Airless Tires Market; Future Trend and Growth Opportunities by 2026
The size of airless tires market was registered at USD 34.3 million in the year 2019 and is anticipated to cross USD 45.5 million by 2026. Between the period 2020-2026, the market is expected to register a CAGR of 5.6%.
The introduction of new non-pneumatic tires for commercial and passenger vehicles is slated to be the key factor driving global airless tires market share through the forthcoming timespan. In addition to these growth factors, airless tires are used massively in other vehicles such as military vehicles, utility vehicles, terrain vehicles, as well as in two-wheelers.
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In terms of the materials segment, the overall airless tires market is bifurcated into rubber and plastics based airless tires. Among these, plastics account for a majority of the industry share, representing approximately 65% of the total market size. The segment is further anticipated to proliferate at a significant rate through the forecast timeframe.
The projected growth can be attributed to increasing initiatives from companies such as Bridgestone to manufacture tires from recycled plastic and commercialize the subsequent airless tires for a number of motor vehicles. In addition, their recyclability and reduced weight are a some of the important factors that are further expected to expand their segment share in the airless tires industry landscape in coming years.
With respect to product, airless tires are divided into bias and radial segments. The radial tire segment is projected to expand at a rapid rate due to rising demand from electric, hybrid, as well as other vehicles.
Radial tires also help in decreasing wear and tear that happens due to the extreme torque encountered in the utility vehicles. This would further increase the deployment of radial tires across vehicles in the projected time period.
Latin America airless tires market is projected to observe a growth rate of approximately 5% across the forecast timespan. This growth rate can be attributed to a number of favorable trade policies and foreign direct investment inflows, which are actively helping the growth of overall market share in the region.
The market is developing rapidly in the region and is anticipated to continue to witness a prominent expansion rate in the coming time with the commercialization of commercial and passenger vehicles airless tires as well as other key technology interventions in the automotive sector.
All in all, the airless tires market is set to grow exponentially in the coming years due to the growing product adoptions in a number of different vehicles, including commercial as well as military models. The strong presence of companies that are increasingly innovating to increase the proliferation of airless tires are further facilitating an upward growth trajectory to the market share.
The competitive landscape of the airless tires market is inclusive of players such as Sumitomo Rubber Industries, Goodyear Tire & Rubber Corporation, Michelin Group, and Bridgestone Corporation among others.
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Some Point from Table of Contents:
Chapter 4 Airless Tires Market, By Product
4.1 Airless tires industry share by product, 2019 & 2026
4.2 Radial
4.2.1. Market estimates and forecast, 2016 - 2026
4.2.2. Market estimates and forecast, by region, 2016 - 2026
4.3 Bias
4.3.1. Market estimates and forecast, 2016 - 2026
4.3.2. Market estimates and forecast, by region, 2016 - 2026
Chapter 5 Airless Tires Market, By Vehicle
5.1 Airless tires industry share by vehicle, 2019 & 2026
5.2 Military vehicles
5.2.1 Market estimates and forecast, 2016 - 2026
5.2.2 Market estimates and forecast, by region, 2016 - 2026
5.3 LCV
5.3.1 Market estimates and forecast, 2016 - 2026
5.3.2 Market estimates and forecast, by region, 2016 - 2026
5.4 HCV
5.4.1 Market estimates and forecast, 2016 - 2026
5.4.2 Market estimates and forecast, by region, 2016 - 2026
5.5 Terrain vehicles
5.5.1 Market estimates and forecast, 2016 - 2026
5.5.2 Market estimates and forecast, by region, 2016 - 2026
5.6 Utility vehicles
5.6.1 Market estimates and forecast, 2016 - 2026
5.6.2 Market estimates and forecast, by region, 2016 - 2026
5.7 Motorcycles
5.7.1 Market estimates and forecast, 2016 - 2026
5.7.2 Market estimates and forecast, by region, 2016 - 2026
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