In terms of revenue, the global airless tire market was valued at US$ 173.3 million in 2018 and is projected to reach US$ 270.0 million by 2027; it is expected to grow at a CAGR of 5.1% during the forecast period from 2019 to 2027.
A flat tire is among the significant inconveniences encountered by a driver, causing prolonged delays or expensive cost of towing, severe tire rupture, or even a lethal accident. Standard tires are unable to be safely driven on when flat. The flat tires cause the wheel rim to contact the ground directly with a detrimental effect on vehicle control. The technology of airless tire has a number of benefits for both the vehicle driver and the environment. These tires utilize lesser raw material (rubber, composite material) and energy in the production and in the long run as these tires provide longevity. Further, the market ecosystem is benefited with a limited number of scrapped tires from damage or puncture. Additionally, the airless tires help in eliminating most of the irregular wear issues from under or over inflation and reduce risks on the road from sudden flats and blowouts.
The most prominent region in the global airless tire market accounted for North America, followed by the Asia Pacific and Europe. The dominance of North America in the airless tire market is due to the fact that the region houses several airless tire manufacturers, who capitalize significantly on the research & development of the product. The US is the largest market in North America as well as the global airless tire market and is anticipated to dominate the market throughout the forecast period from 2019-2027.
The escalation of airless tire market during the forecast period is attributed to the rising demand for non-pneumatic tires in various industries. Additionally, the procurement of airless tires is anticipated to catalyze with the commercialization of the product for light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs) in the future.
The key airless tire market players profiled in this research study; Amerityre, Bridgestone Corporation, Continental, Evolution Wheel, Hankook Tire & Technology Co. Ltd., McLaren Industries, Michelin, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Company, and Toyo Tire & Rubber Co. Ltd., among others.
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Key findings of the study:
The Asia Pacific, on the other hand, is the second-largest market globally, attributing to the presence of several tire manufacturers who invest time and amounts in developing non-pneumatic, solid, or airless tires for various off-highway vehicles. Sumitomo Rubber Industries Ltd., Hankook Tire & Technology, and Bridgestone Corporation, among others, are the well-known tire manufacturers offering airless tires.
Presently, most of the airless tires available on the market are manufactured with the use of rubber and composite materials. In terms of commercial applications, lawnmowers, golf carts, and trailers are some of the common examples where airless tires are being deployed.
The utility vehicle type is anticipated to hold the largest share of the overall global airless tire market. This is mainly due to the rapid growth in construction industry around the world in the aim of improving several country’s economy by expanding and developing manufacturing facilities to support industrialization.
Airless Tire Market – Companies Profiles
- Bridgestone Corporation
- Evolution Wheel
- Hankook Tire & Technology Co. Ltd.
- McLaren Industries
- Sumitomo Rubber Industries Ltd.
- The Goodyear Tire & Rubber Company
- Toyo Tire & Rubber Co. Ltd.,
Airless Tire Market to 2027 - Global Analysis and Forecasts by Type (Radial Tire and Bias Tire); Vehicle Type (Terrain Vehicle, Utility Vehicle, and Military Vehicle); Material (Rubber and Composite)
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