Airless tires eradicate the need of air pressure in the tires and provide higher durability over conventional tires. The need for improved road safety has led to the development of airless tires in order to prevent the road accidents ratio caused by punctured tires. Increasing necessity of tires that are robust and highly flexible to provide tremendous shock absorbing properties is driving the market demand for airless tires. In addition, OEMs and industry participants are developing eco-friendly tires with the recycled products such as used rubber tires and plastics, delivering a highly durable and puncture proof tires which is anticipated to drive the demand for airless tires.
Airless tires market has experienced a substantial growth and presumed to grow with a CAGR of 9% over the forecast period.
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Key Players Analyzed in Report:
The prominent players in the Airless Tires Market are Bridgestone Corporation (Japan), Hankook Tire (South Korea), The Goodyear Tire & Rubber Company (US), Pirelli (US), Sunitomo Rubber Industries (Japan), Amerityre Corporation (US), Michelin (France), Toyo Tire & Rubber Co. Ltd. (Japan), Cooper Tire (US), Tannus Ltd. (Korea)
Market Research Analysis:
Global Airless Tires Market is predicted to experience a major growth throughout the forecast period owing to growing awareness for ride safety by preventing road accidents caused by tire punctures. Airless tires are considered as the next-generation tires which is eliminating the requirement of air pressure in the tires. In addition, industry participants and manufacturers are designing eco-friendly tires by means of recycled materials, since airless tires have longer life in comparison with conventional tires.
In terms of region, the global market for airless tires is divided into North America, Europe, Asia-Pacific, and The Rest of the World. North America is expected to dominate the global market share of airless tires owing to early adoption of non-pneumatic tires coupled with advancements in automotive industry. Moreover, rising road accident safety concerns due to tire blowout is anticipated to drive the market demand during the forecast period. Stringent regulations directed by European Commission for driver’s convenience and safety along with introduction of advanced chip embedded tires is anticipated to augment the market demand in future. Growing number of automotive industries in the countries like China, South Korea, and Japan is predicted to expand the market share of Asia-Pacific over the forecast period.
Airless Tires Market Segmentation:
The global airless tires market is segmented by product, by vehicle, by material, by size, and by sales channel.
Based on type, the market is divided into radial and bias tires.
On the basis of vehicle, the market is divided into LCVs, HCVs, Military vehicles, Terrain Vehicles, Utility vehicles, Two-wheelers. Major adoption of airless tires in HCV is expected to take the market demand on another level.
On the basis of sales channel, the OEMs are projected to dominate the airless tires market owing to major contribution of manufacturers towards the process of maintenance of safety standards, Various offering such as better service, durability, provision of safe driving conditions, and easy installation over aftermarket are expected to commercialize on larger scale and augment the market demand over the forecast period.
Geographically, the global airless tires market has been divided into four major regions such as North America, Europe, Asia-Pacific, and The Rest of the World. North America is projected to dominate the airless tires market during the forecast period. Early adoption of advanced tires in the US, coupled with installation of advanced technologies in the premium cars is anticipated to drive the regional market demand for airless tires in future.
Europe is expected to contribute a large market share during the forecast period owing to increasing regulations from European Commission for driver’s safety and convenience while driving. In addition, introduction of low-cost chip embedded non-pneumatic tires in the advanced vehicles enhance the convenience and level of safety, which is expected to escalate the regional market demand over the forecast period.
Furthermore, rising demand for automotive in Asia-Pacific has led to rapid increment in automotive industries in China, Japan, and South Korea, and anticipated to face a decent market growth over the forecast period.
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