North America Solid Tires Market is estimated to witness a rise in revenue from US$ 387.9 Mn in 2021 to US$ 540.1 Mn by 2027. The market is registering a CAGR of 5.7% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 5.3 % during the forecast period 2022-2027.
A solid tire or an airless tire is a pneumatic tire which is not filled with any air but is manufactured using layers of rubber that are constructed around a metal frame or a wheel structure that can be mounted to a specific vehicle. Solid tires are manufactured using a different rubber compound and process. They are rolled in thin layers of rubber onto a metal frame mount and pressed through a hydraulic pressure system. This process hardens the form and makes the rubber hold. The thickness of the rubber layers varies depending on the application of the tire and is used for high-weight-bearing vehicles.
The major factor responsible for the growth of the North America solid tires market includes the ongoing construction activities in the region and escalating demand from various applications. Solid tires have wide application in a range of construction activities, as they can handle a significantly higher weight load and resist extreme conditions. Solid tires are gaining popularity among various end-users, such as engineering vehicles, construction machinery, military vehicles, warehouse operators, and other applications. Moreover, the increase in demand for solid tires with growth in military spending creates a lucrative growth opportunity in the market. However, the availability of solid tire substitutes (pneumatic tires and others) is expected to inhibit the growth of the North America solid tires market.
The study of the North America Solid Tires Market considers various determinants, industry value chain analysis, and competitor analysis of the market. The report discusses the analysis of the solid tires industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the North America Solid Tires Market across 9 Chapters and 95 pages. The report includes data presentation across 13 tables and 24 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental, and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein the bargaining power of buyers and competitive rivalry are high.
The subsequent section provides details of the market analysis based on different segments such as assembly type, vehicle, application, and country. The report includes a detailed study of the value chain of the industry. It includes raw material suppliers, manufacturers, distributors, and end-users. The report also covers extensively the key competitors in the market for solid tires.
North America Solid Tires market had witnessed a slight decline of approx. -1.7% in 2020, post the outbreak of the COVID-19 pandemic due to a massive dip in commercial activities and retail spending. The deployment of the solid tire across vehicles has significantly declined amidst the pandemic, owing to the downfall in the sales of the vehicles. Moreover, the market players have reported an unprecedented increase in the delivery lead time of their shipments, hold in construction projects, and purchases, which has modestly hampered the market growth during the COVID-19 outbreak. However, the demand for solid tires is expected to increase post-COVID-19 outbreak, with the rise in its application in forklifts across warehouses, tractors in the agriculture sector, and cranes & lifts in the construction sector.
The key players in the North America Solid Tires Market are Continental AG, Ecomega Europe Industries, Industrial Rubber Company, Global Rubber Industries, Maxam Tire, Nexen Corporation, Sentry Tire and Rubber LLC., Setco Solid Tire and Rim Assembly, SimpleTire, MICHELIN, Trelleborg AB, Trident International P Ltd, Industrial Rubber Tires, LLC and PT ARAMI JAYA among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on an emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
North America Solid Tires Market is segmented based on assembly type, vehicle, application, and country. The industry trends in the solid tires market are sub-divided into different categories in order to get a holistic view of the North America marketplace.
Following are the different segments of the North America Solid Tires Market:
By Assembly Type segment of the North America Solid Tires Market is sub-segmented into:
By Vehicle segment of the North America Solid Tires Market is sub-segmented into:
By Application segment of the North America Solid Tires Market is sub-segmented into:
By Country segment of the North America Solid Tires Market is sub-segmented into:
A solid tire or an airless tire is a pneumatic tire that is not filled with any air but is manufactured using layers of rubber that are constructed around a metal frame or a wheel structure that can be mounted to a specific vehicle.
Rising demand for solid tires is mainly due to their long durability, maintenance-free, puncture-resistant features, and are economical.
Most solid tires are used primarily for industrial or lightweight industrial applications on large tractors and trucks that are prone to road and ground hazards.
The North America solid tires market had witnessed a slight decline post the outbreak of the COVID-19 pandemic due to a massive dip in commercial activities and retail spending.
The expected growth rate of the North America solid tires market is 5.7%, with an estimated value of US$ 540.1 Million by 2027.
Warehouse machinery holds the major share in terms of revenue in the market.
Factors such as ongoing construction activities in the region and escalating demand from various applications will boost the North America solid tires market during the forecast period.
Availability of solid tire substitutes in the market is a restraining factor that inhibits the growth of the market during the forecast period.
The made-on frame/wheel segment is expected to project the highest CAGR over the forecast period in the North America solid tires market.
Assembly type, vehicle, application, and country are the different segments of the North America solid tires market.
Ongoing trend in technical developments of solid tire material and airless tires being hyped as future of mobility with concentrated maintenance specifications.
US holds the major share in terms of revenue in the North America solid tires market in 2021.
The key players operating in the market include Continental AG, Ecomega Europe Industries, Industrial Rubber Company, Global Rubber Industries, Maxam Tire, Nexen Corporation, Setco Solid Tire and Rim Assembly, SimpleTire and Michelin among others.
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