Global non-pneumatic tire market is expected to expand at a compound annual growth rate (CAGR) of 11% over the forecast period i.e. 2016-2024.Further, the market is anticipated to seizure 3% to 4% market of global tires market owing to its extensive application in low-speed electric vehicles, off-road vehicles and military grade vehicles.
Market Landscape
Many tire companies have successfully advanced the range of non-pneumatic tires that would eradicate the hazards of conventional tires and at the same time, will be economical with few models of non-pneumatic tires. For instance, major tire companies such as Bridgestone, Hankook, and Michelin have presented their non-pneumatic tires with the aim of mass manufacturing nearby future for defense as well as civilian sector. Few off-road vehicle manufacturers company also introduced their new off-road vehicle models equipped with non-pneumatic tires. Off-road vehicle manufacturer Polaris has introduced their new Sportsman WV850, a military grade all-terrain vehicle (ATV), equipped with the non-pneumatic tires. Moreover, the automotive industry in recent years surged for the advanced technologies in order to reduce overall vehicle weight to achieve emission and fuel efficiency levels. For instance, Toyota is seeing non-pneumatic tires provided by Sumitomo Rubber Industries for mounting in its electric vehicles to reduce the overall weight of the vehicle.
“Non-Pneumatic Tire Market" outlook report 2016-2024 covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in the non-pneumatic tire industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler, and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, Non-Pneumatic Tire manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall Non-Pneumatic Tire industry.
Global Non-Pneumatic Tire (NPT) Market Segmentation can be classified on the basis of:-
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Usage Type
- Multi Utility Vehicles
- All-Terrain Vehicles
- Material Handling Equipment
- Motorbikes and Bicycles
- Low-Speed Electric Vehicles (LSEV)
- Passenger Cars
- Military Vehicles
By Geography
- Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
- Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
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Market Trends, Drivers, and Challenges
Advantages of non-pneumatic tires over conventional ones that allow the users to not worry about air leaks or flat tires, for most drivers across the globe this feature sound revolutionary, which considerably aid the significant adoption of non-pneumatic tires in coming years. At present most of the NPT manufacturers are concentrating on low-speed applications, such as construction and Low-speed electric vehicles.Shifting focus of major manufacturers such as Michelin and Bridgestone among others towards developing these tires for HCVs and passenger cars segment will further strengthen the industry dominance over the coming years.
“Global Non-Pneumatic Tire Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter's five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Non-Pneumatic Tire market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.
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