North America solid tires market forecast at $540 million by 2027
New Delhi, India – The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for North America solid tires market from US$ 387.9 Million in 2021 to US$ 540.1 Million by 2027. The market is anticipated to grow at 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.
Solid tires are extremely stable, puncture-resistant, and maintenance-free and also have a high loading capacity and are extremely economical. Solid tires are also called airless tires that can be manufactured on a frame or metal wheel structure. Moreover, tires provide a footprint, called a contact patch, which is designed in order to match the weight of the vehicle with the bearing strength of the surface that it rolls over.
On the basis of assembly type, the made-on frame/wheel segment holds the largest share and is anticipated to grow at the highest CAGR during the forecast period. Moreover, in terms of vehicles, the forklifts segment dominated the solid tires market in 2021 as they are made out of solid rubber. Whereas airport passenger boarding bridges are anticipated to project the second highest CAGR over the forecast period. Furthermore, by application, the warehouse machinery segment holds a significant share in the market in 2021. Whereas the military vehicle segment is projected to grow at the highest CAGR in the market over the forecast period as they are built with off-road capabilities. In addition, North America solid tires market had witnessed a slight decline in 2020, post the outbreak of the COVID-19 pandemic due to a massive dip in commercial activities and retail spending.
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. Moreover, the increase in demand for solid tires with rising in military spending creates a lucrative growth opportunity in the market. Furthermore, the rise in technical material development in tire manufacturing on account of growing insistence on lower emission levels, along with preference to buy eco-friendly products is creating a huge demand for solid tires and significantly creating a lucrative growth trend in the market. Also, the increasing concern regarding ride safety and avoiding road accidents majorly caused by tire punctures become the major trend for the market growth in the near future. 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 U.S. holds the major share in the North America solid tires market in 2021 owing to increasing construction activities as well as warehouses in the country. Also, the U.S. is anticipated to project the highest CAGR in during the forecast period. Increasing industrialization, growing vehicle production & sales, and increasing construction activities across various countries within this region including the US and Canada fuel the growth of the market. Moreover, Midwest U.S. is expected to project the highest market share over the forecast period.
T -Bridgestone updated its FY 2022 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.42-$3.42 for the period. The company issued revenue guidance of $31.42 billion-$31.42 billion.