Rising Demand for Airless Tires Drives Growth in the Global Market
Airless Tires Market Overview:
The commercial vehicle market is expected to see huge profits in the forecasting period and, as a result, the on-growing efforts of the players to introduce airless or non-pneumatic tires for commercial vehicles. However, the rising demand for tires to sustain through the tough road conditions in heavy-duty vehicles will definitely support the market growth. Airless tires are generally used in the automobile industry; however, they have a strong load-bearing capacity, driving performance quality, and environmental compatibility. On the other hand, the manufacturer is using such types of tires to eliminate the need for spare tires and the high productivity in the applications that involve the manufacturing, farming, construction, and mining sectors.
In addition, the worldwide Airless Tires Market has been expected to increase at a CAGR of 9%, with a value of USD 63.6 million over the estimated projected time of 2022-2030.
During the estimated forecasting years, the growing attention towards the agricultural sector is expected to be the key driver of the market due to the increasing demand for agricultural machinery. The need for improving road safety has led to the high-tech industry development of airless tires to prevent road accidents caused by punctured tires. The increasing necessity for robust and flexible tires to provide tremendous shock-absorbing properties is driving the global market demand for airless tires. Due to the global pandemic outbreak, the global market has completely crashed. The entire Airless Tires Market has faced a huge loss due to implementing the strict lockdown procedure. The airless tire market also faces such types of problems during lockdown time.
Airless Tires Market Segmentation:
According to the latest market report, the global Airless Tires Market has been segmented into five sections: type, material, tire size, vehicle type, sales channel, and regional basis. Based on the type section, the market has been classified into two types: radial and bias. According to the tire size, the market has been classified into five types less than 20 inches, 21-25 inches, 26-30 inches, 31-35 inches and greater than 35 inches. Based on the material, the Airless Tires Market has been segmented into two categories like rubber and plastic. According to the vehicle type, the global market has been classified into four sections two-wheelers, passengers car, light or heavy industrial & commercial vehicles and trucks & buses. The market has been divided into two sections: the sales channel, OEM & aftermarket. Based on the regional sector, the global market has been classified into five sections such as Asia-Pacific, Europe, North America, South America and Middle East & Africa.
Airless Tires Market Regional Analysis:
The share of the off-road segment among the different vehicle tires is expected to be the highest in 2022. It is also expected to be the largest segment in 2027; however, it also increased with the total share value of the global market. In the automobile manufacturing and heavy industrial sectors, tires have become an integral part of all types of vehicles. However, the tires control the vehicle’s motion, and there have been many accidents across the world just because of the tires. In the United States, more than 700 accidents are caused every year due to tire-related problems.
Airless Tires Industrial News:
Frameworks like CAFÉ and standards set by EPA and NHTSA worldwide are demanding increased mileage figures to reduce the emissions from the vehicles. According to the latest framework introduced in the United States in 2012, the automakers’ average fuel economy has reached 35.6 in the upcoming years.
Airless Tires Market Key Players
- Bridgestone Corporation (Japan)
- Hankook Tire (South Korea)
- The Goodyear Tire and Rubber Company (U.S.)
- Pirelli (U.S.)
- Sunitomo Rubber Industries (Japan)
- Amerityre Corporation (U.S.)
- Michelin (France)
- Toyo Tire and Rubber Co. Ltd. (Japan)
- Cooper Tire (U.S.)
- Tannus Ltd. (Korea)
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