By CRM Staff
Toronto, Ontario -- Septmber 3, 2018 -- The global market for airless tires is projected to inflate and exceed USD $200 million by the year 2024, according to Global Market Insights. The forecasted projection would represent a USD $180 million increase from the product's 2016 worth, which was valued at USD $120 million.
The market is estimated to reach approximately 139 thousand units by 2024. Radial tires, tires that allow the side walls and tread to function as two independent features, are expected to capture over 65 percent of the revenue share by 2024. The preference from non-pneumatic tire manufacturers toward the production of radial tires will be a leading factor to the substantial revenue growth.
OEM’s will make up roughly the 94 percent of the airless tire market up until 2024. As of now airless tires are not commercialized on a larger scale and as a result will primarily enter OEM market post manufacturing.
The airless tires market form plastic is estimated to account for over USD $135 million over the course of the next eight years.
Asia Pacific is expected to be a leader in the market with an estimated share of over 34 percent by 2024.