According to Goldstein Research, "Advantages of non-pneumatic tires over conventional tires such as less maintenance, flat tires and long life of non-pneumatic tires is attracting new consumer base towards these innovative tires, which is expected to drive growth of non-pneumatic tires market in coming years.” Non-pneumatic tires are developed as a substitute for the conventional tires which provides performance advantages with long life of tires. Non-pneumatic tires are becoming popular among off-road vehicle and low-speed electric vehicle manufacturers.
The global non-pneumatic tires market is segmented based on vehicle and by usage type. Usage type segment is further bifurcated into multi utility vehicles, all terrain vehicles (ATVs), material handling equipments, motorbikes and bicycles, low-speed electric vehicles (LSEV), passenger cars and military vehicles. In 2016, LSEV and ATVs accounted for the highest market share in overall non-pneumatic tires market. Usage of non-pneumatic tires in golf carts and military grade ATVs has significantly marked the presence of non-pneumatic tires in automotive manufacturing industry.
Global non-pneumatic tires market is expected to expand significantly at a CAGR of 45.8% over the forecast period owing to high R&D investments by tire manufacturers to overcome the drawbacks of non-pneumatic tires in order to bring this technology in mass production for global market in nearby future.
North America currently accounted for the largest market for non-pneumatic tires and is expected to dominate the market over the forecast period of 2016-2024. North America nom-pneumatic tires market is rising owing to the implementation of non-pneumatic tires in military vehicles and golf carts. Rising expenditures in defence sector to modernize the military equipments and military vehicles in United States is anticipated to foster the growth of non-pneumatic tires production for this sector.
Non-Pneumatic Tires Finding new Roads to Low Speed Vehicles
Non-Pneumatic tires are not being in mass production for passenger vehicles but several non-pneumatic tires manufacturers are providing these tires to serve several categories of vehicles. For instance, Michelin is selling its non-pneumatic tire brand Tweel for agricultural vehicles, and Polaris has been offering its military grade ATV with non-pneumatic tires since late 2013. Now, major market players are emerging with their non-pneumatic tires to target passenger vehicles segment. Hankook recently announced that it has been aggressively testing its NPT for applications that require more than low-speed ruggedness and finding possibilities for NPT implementation in passenger vehicles.
“Global Non-Pneumatic Tires Market Outlook 2024” contains detailed overview of the global non-pneumatic tires market in terms of market segmentation by vehicles type and by usage type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Non-Pneumatic Tires Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Goodyear Tire and Rubber Company, Michelin Inc., Hankook Tire Group, Yokohama Tire Corp., Resilient Technologies etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global non-pneumatic tires market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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