These tires are used more in passenger vehicles on account of the urgent demand from those consumers who often travel long distances. It is coupled with the increasing sales of passenger vehicles.
Asia Pacific to Remain at the Forefront Stoked by Rising Population
In terms of region, the market is segregated into Latin America, the Middle East and Africa, North America, Europe, and Asia Pacific. Out of these, Asia Pacific is set to hold the highest run flat tire market revenue during the forecast period. This growth is attributable to the evolving standards, ever-increasing population, and rising domestic consumption. India is likely to contribute to the maximum growth because of the high investments in the tire sector. Europe, on the other hand, is anticipated to experience steady growth backed by stringent government norms and regulations, as well as a reduction in the number of road accidents. This region would remain in the second position, followed by Asia Pacific.
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Key Players Focus on Launching State-of-the-art Tires to Increase Sales
The market consists of numerous big, small, and medium enterprises, such as Bridgestone, Continental, and Kumho, that are striving to increase product portfolio by launching brand new tires equipped with unique features. Below are two of the latest industry developments:
- October 2018: Yokohama Rubber Co. Ltd., a tire company, based in Japan, unveiled its latest run-flat model called iceGuard 6 ZPS tire. This was launched under the company’s iceGuard 6 range of studless winter tires, mainly for passenger cars. The tire’s sidewall consists of the zero pressure system (ZPS) mark.
- February 2018: Bridgestone Americas, Inc. introduced Blizzak LT tire for SUVs and heavy-duty pickup trucks. It will help the company in broadening its premium winter tire line. The latest product is specially designed to offer drivers with enhanced control and handling during the winter season from icy and snowy to wet conditions.
List of the Companies Operating in the Market:
- Cooper Tire & Rubber Co., Ltd.
- Bridgestone Corporation
- Nexen Tire Corporation
- Continental AG
- Toyo Tire & Rubber Co., Ltd.
- The Goodyear Tire & Rubber Company
- JK Tire & Industries Ltd.
- Michelin
- Yokohoma Tire Corporation
- CEAT Ltd.
- Qingdao Fullrun Tire Corp., Ltd.
- Pirelli & C.S.p.A.
- Kumho Tire Co., Inc.
- Sumitomo Rubber Industries, Ltd.
- Nokian Tires plc
- Apollo Tires Ltd.
- Hangzhou Zhongce Rubber Co., Ltd.
- China National Tire & Rubber Co., Ltd.
- Hankook Tire
- Giti Tire
- Other key market players
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Global Run Flat Tire Market Segmentation:
By Run Flat Tire Type:
- Self-Supporting
- Support Ring System
By Application Type:
- Transportation and Logistics
- Military and Defence
- Agriculture
- Construction
- Others
By Vehicle Type:
- PC
- LCV
- HCV
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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