According to the study undertaken by Astute Analytica the North America solid tires market was valued at US$ 387.9 Million in 2021 and is forecasted to reach US$ 540.1 Million by 2027. The market is expected to register 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 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. They can also be made to fit on rims and are made up of rubber and other materials like plastics and composites, that are manufactured to support pneumatic tires. Moreover, solid tires rising adoption is mainly due to their long durability, maintenance-free, puncture-resistant features and also, they are extremely 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. Also, airless tires are an innovative puncture-proof solution to replace conventional tires in off-road vehicles. Furthermore, 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.
Market Dynamics and Trends
Drivers
Factors such as ongoing construction activities in the region and escalating demand from various applicationswill boost the North America solid tires market during the forecast period. Solid tires have wide application in the construction industry because it has the ability to handle a significantly higher weight load than pneumatic tires without the fear of blowouts. Moreover, a rise in public, private and government spending on construction activities will further boost the growth of the solid tire market in the North American region. Solid tires are gaining popularity among various end-users, such as engineering vehicles, construction machinery, military vehicles, warehouse operators, and other applications.
Restraints
The availability of solid tire substitutes in the market is a restraining factor that inhibits the growth of the market during the forecast period. They are air-filled and tube-type and have the ability to absorb the unevenness of off-road terrain. Moreover, it smoothens the ride, leads to less bumping and shaking of vehicles, and has a thicker tread for traction to drive over a loose and uneven surface. However, the pneumatic tire can wear out quicker as compared to solid tires, solid tires have more superior properties like long lifespan and durability than pneumatic tires. Therefore, the high durability, cut-resistant rubber material, and puncture resistance will augment the growth of the market in the region.
Trends
The ongoing trend in technical developments of solid tire material and airless tires being hyped as the future of mobility with concentrated maintenance specifications provides a lucrative growth trend in the North America solid tires market.
Market Insights
North America Solid Tires Market Insights by Assembly Type
Based on assembly type, the solid tires market is bifurcated into made on frame/wheel and made on the rim. The made-on frame/wheel segment holds the largest share and is anticipated to grow at the highest CAGR during the forecast period. As this assembly type hardens the form and makes the rubber more durable, while the thickness of the rubber layers varies depending on the application of the tire.
North America Solid Tires Market Insights by Vehicle
Based on vehicles, the solid tires market is segmented into forklifts, tractors, cranes & lifts, container trailers, airport passenger boarding bridges, and others. The forklifts segment dominated the solid tires market in 2021 as they are extremely stable, puncture-resistant, and maintenance-free. The growth of the segment in the market is attributed to the increasing number of warehouses which in turn boost the demand for a new forklift and support the growth of the market. Whereas the airport passenger boarding bridges are anticipated to project the second highest CAGR over the forecast period.
North America Solid Tires Market Insights by Application
On the basis of application, the solid tires market is segmented into construction machinery, warehouse machinery, agriculture equipment, military vehicles, air & seaports machinery, and others (transport). The warehouse machinery holds a significant share in the market in 2021 as the stability, high load-carrying capacity, long-life durability, and puncture-proof nature of solid tires make them suitable for the warehouse industry. Moreover, the military vehicle segment is projected to grow at the highest CAGR in the market over the forecast period. Due to its long life and durability of solid tires as compared with traditional tires leads to their adoption in a military vehicle in North America.
North America Solid Tires Market Insights by Country
U.S. dominates the North America solid tires market in 2021 and is also anticipated to project the highest CAGR in during the forecast period. The increasing construction activities, as well as warehouses in the country, are expected to propel the demand for forklifts and construction vehicles which in turn is fueling the growth of the market. Moreover, the increasing construction activities in North America are one of the driving factors that boost the demand for solid tires in North America.
Competitive Insight
North America Solid Tires Market is highly competitive in order to increase its presence in the marketplace. Some of the key players operating in the North America solid tires market include 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.
Segmentation Overview
North America Solid Tires Market is segmented based on assembly type, vehicle, application, and country. The industry trendss 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:
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