Airless Tires Market Size, Share and Segmentation by Rim Size (Less than 15 Inches, 15 to 20 Inches, more than 20 Inches), by Material (Rubber, Plastic), by Vehicle Type (Military Vehicles, Passenger & Commercial Vehicles, All-terrain Vehicles, Utility Vehicles, Two-wheelers), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

Airless Tires Market Size was valued at USD 36.79 million in 2022 and is expected to reach USD 56.89 million by 2030 and grow at a CAGR of 5.6% over the forecast period 2023-2030.

The automotive tire is an essential component of every vehicle since it protects and comforts the driver and passengers. The primary purpose of the tire is to act as a barrier between the wheel rim and the road surface, so preventing any damage to the wheel. Because the support provided by an airless tire does not depend on air pressure, this type of tire is also known as a non-pneumatic tire (NPT) or a flat-free tire. Because this type of tire does not require air pressure, there is no longer a need to periodically add air to the tires. Because it is made of rubber, it functions as a cushion that is both flexible and resilient, mitigating the effect of vibrations and absorbing the shock that the automobile causes. Solid or non-pneumatic tires, which do not rely on air pressure, are alternate names for airless tires. They are typically made of plastic or rubber, although 3D printing is also being used in their production.

In 2021, The Smart Tire Concept was revealed by Sumitomo Rubber Industries, Ltd. (Sumitomo Rubber). Despite the fact that the economic climate in which the automotive industry operates is undergoing massive shifts as a result of environmental concerns as well as the development of artificial intelligence and the Internet of Things, this new technology development concept has as its goal the production of tires that offer even greater levels of safety and environmental performance.

MARKET DYNAMICS: 

KEY DRIVERS: 

• A significant increase in the demand for tires that require no maintenance.

• As all-terrain and military vehicle demand grows, the market for airless tires is likely to expand.

• The market for two-wheeler tires with plastic spokes will rise if more recycled plastic.

• Demand for fuel-efficient tires is rising.

RESTRAINTS: 

• Low performance both when there is friction and when there is high speed.

• High capital investment for new manufacturing facilities will limit market expansion.

• The market's expansion is expected to be hampered by high manufacturing costs.

OPPORTUNITIES: 

• Plastics' greater capacity to be recycled.

• Electric car usage is expected to boost the airless tire industry in the future years.

• The use of advanced materials in new technologies is expected to open up a lot of market opportunities.

CHALLENGES: 

• Over the next few years, volatile raw material prices could pose a threat to the market.

• The impact on the supply chain can make the market vulnerable to disruption.

IMPACT OF COVID-19:

The rapid spread of the COVID-19 pandemic has had a detrimental influence on the Airless tire sector. This is because the pandemic has caused travel restrictions, and it is expected that key players will have a terrible financial performance throughout the year 2020. The execution of the supply chain, the dependency on labor, the changes in regulations and policy, the management of working capital, and the management of liquidity and solvency are all important challenges for tire producers. As a consequence of the COVID-19 outbreak, there have been reports of significant industrial disruptions, and the processes involved in the production of tires have been halted across the globe. This has an impact not only on the financial sources for research and development but also on the acceptance of cutting-edge technologies such as plastic and solid tires. On top of that, the production and distribution of automobiles are inextricably intertwined with the business of selling airless tires. As a consequence of this, alterations in the production and sales operations of the automotive industry are anticipated to have an immediate influence on the overall demand in the market for airless tires.

KEY MARKET PLAYERS:

Bridgestone Corporation (Japan), Pirelli (U.S.), Sumitomo Rubber Industries (Japan), Hankook Tire (South Korea), The Goodyear Tire and Rubber Company (U.S.), Amerityre Corporation (U.S.), Toyo Tire and Rubber Co. Ltd. (Japan), Michelin (France), Cooper Tire (U.S.), Tannus Ltd. (Korea) are some of the affluent competitors with significant market share in the Airless Tires Market.

MARKET ESTIMATION: 

Market, By Rim Size:

The global market has been divided into Less than 15 Inches, 15 to 20 Inches, and More than 20 Inches based on the rim size segment. Tires with a diameter of 20 inches or less are in high demand. Changing from more than 20-inches wheel diameter necessitates the purchase of new tires. When driving over bumps and potholes, these tires require a lower profile to keep the suspension from fully compressing and rebounding.

Market, By Material:

The global market has been divided into rubber, and plastic Based on the material segment. Rubber is a low-cost, high-load bearing material. High stiffness is required in rubber components for airless tires, such as vulcanized rubber compounds utilized in the tire's inner casing such as the bead apex. Plastic is often used to make airless tires because it can be reused and recycled.

Market, By Vehicle Type:

The global market has been divided into Military Vehicles, Passenger & Commercial Vehicles, All-terrain Vehicles, Utility Vehicles, and Two-wheelers based on the vehicle type segment. Airless tires are more durable than pneumatic ones. Two-wheeler airless tires are created from extruded foams. Population growth, strong purchasing power, and favorable legislation enhance demand for passenger vehicles. Minivans, pickups, and buses are LCVs.

MARKET SEGMENTATION:

By Rim Size:

• Less than 15 Inches

• 15 to 20 Inches

• More than 20 Inches

By Material:

• Rubber

• Plastic

By Vehicle Type:

• Military Vehicles

• Passenger & Commercial Vehicles

• All-terrain Vehicles

• Utility Vehicles

• Two-wheelers

REGIONAL ANALYSIS:

The airless tires market was separated into four regions: North America; Europe; Asia-Pacific; and everywhere else on Earth. As the automotive sector in nations like China, India, and Japan expands at a rapid pace, the Asia-Pacific region has one of the world's largest aftermarkets. The expanding building activity, industrial expansion, and need for fuel-efficient technology all contribute to the region's increased interest in airless tires. In countries like Japan, China, and South Korea, there are plenty of raw material suppliers and low labor prices in the Asia-Pacific region. Airless tires are projected to be in high demand in the agricultural sector in these countries as well, given the importance of agriculture in these countries. China is the world's largest automotive market. There are numerous opportunities for tire producers to invest in the industry through joint ventures with local car manufacturers. The North American airless tire industry is predicted to develop in response to the increasing use of airless tires in construction and industrial equipment trucks.

REGIONAL COVERAGE:

• North America

  • The USA

  • Canada

  • Mexico

• Europe

  • Germany

  • The UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Frequently Asked Questions (FAQ) :