The document discusses the airless tires market. It states that the market is expected to reach 139 thousand units by 2024, driven by demand from off-road and heavy commercial vehicles as well as the military sector. Manufacturers are focusing on developing airless tires for utility vehicles and using recycled materials to make more eco-friendly products. Automakers are also adopting airless tires to reduce vehicle weight.

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Airless Tires Market from plastic to account for over USD
135 million over the next eight years

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Global airless tires are expected to reach approximately 139 thousand units till
2024. Rising demand from off-road and heavy commercial vehicles along with high
adoption from military sector, especially in developed countries across the globe will
primarily drive the industry growth over the forecast timespan. Manufacturers are
continuously developing airless tires for utility vehicles including golf carts, lawn
mowers, etc., paving opportunistic ways for the airless tires market.
Industry participants are focusing on developing these tires using recycled materials,
that results in eco-friendly products. Puncture proof, durability, and ideal for rugged
applications are other advantages that will push the manufacturers to increase their
production, further strengthening the airless tires market demand over the coming
years. However, high production costs along with limited performance during high
speed or friction will hamper the industry growth.
Automobile OEMs are adopting these airless tires in their vehicles for overall weight
reduction, opening new growth opportunities. For instance, Toyota is considering non-
pneumatic tires supplied by Sumitomo Rubber Industries for installing in its electric
vehicles to reduce the overall weight of the vehicle.
Key Insights from Airless Tires Market:

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 Radial tires are anticipated to exhibit maximum revenue share, crossing USD 140
million over the next eight years. Rising focus of industry participants towards
production of these tires owing to their benefits over the counterpart will contribute
significantly towards the high revenue generation.
 HCVs are likely to dominate the airless tires market, holding more than 27% share till
2024. This can be attributed to rising implementation of these tires in heavy vehicles
owing to their capability of carrying more weight. Shifting focus of major
manufacturers such as Michelin towards developing these tires for HCVs will further
support the industry dominance over the coming years.
 Plastic will capture over 65% of global airless tires market volume share over the
forecast timeframe owing to shifting preference of tire manufacturers towards usage
this material. Bridgestone engages in production of non-pneumatic tires made of
plastic.
 Airless tires of size 21-25 inches are likely to dominate the airless tires market with
the demand of over 46 thousand units till 2024.
Continued...

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U.S. Airless Tires Market, By Product, 2016 & 2024, (Units)

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• Michelin
• Sumitomo Rubber Industries
• Bridgestone
• Hankook
• Toyo Tires
• Goodyear Tire and Rubber Co.
• Toyo Tires
Major Companies in Airless Tires Market:

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Industry Coverage

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Asia Pacific airless tires market will capture highest revenue share, with over USD
57 million over the forecast timespan. Rising production of commercial and military
vehicles, especially in developing countries will primarily contribute to the revenue
generation. Presence of established manufacturers including Sumitomo Rubber
Industries and Toyo Tires will further support the region’s dominance.
North America will acquire over 26% of the revenue share over the next eight years
owing to high demand from the military sector coupled with initiatives from major
manufacturers such as Michelin to open manufacturing units to produce these tires
across the region.
Regional Insights in Airless Tires Market:

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