Market Scenario

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.

Report Summary

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. 

Impact of COVID-19 on North America Solid Tires Market 

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. 

Key Takeaways from the North America Solid Tires Market Report

• Based on 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. This segment makes the rubber hold, while the thickness of the rubber layers varies depending on the application of the tire.
• On the basis of vehicles, the forklifts segment dominated the solid tires market in 2021 as they are made out of solid rubber, have more durability, and can't be punctured or deflated. Whereas airport passenger boarding bridges are anticipated to project the second highest CAGR over the forecast period.
• In terms of application, the warehouse machinery segment holds a significant share in the market in 2021. Moreover, 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. These are used by armed forces for the purpose of transportation, reconnaissance, and combat operations.
• Based on 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. Due to 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.

Company Profile

• Continental AG is a German multinational automotive parts manufacturing company that specializes in brake systems, interior electronics, powertrain and chassis components, tachographs, tires, and other parts for the automotive and transportation industries. It is structured into six divisions such as chassis and safety, powertrain, interior, tires, contitech, and ADAS. Moreover, in terms of business revenue segmentation, tires hold the largest market share.
• Michelin is an automotive company that manufactures and distributes all types of tires globally. The company works in three segments such as automotive, road transportation, and specialty businesses. The company also publishes travel guides, hotel and restaurant recommendations, maps, and road atlases, as well as provides digital mobility assistance services.
• Industrial Rubber Company designs and engineers’ tires for steel industries, oil & food industries, mining industries, airport applications and industrial applications. It is specialized in the field of solid resilient tires, solid skid steer tires, lifting equipment tires, road construction equipment tires, underground mining tires, ground support equipment tires, and industrial solid tires rims, etc.

Competitive Landscape

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.

Segmentation Overview 

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:

• Made on Frame /Wheel
• Made on Rim

By Vehicle segment of the North America Solid Tires Market is sub-segmented into:

• Forklift
• Tractor
• Crane & Lifts
• Container Trailer
• Airport Passenger Boarding Bridges
• Others

By Application segment of the North America Solid Tires Market is sub-segmented into:

• Construction Machinery
• Warehouse Machinery
• Agriculture Equipment
• Military Vehicles
• Air & Sea Ports Machinery
• Others (Transport)

By Country segment of the North America Solid Tires Market is sub-segmented into:

• U.S.
• Canada