Airless Tires Market Highlights:
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. Moreover, greater compatibility of airless tires with commercial vehicles result in increasing ride safety with enhanced traction at low speed. However, various drawbacks offered by airless tires mainly including extreme production cost, limited performance during high speed, higher friction, less suspension, and increased rolling resistance are expected to hamper the market in future. Rising global raw material prices of natural resources including rubber is expected to change the preferences of the end users to switch from conventional tires to non-pneumatic tires over the forecast period.
The airless tires industry is expected to witness 9% CAGR during the period, 2018 to 2023.
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Market Research Analysis
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.
Scope of the Report
This study provides an overview of the global airless tires market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and The Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global airless tire market by product, vehicle type, material, tire size, sales channel and regions.
By Vehicle Type
Light Commercial Vehicles (LCV)
Heavy Commercial Vehicles (HCV)
By Tire size
< 20 inches
By Sales Channel
Original Equipment Manufacturer (OEM)
The Rest of the World
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The prominent market players in the global airless market include Bridgestone Corporation (Japan), Hankook Tire (South Kores), 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).
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