Airless Tires Market: Industry Potential, Regional Trends & Growth Forecast 2021 – 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 2021-2026, the market is expected to register a CAGR of 5.5%
Airless tires are generally non-pneumatic tires that do not require air pressure. These tires are made up of closed-cell polyurethane spokes linked to the axle, acting as an energy-absorbing component in the tire while threading on rough terrains.
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The airless tires market is likely to witness remarkable gains on account of growing demand for maintenance-free tires from the automotive sector. Customers nowadays are willing to spend more on good quality tires that require mere maintenance in a long run. This trend has compelled various automakers to introduce non-pneumatic tires in commercial and passenger vehicle variants.
These tires are highly durable and possess the ability to endure blowouts caused by road hazards, as well as explosions or gunfire possibly in military operations. Proliferating demand for durable tires that can easily maneuver through rough terrains could boost the demand for airless tires. The airless tire market could surpass USD 45 million by 2026.
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.
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.
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 market landscape in coming years.
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.
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 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
Chapter 6 Airless Tires Market, By Material
6.1 Airless tires industry share by material, 2019 & 2026
6.2 Rubber
6.2.1 Market estimates and forecast, 2016 - 2026
6.2.2 Market estimates and forecast, by region, 2016 - 2026
6.3 Plastic
6.3.1 Market estimates and forecast, 2016 - 2026
6.3.2 Market estimates and forecast, by region, 2016 - 2026
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