Airless Tire Market: Current Analysis and Forecast (2021-2027)

Airless Tire Market: Current Analysis and Forecast (2021-2027)

Global Airless Tire Market is anticipated display a CAGR of around ~5% over the forecast period (2021-2027). Tires have evolved into an essential component of all sorts of vehicles throughout the years. Because tires govern a vehicle's motion, they have caused numerous accidents across the world. Tire-related difficulties, for example, cause more than 700 fatalities per year in the United States alone. According to research, the number of fatalities due to tire-related difficulties is higher than the rate of fatalities due to cell-phone driving. The automotive tire is an important component of every vehicle since it ensures the driver and passengers' safety and comfort. The tire's primary purpose is to protect the wheel rim while also delivering tractive force between the vehicle and the road. The airless tire, also known as a non-pneumatic tire (NPT) or a flat-free tire, does not rely on air pressure for support, hence there is no need to fill the tires with air on a regular basis. It functions as a flexible cushion, decreasing the impact of vibrations and cushioning the shock of the car, thanks to its rubber construction.

Insights Presented in the Report

“Amongst Product Type, Radial segment dominated the market in 2020”

Based on product type, the market is segmented into Radial and Bias. The Radial segment is expected to grow at a higher CAGR during the forecasted period. Because of its many advantages, including excellent flexibility, high strength, and improved shock absorption. Furthermore, it has a lower fuel consumption than its competitors, which encourages its use in commercial vehicles. The industry's strong propensity for producing radial tires will help the market develop even faster. Plies of rubber cords in crisscross patterns of lines diagonally to the centre line are used to make bias tires. It is designed to function as a single unit. These tires are frequently seen on big commercial and off-road vehicles. These tires will be widely used in big commercial vehicles in emerging countries such as India and Indonesia, boosting market revenue.

“Amongst Material, Rubber segment dominated the market in 2020.”

Based on material, the market is segmented Rubber and Plastic. The Rubber segment is expected to grow at a higher CAGR during the forecasted period. Rubber is a low-cost material with a large load capability. To increase steering stability, rubber compounds used in airless tires, such as vulcanized rubber compounds utilized within a tire such as a bead apex, must have a high stiffness. Manufacturers prefer plastic materials for airless tire production because they are recyclable. The use of recyclable plastic in the production of two-wheeler tires with plastic spokes is expected to increase market growth.

“Amongst Vehicle Type, Passenger and Commercial Vehicles segment dominated the market in 2020.”

Based on vehicle type, the market is segmented Military Vehicles, Terrain Vehicles, Passenger & Commercial Vehicles, Two-Wheelers and Others. Rubber pneumatic tires are less durable than airless two-wheeler tires. Tires for airless two-wheelers are created from patented foams that have been extruded into various forms. Because of the growing population, strong spending power, and favorable legislation, there is an increase in demand for passenger automobiles, which is projected to contribute to the segment's growth.

“Asia Pacific represents as the largest market.”

Based on the estimation, during the projection period of 2021-2027, Asia Pacific is expected to grow at a higher CAGR. Because of the tremendous expansion of the automobile sector in nations like China, India, and Japan, Asia-Pacific has one of the largest automotive aftermarkets. Factors such as rising building activity, industrial expansion, and desire for fuel-efficient technologies are all contributing to the increased need for airless tires in the region. In nations like Japan, China, and South Korea, there are plenty of raw material suppliers, low labour prices, and favorable government policies. Because these countries place a major emphasis on agriculture, demand for airless tires in the agriculture sector is likely to be substantial as well. In terms of worldwide automobile sales, China is the most important market. Some of the major players operating in the market includes Bridgestone Corporation, Amerityre Corporation, Continental AG, Goodyear Tire & Rubber Company, Toyo Tire & Rubber Company, Michelin, Hankook Tire & Technology, Sumitomo Rubber Industries, Ltd., Yokohama Tire Corporation, Trelleborg AB etc.

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