According to the latest market study released by Technavio, the global automotive airless radial tire market is expected to grow at an impressive CAGR of close to 40%.
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Technavio has published a new report on the global automotive airless radial tire market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global Automotive Airless Radial Tire Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The market is segmented by geography based on the global construction industry numbers. The Technavio analysts have considered APAC, EMEA, and the Americas as the potential markets for airless radial tires.
Globally, the construction market in APAC is the fastest growing. China is often referred to as the high potential market because of increasing investment opportunities in the construction market. According to the Global Competitiveness Report 2015-2016, Hong Kong SAR is ranked first regarding the quality of the overall infrastructure, followed by Singapore in second, Japan in fifth, and Australia in 16th position.
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Technavio’s automotive analysts categorize the global automotive airless radial tire market into eight major segments by vehicle type. They are:
- LCVs
- HCVs
- Golf carts
- Armoured vehicles
- Segway
- Lawn mowers
- All-terrain vehicles
- Construction equipment
The top three vehicle type segments for the global automotive airless radial tire market are:
Construction equipment market
In most emerging markets in APAC, the investments on construction grew after the 2011-2012 global crisis. Although the growth was moderate, the industry has now fully regained its strength and is growing tremendously. It is expected that the volume of construction output will grow by more than 70% to USD 15 trillion worldwide by 2025.
According to Siddharth Jaiswal, a lead automotive manufacturing research analyst from Technavio, “In 2015, APAC accounted for 45% of the total construction projects planned and under construction, followed by MEA that accounted for 27%. Europe and the Americas constitute the rest of the total construction projects planned and under construction.”
Global automotive airless radial tire market for ATVs
The market for airless tires for ATVs is mature. Polaris/Resilient Technologies leads the market with near complete dominance. The acquisition of Resilient Technologies by Polaris gave it the competitive advantage it needed to enter the airless tires market. Since the target market for airless tires was ATVs and vehicles in which the tires frequently undergo wear and tear, makes complete sense from a related acquisition perspective.
“The industry focus has been on M&As for gaining market share over the past few years. Spending in R&D is another focus area in this industry; this lends credence to our assertion that the other players would possibly try to make a second-mover attempt during the forecast period,” says Amit.
Global automotive airless radial tire market for lawn mowers
Power lawn mowers have evolved from the traditional hand-guided mowers to self-propelled electric mowers. Advances in technology have led to the development of lightweight power lawn mowers and battery-powered lawnmowers. The robotic lawn mower is one of the most advanced products that are currently available in the market. The increasing availability of such products with improved features has increased interest in gardening.
Planting and landscaping are growing globally, and this is one of the key factors influencing the sales of power lawn mowers. Consumers are cultivating landscapes to enhance their immediate living environments. The adoption of gardening is an ideal leisure activity in countries such as the UK and Japan, and this is supporting green infrastructure.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Bridgestone
- Michelin
- Hankook
Browse Related Reports:
- Global Passenger Vehicle Replacement Tire Market 2016-2020
- Global Tire Pressure Monitoring System Market 2016-2020
- Global Specialty Tire Market 2016-2020
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments like automotive services, powertrain, and wheels and tires. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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