Airless Tires Market size is set to surpass USD 74.2 million by 2030, according to a new research report by Global Market Insights Inc.
The report identifies technological developments in manufacturing technology and an increase in new product advancements as the major contributors to market growth. The products are finding key applications across electric vehicles (EVs), as they could help in increasing the driving range and lowering rolling resistance.
Higher production cost is one of the notable reasons restricting the airless tires industry. Other factors include finding a solution to keep debris out of tire spokes, determining the optimum method to evenly distribute weight & successfully transmit loads, and complicated manufacturing process.
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The bias product segment was valued at over USD 11,145 thousand in 2021 and is anticipated to exceed USD 25,180 thousand by 2030. The use of bias airless tires in heavy-duty vehicles, such as trucks and buses, will fuel the industry growth. Compared to radial tires, these products are less complicated to repair and are more stable, especially on uneven terrain.
Browse key industry insights spread across 200 pages with 280 market data tables & 13 figures & charts from the report, “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, 2022 – 2030” in detail along with the table of contents:
The adoption of airless tires will grow with their use in utility vehicles such as golf carts and lawn mowers. As per the report, the utility vehicle segment will exhibit a CAGR of over 9% through 2022-2030. The demand for airless tires is mainly propelled by their puncture resistance feature, which makes them ideal for utility equipment and ATVs. In 2018, Michelin Tweel Technologies launched a new 26-inch airless radial tire specifically for utility applications.
In terms of the material, rubber segment volume is projected to reach 49,780 units by 2030. Tire manufacturers are focusing on the production of airless tires due to factors such as the increase in the price of raw materials like natural rubber and limited production capacity.
The aftermarket segment is estimated to attain a 10.5% growth rate till 2030. Aftermarket airless tires are expected to gain momentum in the passenger vehicle category. Technological developments involving sophisticated materials will boost sizable growth prospects for business expansion.
European airless tires market is poised to record 33,410 units by 2030, in terms of the volume. The regional industry will expand with the increasing use of golf carts and all-terrain vehicles (ATVs). These vehicles can use airless tires for ensuring enhanced performance on uneven landscapes. Europe is also home to some of the major automakers and vehicle parts manufacturers in the world, which could create significant opportunities for tire companies to strengthen their portfolio.
Leading airless tire manufacturers are adopting key growth strategies such as product development, mergers and acquisitions, partnerships, among others to reinforce their market presence. Some of these companies include Toyo Tires, The Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Corporation, Hankook Tires, Resilient technologies LLC, and Sumitomo Rubber Industries. Constant expansion of the EV sector and the increasing demand for military, utility and all-terrain vehicles will augment the market outlook over the coming years.