In the years to come, airless tires will revolutionize the tire technology industry worldwide. With the advent of this technology, problems such as nails and cuts appeared on the sidewalls, which usually made the tires irreparable. With the use of airless tires, there is no need to check the tire height along with the spare tire, jack and inflation kit. Michelin and General Motors are poised to bring airless tire technology to market in 2024.
The global airless tire market is valued at US$48.77 million in 2021 and is projected to reach US$76.57 billion by 2029, growing at a CAGR of 5.80% over the forecast period 2022-2029.
Global Airless Tires Market Report Scope and Market Segmentation
|
Report Metric |
Details |
|
Forecast Period |
2022 to 2029 |
|
Base Year |
2021 |
|
Historic Years |
2020 (Customizable to 2014 - 2019) |
|
Quantitative Units |
Revenue in USD Million, Volumes in Units, Pricing in USD |
|
Segments Covered |
Type (Radial Tires, Bias Tires), Material (Rubber, Plastic), Vehicle Type (Two-Wheeler, Passenger Cars, Light/Heavy Industrial/Commercial, Trucks and Buses), Rim Size (Less than 15 Inches, 15 to 20 Inches, More than 20 Inches), Sales Channel (OE, Aftermarket) |
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Airless Tires Market Global Dynamics
Drivers
· Increased Vehicle Production
· Rise in Demand for Airless Tires
· Government Initiatives
Opportunity in Europe Microgrid Market
In addition, the increasing demand for environmentally friendly tires with recycled materials offers a lucrative opportunity for market participants during the forecast period 2022 to 2029. In addition, the high demand for airless tires in the fleet will further enhance the growth of the clutch market.
Restraints/Challenges faced by the Airless Tires Global Market
On the other hand, rising commodity prices and less reliable options are likely to hamper market growth. In addition, low awareness and limited acceptance are expected to challenge the airless tire market during the forecast period of 2022-2029.
COVID-19 had a Major Impact on Airless Tires Market
COVID-19 has had a negative impact on the airless tire market due to strict lockdowns and social distancing to limit the spread of the virus. Economic uncertainty, several business closures and low consumer confidence have affected the demand for auto parts and components.
Global Airless Tires Market Scope
The airless tires market is segmented on the basis of type, material, vehicle type, rim size and sales channel.
Global Airless Tires Market Regional Analysis/Insights
The countries covered by the Micronet Market Report are Germany, France, United Kingdom, Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey and the rest of Europe. Germany dominates the European region as a growing dependence on timber has been gaining momentum.
Competitive Landscape and Airless Tires Market Share Analysis
Some of the major players operating in the microgrid market:
Amerityre (US), The Yokohama Rubber Co., Ltd. (Japan), Trelleborg AB (Sweden), Continental AG (Germany) Bridgestone Corporation (Japan), Michelin (France), The Goodyear Tyre & Rubber Company (US), Sumitomo Corporation (Japan), Hankook Tire & Technology Co.,Ltd. (South Korea), Toyo Tire Corporation (Japan)
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Major TOC of the Europe Microgrid Market
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