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) & Forecast, 2023 - 2032

Airless Tires Market Size

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

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.
 

Airless Tires Market Analysis    

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.
 

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.
 

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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.
 

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.
 

Airless Tires Market Share

Some of the eminent participants operating in the global airless tires market are

• Toyo Tires
• Bridgestone Corporation
• Hankook Tires
• Resilient TechnResilient Technologies, LLC.
• The Michelin Group.
• Sumitomo Rubber Industries.
• Goodyear Tire & Rubber Corporation

Companies are working on new product developments, mergers, and acquisitions, to have a competitive edge in this competitive landscape.
 

Impact of the COVID-19 pandemic

The COVID-19 pandemic had an adverse effect on the airless tires industry as many manufacturing units were closed down during the outbreak. A delay in automotive production led to a decline in the demand for tires. However, as restrictions have been lifted and people are indulging in outdoor activities, the demand for passenger vehicles has picked up the pace which could open new growth prospects for airless tire makers. Awareness regarding climate change and efforts to reduce GHG emissions would further support product penetration in the EV sector. 
 

This market research report on airless tires includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD thousand from 2018 to 2032 for the following segments:

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Market, By Product

• Radial
• Bias

Market, By Vehicle

• Military Vehicles
• Passenger & Commercial Vehicles
• Terrain Vehicles
• Utility Vehicles,
• Two-wheelers

Market, By Sales Channel

• OEM
• Aftermarket

Market, By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Poland
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • UAE
  • South Africa
  • Saudi Arabia