Airless Tires Market Analysis | 2023-2028

Market Insights

The airless tires market was estimated at USD 33.27 billion in 2022 and is likely to grow at a CAGR of 11.60% during 2023-2028 to reach USD 64.44 billion in 2028.

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Market Dynamics

Introduction

Airless tires, also known as non-pneumatic tires (NPT), are a type of tire that does not require air pressure to function. Unlike traditional pneumatic tires, which rely on air-filled chambers to support the vehicle's weight and provide cushioning, airless tires are designed to be solid or have a structure that eliminates the need for air.

Market Drivers

The airless tires market is driven by a host of factors, some of which are noted below:

The surge in demand for maintenance-free tires

Airless tires are made up of solid polyurethane with a saw-toothed tread and have the same bounce and load handling as an air-filled tire, except for the periodic maintenance required. It will not crack or decay and provides a soft ride, rollability, noise level, and overall floor protection flaws that are common in foam-filled and air-filled tires. In the forecast period, the increased demand for maintenance-free tires will accelerate the expansion of the airless tires market.

The surge in demand for all-terrain and military vehicles

With the increased utility of all-terrain vehicles (ATVs) for a variety of purposes such as military, agriculture, construction, and forestry, the demand for airless tires increases. Airless tires have conventional off-road tread on the exterior and a hollow inside, and spokes assist the tread in gripping. This aids drivers in traversing difficult terrain and has turned the market towards airless tires. 

The surge in demand for fuel-efficient tires

The availability of crude oil is decreasing, and its price is increasing with time. Here comes the major role of tires, their rollability is directly proportional to the consumption of oil. Huge tire manufacturers are shifting towards producing airless tires, which is indeed driving the market’s growth. Tire manufacturers are shifting towards producing airless tyres which is driving the market. Airless tires have greater contact with the road, which increases the rolling resistance compared to a perfectly inflated pneumatic tire.

Government policies and guidelines

Governments and other regulatory organizations throughout the world are establishing and proposing tire labeling legislation and initiatives to promote vehicle efficiency, reduce the negative environmental effects of traditional tires, and raise awareness of airless tires.

Market challenges

Higher capital investments

In May 2021, Ceat Limited stated that it would invest $168.4 million in the establishment of a tire manufacturing plant in India. This indicates the cost of setting up a manufacturing plant with well-equipped and advanced machinery is much higher. Thus, the high expenses of setting up tire manufacturing facilities limit the expansion of the market globally.

Limited performance

The performance of airless tires varies depending on their application. Bicycle airless tires are more difficult to maintain; they might break the spokes of the wheels. Another problem with airless tires used in heavy vehicles is that they dissipate heat buildup, possibly resulting in blowouts and accidents. The limited performance of airless tires restricts their usage in commercial, military, and passenger automobiles, acting as a key deterrent factor in the airless tires market.

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Key Players

The following are the key players in the airless tires market:

• Amerityre Corporation
• Bridgestone Corporation
• Cooper Tire & Rubber Company
• Harris Tires
• Michelin
• Resilient technologies
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• The Hankook Tire & Technology Group
• Toyo Tires.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

"Radial segment is projected to register a higher growth rate in the market during the forecast period"

The market is segmented as radial and biased. The radial segment is projected to register a higher growth rate in the market owing to excellent flexibility, high strength, improved shock absorbent features, and superior performance capabilities. Other factors such as lower consumption of fuel by it and the strong preference of industry players towards manufacturing radial tires are expected to accelerate the product demand during the forecast period.

By Vehicle Type

"HCV is projected to register a strong growth rate in the market during the forecast period"

The market is segmented into military vehicles, LCVs, HCVs, terrain vehicles, utility vehicles, and motorcycles. HCV is projected to register a strong growth rate in the market owing to ongoing initiatives by the industry players to introduce non-pneumatic tires for the vehicles as these tires provide excellent durability and lesser wear & tear as compared to conventional tires. The growing adoption of airless tires in HCV and increasing construction and infrastructure globally require tires that are capable of carrying more weight and can be worked for rugged activities, fueling the airless tires market growth over the forecast period.

By Material Type

"Plastic material is expected to be the dominant segment of the market during the forecast period"

The market is segmented into rubber and plastic. Plastic material is expected to be the dominant segment of the market owing to the high recyclable ability of this material and being the most preferred material by airless tire production manufacturers during the forecast period. On the other hand, rubber is also estimated to witness significant growth owing to the growing production of rubber tires by market players during the forecast period.

By Sales Channel Type

"OEM segment is estimated to account for the larger share of the market during the forecast period"

The market is segmented as OEM and aftermarket. The OEM segment is estimated to account for the larger share of the airless tires market owing to the shifting inclination of consumers towards airless tires for excellent performance in multiple terrains during the forecast period. Safety driving provisions, excellent service with a minimized maintenance cost, and improved durability are expected to drive product demand in the market during the forecast period.

Regional Analysis

"North America is projected to be the leading region in the market during the forecast period"

North America is projected to be the leading region in the market owing to the growing implementation of airless tires in military applications and utility terrain vehicles, and the constant focus on offering products for military and defense purposes by the industry players during the forecast period. On the other hand, Asia-Pacific is estimated to witness significant growth which can be attributed to the presence of manufacturers, easy availability of raw materials, and high vehicle ownership in the region during the forecast period.

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s airless tires market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The airless tires market is segmented into the following categories:

By Product Type

• Radial 
• Bias

By Vehicle Type

• Military Vehicles 
• LCV 
• HCV 
• Terrain Vehicles
• Utility Vehicles
• Motorcycles

By Material Type

• Rubber
• Plastic 

By Sales Channel Type

• OEM 
• Aftermarket 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players) 

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.