Monorail is a railway technology that runs on a sole railway elevated track. Monorail vehicles utilize rubber tires on concrete tracks, which makes their operation quieter. Monorail tires are specially designed and customized in different shapes and sizes for transit applications. Monorails generally constitute of eight load tires, four steering tires (two in the front and two at the rear end of the vehicle), around 32 guide tires for a four-car train. Monorails are widely employed in congested urban cities and towns owing to their simple design and ease of construction in such areas.
Rise in population in urban areas supplemented with rise in daily commute is likely to boost traffic congestion, which is a major concern in urban areas. However, monorail, which is grade separated and elevated above all traffic congestion and occupies minimal space both vertically and horizontally, is likely to offer a solution to the traffic congestion. This is projected to propel the monorail tire market during the forecast period. Surge in urbanization, especially in developing regions, is offering lucrative employment opportunities and education.
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These factors attract people living in suburbs and the country-side to opt for a daily commute, such as monorails, which are considered highly efficient, economical, and safe means of public transportation as compared to highways, due to fewer number of accidents recorded since its inception, owing its wheel system design. These factors are anticipated to drive the monorail tire market during the forecast period. Increase in air pollution, especially via transportation, is a prime concern around the world. Monorails, which are environment-friendly, do not use any carbon-derived fuels and are likely to be adopted at a higher rate, as they contribute toward a greener environment. This is projected to drive the monorail tire market during the forecast period. However, higher initial cost of installation and maintenance cost coupled with limited passenger capacity are likely to hamper the monorail tire market.
The global monorail tire market can be segmented based on tire type, inflation pressure, and region. Based on tire type, the monorail tire market can be divided into load tire, guide tire, and steering tire. The guide tire segment accounts for a higher share of the market primarily due to a large number of guide tires incorporated in the monorail, as compared to other segments. The axles for the guide tires are spring loaded, which helps maintain balanced contact on both sides throughout the beam. The segment is likely to remain prominent during the forecast period.
In terms of inflation pressure, the monorail tire market can be segregated into less than 150 psi and more than 150 psi. The more than 150 psi segment leads the monorail tire market. This is primarily attributed to the higher number of the guide tires that are generally inflated with 168 psi. Additionally, the guide tires are rated for extreme load 3,000+ pounds per tire. The segment is projected to expand at a healthy growth rate during the forecast period.
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Based on region, the global monorail tire market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominates the global monorail tire market. This is majorly due to surge in rate of adoption of railway transportation coupled with increased number of proposed and on-going projects in the region are projected to boost the monorail market, which in turn is anticipated to propel the monorail tire market in the region. Furthermore, growing urbanization, increased road traffic congestion, demand for economical and safe transportation, and limited availability of spaces in urban areas of the region are prompting governing bodies to opt for monorail as an alternate transit system, thereby driving the monorail tire market in the region.
Key players operating in the global monorail tire market include Michelin, Continental AG, JK Tyre & Industries Ltd, Goodyear Tire & Rubber Co., and Bridgestone Corporation.
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