Airless Tire Market Size worth over $45mn by 2026
Published Date: April 13, 2020 Authors: Kiran Pulidindi, Sayan Mukherjee
Airless Tire Market size to exceed USD 45 million by 2026, according to a new research report by Global Market Insights, Inc.
Airless tires are not supported by air pressure, which makes its impervious to blowouts from road hazards or puncture even on rugged terrains. This is because these tires possess flexible tread and shear bands connected to polyurethane spokes that deforms temporarily when it comes in contact of uneven surface. The spokes bend in and attains its original shape after losing contact to the surface. Moreover, its ability to carry weight and facilitate recycling will positively influence its penetration in the market.
Technology advancements in automotive industry to drive product demand
Over the recent years global automobile production has witnessed a surge with vehicle manufacturers adopting latest technologies including ADAS systems, airless tires, parental control, in-car internet, driver capability, etc.
Additionally, usage of recyclable materials in the production of tires, provides eco-friendly benefits to reduce carbon emissions. Thus, development of new technologies in the automotive sector will pave opportunistic lines for the market demand.
Manufacturing grinds in the automotive as well as tires industry owing to COVID-19 will hamper the airless tire market growth in the near term. Nevertheless, increasing adoption as well as production of airless tires across the globe will escalate its demand during the forecast spell.
Higher resistance to cut & puncture will drive growth bias tire demand
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The bias tire product segment accounts for over one third of overall airless tire market size in 2019 and is anticipated to grow at a significant rate from 2020 to 2026 impelled by its wide application in heavy duty vehicles such as trucks and buses.
These tires are more stable on rough terrain and are less complicated to repair as compared to the radial tires. Unlike radial, they do not tend to appear underinflated and possess a better sidewall cut resistance. Thus, good traction at slow speed and its cost-effective nature will positively drive the market revenue.
Browse key industry insights spread across 263 pages with 283 market data tables & 19 figures & charts from the report, “Airless Tire 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), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Superior performance capabilities to support the rubber tires demand
The rubber material segment is likely to witness a growth rate of over 5% through 2026 owing to multiple benefits including, superior flexibility, high performance grip, and enhanced shock absorbing capability. Rubber tires are expensive and has several limitations to slow moving vehicles that includes rough ride and limited resistance to tire cuts.
Rising recreational activities and adventure sports will enhance airless tire market penetration
Application of airless tires in terrain vehicles accounted for over 30% market revenue in 2019. This is because it provides excellent shock absorbing capacity, higher flexibility and strength that positively influences its penetration for terrain vehicles. Additionally, these tires are not prone to environmental impact and can undertake all-terrain tasks without going flat compared to conventional tires.
Escalating growth in Europe to drive product penetration
Europe airless tire market is estimated to exhibit a considerable CAGR of around 5.5% till 2026. This is due to increasing demand from Germany, France and Russia as these countries possess high product request from well-established automotive and military vehicle manufacturing industries.
Additionally, the region also comprises large number of golf carts, all-terrain vehicles (ATV) that uses the product for smoother and economic functioning to avoid blowouts. Further, the presence of well-established terrain vehicles players in the region will boost the market penetration.
Product differentiation among manufactures will provide competitive in the market
Key manufactures in the market include Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Corporation, Hankook, and Sumitomo Rubber Industries. These companies primarily focus on innovation and research & development activities to attain competitive edge over its rivals.