Home > Automotive & Transportation > Airless Tires Market

Airless Tires Market Size By Product (Radial, Bias), By Vehicle (Military Vehicles, Passenger & Commercial Vehicles, Terrain Vehicles, Utility Vehicles, Two-wheelers), By Material (Rubber, Plastic), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI1390
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Statistics

Airless Tires Market size surpassed USD 33 million in 2022 and is projected to register 11% CAGR from 2023 to 2032.
 

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Rising sales of electric vehicles (EVs) and a shift towards sustainable automotive solutions would create new growth opportunities for manufacturers in airless tire market. Airless tires are steadily gaining grip in the automotive sector, especially at a time when a myriad of automakers are adopting sustainable solutions to lower their carbon footprint. Made using bio-sourced and recycled materials, these tires can help minimize the overall environmental footprint of the tire sector.

Efforts to improve the driving range of EVs and accept more viable & lightweight materials would incite product demand in the coming years. According to an estimate from the U.S. Department of Energy, about 25% of the energy of EVs is used to overcome rolling resistance, making airless tires a critical component for maximum EV energy efficiency.
 

The high cost of manufacturing airless tires could impact airless tires market expansion. The use of advanced equipment, infrastructure, and raw material can increase the overall cost of manufacturing airless tires. Another major constraint is its manufacturing complexity which could impact production time and cost. However, strategic partnerships and mergers between tire manufacturers over developing new airless tires using sustainable materials could help overcome some of these challenges during 2023-2032.
 

Recyclability feature of plastic airless tires could boost product demand    

The industry size from the plastic material segment is predicted to record witness 11% growth from 2023 to 2032. Automakers are using lightweight components to improve vehicle fuel efficiency. Airless tires can help achieve this as they are often filled with compressed polymers like plastic that make them lightweight. New initiatives by automakers and tire companies to endorse the use of recyclable material would compel market growth.
 

Growing use of airless radial tires in hybrid electric vehicles

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Radial airless tires market is anticipated to cross USD 59 million by 2032. Climate change and other environmental hazards have shifted the focus of automakers toward hybrid vehicles and EVs because of the government incentives and customer appreciation for these vehicles. As per the data from the Office of Energy Efficiency & Renewable Energy, the sale of hybrid-electric vehicles has increased by 76% from 2020 to 2021.
 

The growing demand for higher-range EVs will influence the espousal of airless radial tires. New product innovations by tire manufacturers will garner the sector growth by 2032. For instance, in January 2022, Michelin launched a prototype of the airless radial tire for eCargo trikes, Michelin X Tweel. This is a single unit that replaces the entire wheel assembly and current tire together.
 

Soaring use of golf carts to drive airless tires demand

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Airless tires market from the utility vehicles type is expected to attain nearly 9.5% gains through 2032. Recently, the usage of golf carts has increased due to the escalating popularity of the golf and an increase in tourist footfall across resorts. In a bid to make these carts more sustainable, industry players have started using airless tires in their makes.
 

Robust automotive sales across Asia Pacific

APAC airless tires industry is forecasted to exceed USD 33.5 million by 2032 owing to the spurring sale of passenger and commercial vehicles in the region. According to the China Passenger Car Association, in December 2022, the sale of passenger vehicles reached 2.19 million units, indicating an increase of 2.4% compared to that in 2021. Rising fuel prices have elevated the demand for fuel efficiency vehicles in Asia Pacific region which could dominate the implementation of airless tires in newer vehicle variants. The presence of several automakers and business players along with the easy availability of raw materials would have a favorable determine the regional market progression.
 

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of airless tires crossed USD 33 million in 2022 and is projected to record 11% CAGR from 2023 to 2032, according to GMI Report.
Plastic airless tires industry is predicted to attain over 11% gains between 2023 and 2032 as these tires are lightweight and can help improve vehicle fuel efficiency.
Asia Pacific airless tires industry is forecasted to surpass USD 33.5 million by 2032 due to the rising sale of passenger and commercial vehicles in the region.
Some of the eminent manufacturers of airless tires are Toyo Tires, Bridgestone Corporation, Hankook Tires, Resilient TechnResilient Technologies, LLC., The Michelin Group., Sumitomo Rubber Industries., and Goodyear Tire & Rubber Corporation.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 10
  • Tables & Figures: 293
  • Countries covered: 20
  • Pages: 375
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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