Airless Tires Market Size By Product (Radial, Bias), By Vehicle (Military Vehicles, LCV, HCV, Terrain Vehicles, Utility Vehicles, Motorcycles), By Material (Rubber, Plastic), By Tire Size (<20 inches, 21-25 inches, 26-30 inches, 31-35 inches, >35 inches), By Sales Channel (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Published Date: Feb 2018  |  Report ID: GMI1390  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 350   |   Base Year: 2016

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Airless Tires Market size valued at over USD 120 million in 2016 and is predicted to witness around 8% growth from 2017 to 2024. The global industry demand is projected to reach 139 thousand units by 2024.

Airless Tires Market

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Rising acceptance from heavy commercial and off-road vehicles coupled with high deployment in military segment, especially in developed countries of North America will primarily drive the airless tires market share over the forecast timeline. Proliferating demand of utility vehicles such as lawn mowers, golf carts, etc, will further escalate the revenue generation. Major tire manufacturers across the globe including Bridgestone, Michelin, and Hankook are investing heavily on R&D for the development of these tires, inducing immense growth potential to the industry size till 2024.

Non-pneumatic tires are currently produced by recyclable plastic or rubber, making them eco-friendly in nature. Moreover, provision of benefits such as durability, puncture proof, and rugged applications will further strengthen the product penetration. However, excessive manufacturing cost coupled with low awareness about their benefits may hamper the airless tires industry growth over the forecast timeframe. Limited performance in case of friction, suspension, and high speed will further impact the market negatively.

Rising focus of governments on agricultural sector across the globe has resulted in increased demand for agricultural machinery, leading to increased production of airless tires. Manufacturers are focusing on overcoming the challenges associated to these tires such as vibration and noise by regular technological advancements.

Airless Tires Market Report Coverage
Report Coverage Details
Base Year: 2016 Market Size in 2016: 120 Million (USD)
Historical Data for: 2013 to 2016 Forecast Period: 2017 to 2024
Forecast Period 2017 to 2024 CAGR: 8% 2024 Value Projection: 200 Million (USD)
Pages: 350 Tables, Charts & Figures: 759
Geographies covered (19): U.S., Canada, Germany, UK, France, Russia, Italy, Poland, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa
Segments covered: Product, Vehicle, Material, Tire Size, Sales Channel and Region
Companies covered (7): Bridgestone, Goodyear Tire & Rubber Co., Hankook, Michelin, Resilient technologies, Sumitomo Rubber Industries, Toyo Tires
Growth Drivers:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Market by Product

Radial tires are expected to capture over 65% of revenue share by 2024. High preference of non-pneumatic tire manufacturers towards production of radial tires will primarily support the substantial revenue generation. Rising demand from commercial vehicles will further strengthen the product penetration. Moreover, provision of the benefits such as higher flexibility, enhanced strength, better shock absorbing capacity, and lesser fuel consumption than its counterpart is another factor positively impacting the airless tires market growth over the forecast timeframe.

Bias tires will exhibit over 9% CAGR from 2017 to 2024 owing to high usage of these tires in heavy trucks and buses. Developing economies such as India and Indonesia are witnessing high deployment of these tires in heavy commercial vehicles, further supporting the industry demand. Cost effectiveness as compared to its counterpart is another factor positively impacting the market value from bias tires.

Market by Vehicle

HCV is anticipated to generate a demand of over 37 thousand units by 2024, accounting for more than 27% share over the forecast timeframe. These vehicles are equipped with airless tires to engage in rugged activities and carry more weight. Owing to these features, the manufacturers are increasingly preferring these tires, fostering the market value. Major industry players such as Michelin are focusing on development of these tires for heavy vehicles, further offering growth opportunities for this segment.

Military vehicles will exhibit around 9% CAGR from 2017 to 2024 owing to high usage of airless tires, especially in developed countries such as U.S. Industry participants are developing non-pneumatic tires for military and defense sector, positively impacting the product penetration.

Market by Material

Airless tires market size from plastic is expected to account for over USD 135 million over the next eight years. Plastic is highly recyclable, and therefore, preferred by the manufacturers in their production. For instance, in February 2011, Bridgestone developed an airless tire with recyclable plastic. Similarly, in April 2017, the company manufactured tire for two-wheelers with plastic spokes. Cost effectiveness as compared to its counterpart is another factor supporting the market dominance.

Rubber will showcase a declining revenue share over the next eight years. It is a natural resource with continuously increasing costs across the globe. Moreover, the stringent regulations regarding the usage of rubber such as REACH in Europe may further curb the industry growth over the forecast timeframe.

Market by Tire Size

21’’-25” tires are expected to dominate the non-pneumatic tires industry, capturing over 33% volume share over the forecast timeframe. High deployment of these tires in HCVs and LCVs will primarily drive the industry revenue. Moreover, they are increasingly being used in terrain vehicles across the globe, further escalating the revenue generation.

Tires above 35” will showcase fastest growth, exhibiting around 10% CAGR till 2024. These tires are generally used in military vehicles and other heavy vehicles used in construction & agricultural sectors. Rising demand for airless tires from military vehicles will foster the market demand over the coming years.

Market by Sales Channel

OEMs will account for approximately 94% market share till 2024. Since airless tires are not yet commercialized on a larger scale, they will primarily enter OEM market post manufacturing. This will majorly support the industry dominance. Moreover, the process of maintenance of safety standards is well handled by manufacturers. Durability, better service, and provision of safe driving conditions are other factors, further impacting the market positively.

Aftermarket is likely to exhibit over 10.5% CAGR over the next eight years. The market revenue will witness high replacement needs in the near future with the prominence of these tires across the globe. The shifting preference can be attributed to their quality features. Cost effectiveness is another factor propelling the airless tires market revenue.

Market by Region

Asia Pacific is anticipated to dominate the non-pneumatic tires market, accounting for over 34% share by 2024. Substantial production of military and commercial vehicles, especially in China and India will primarily drive the industry demand. Initiatives from major manufacturers for the development of these tires will further support the region’s dominance.

North America airless tires market will capture significant share crossing USD 56 million over the forecast timeframe. High demand of airless tires across the region, especially from military sector will contribute the revenue generation. Prominent market players are providing airless tires for military sector in the region.

Competitive Market Share

Michelin, Goodyear Tire and Rubber Company, Bridgestone, and Hankook are among the prominent players in the airless tires industry. Other noticeable participants include Resilient Technologies, Toyo Tires, and Sumitomo Rubber Industries. Geographic expansion is among the major strategies adopted by the industry players to strengthen their presence in the market.

Industry Background

Airless tires generally refer to the next-generation tires that no not require air and eliminate the need of air pressure. They can be based on honeycomb or spokes structure and are being developed using 3D printing method. These tires are majorly manufactures using plastic or rubber. Their benefits as compared to the conventional tires will primarily drive the industry growth over the coming years. These benefits include puncture proof, durability, and high application in rugged activities.

Frequently Asked Questions (FAQ) :

The airless tires market revenue is predicted to witness around 8% growth to 2024 when the global industry demand is projected to reach 139 thousand units driven by rising acceptance from heavy commercial and off-road vehicles coupled with high deployment in military segment.
Several governments worldwide are increasingly focusing on their respective agricultural sectors. This has triggered a rise in demand for agricultural equipment and machinery. This demand is subsequently fueling production activities for airless tires, driving market share further.
While they offer benefits like durability and high puncture resistance, which allow for their adoption in rugged applications, low awareness about these product benefits and high production costs would likely make a negative impact on the non-pneumatic tires segment.
In respect to regional growth, the Asia Pacific airless tires industry is projected to record growth at an unprecedented rate in forthcoming timeframe. Increasing production of commercial and military vehicles, particularly in China and India would predominantly deliver the industry the traction it needs to realize this growth.
OEMs are expected to dominate the worldwide industry in coming years. Particularly because airless tires are yet to be commercialized on a bigger scale. These tires would likely enter the OEM industry post-production, which would majorly support dominating growth of this sales channel.

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