Airless Tire Market is estimated to be 0.27 billion by 2027 and is anticipated to register a CAGR of 5.1% during the forecast period

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Published Date: July 2024

The Airless Tire Market accounted for US$ 0.17 billion in 2018 and is estimated to be USD 0.27 billion by 2027 and is anticipated to register a CAGR of 5.1%.

The report. "Airless Tire Market, By Product Type (Radial and Bias), By Material (Rubber and Plastics), By Vehicle Type (Two Wheelers, Passenger cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.

Key Highlights:

On 2017, The Goodyear Tire & Rubber Company has developed a non-pneumatic, or airless, turf tire to help maintenance-free technologies for commercial vehicles and passenger, mainly in fleet applications.
On 2018, Michelin Tweel Technologies, a division of Michelin North America, Inc., has launched a new 26-inch airless radial tire with a four-bolt wheel-pattern hub, manufactured for UTV (utility vehicle or utility task vehicle).
2019, Michelin Group has signed an agreement with General Motors to test the sample Uptis to equip cars from 2024.

Analyst View:

Currently, airless tire are produced by recyclable rubber or plastic, making them eco-friendly in nature. Moreover, provision of benefits such as puncture proof, durability, and rugged applications will further drive the product penetration. Growing demand from commercial vehicles will further boost the product penetration.

Increasing acceptance from heavy commercial and off-road vehicles along with high deployment in military segment, mainly in urbanized countries of North America will primarily drive the airless tires market. Further, booming demand of utility vehicles such as golf carts, lawn mowers, etc, will further propel the revenue generation. Manufacturers involved in the airless tire across the globe including Michelin, Bridgestone, and Hankook are investing heavily on R&D for the development of these tires, inducing lucrative growth potential to the market.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Airless Tire Market”, Product Type (Radial and Bias), By Material (Rubber and Plastics), By Vehicle Type (Two Wheelers, Passenger cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The global airless tire market accounted for US$ 0.17 billion in 2018 and is estimated to be 0.27 billion by 2027 and is anticipated to register a CAGR of 5.1%. The market report has been segmented on the basis of product type, material, vehicle type, and region.

By product type, the radial segment is projected to register a major revenue share in the global airless tire market. Rising demand for commercial vehicles in developed and developing countries is projected to boost the revenue growth of this segment during the forecast period. Moreover, advantages of radial airless tires such as better shock enhanced strength, higher flexibility, and absorbing capacity as compared to bias tires is other factor expected to propel revenue growth of this segment.
By material, the target market is segmented into rubber and plastics.
By vehicle type, the heavy commercial vehicles segment is anticipated to register major revenue share in the global market and projected to grow at a moderate rate over the forecast period. Heavy commercial vehicles are fortified with airless tires to carry more weight.
By region, Asia Pacific market is projected to register major revenue share in the global airless tire market. Growing production of commercial and military vehicles in the region is anticipated to boost the revenue growth of Asia Pacific airless tire market in the coming years.

Competitive Landscape:

The prominent player operating in the global airless tire market includes Bridgestone Corporation, Michelin Group, Toyo Tire & Rubber Co., Ltd., Continental AG, Sumitomo Rubber Industries, Hankook Tire Co. Ltd., and The Goodyear Tyre & Rubber Company

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period

Key Topics Covered