Worth of global tyre market predicted to reach US$200 million by 2024

March 7, 2018

tireA new report by Global Market Insights, Inc has predicted that the airless tyre market is set to hit US$200 million by 2024. This totals to 139 thousand units till 2024.

The trend is driven by the rising demand from off-road and heavy commercial vehicles, together with high adoption from the military sector, particularly in developed countries.

Manufacturers are continuously developing airless tyres for utility vehicles including golf carts, lawn mowers, and so on, paving opportunistic ways for the airless tyres market.

Industry participants are focusing on developing these tyres 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 tyres market demand over the coming years. However, high production costs along with limited performance during high speed or friction will hamper the industry growth.

Low penetration of these tyres has pushed the manufacturers to focus on their mass production. For instance, Michelin has been selling its airless tyre “Tweel” for commercial vehicles, Bridgestone has designed a tyre that is expected to be commercialised for two-wheelers by 2019. Regular innovations such as contact area information system by Bridgestone will further induce immense potential to the airless tyres market size.

(RJA)


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