The global airless tire market 2020 has progressed significantly over the years and is currently exhibiting signs of achieving a decent growth rate of 9% during the forecast period (2019-2023), according to Market Research Future (MRFR).
Market Boosters and Top Restraints
Increasing popularity of heavy commercial, as well as off-road vehicles and high deployment in the military sector, mostly developed nations of North America, has fueled the growth of the airless tires market in recent years. Accelerated demand for utility vehicles like golf carts, lawnmowers, etc., will also boost the revenue generation in the near future for airless tires.
Currently, non-pneumatic tires are produced with the use of recyclable plastic or rubber, which makes them eco-friendly and raises their demand in the market. Also, the provision of several benefits including puncture-proof, rugged applications and durability can solidify the market penetration across the globe.
Governments in various regions are focusing on the agricultural sector, which has ramped up the demand for agricultural machinery, leading to high demand as well as the production of airless tires. Manufacturers are constantly working on developing technologically advanced airless tires that can boost their demand and sales in the market.
The global market for airless tires has been studied extensively with respect to segments like type, vehicle, material, size, and sales channel.
With regard to type, the market has been considered for radial and bias tires. More and more airless tire manufacturers are striving for higher production of radial tires, which is backing the substantial revenue generation in the market. The high production is the result of the product’s strong demand as radial tires offer numerous benefits like higher flexibility, better shock-absorbing ability, enhanced strength and lesser fuel consumption among others.
The vehicle-based segments are HCVs, LCVs, Terrain Vehicles, Military vehicles, Two-wheelers and Utility vehicles. High deployment of airless tires in HCV has boosted the market demand at a significant rate. Also, growing infrastructure and construction activities across the globe stimulate the demand for airless tires as these can be used for rugged activities and are able to carry substantial weight.
The market has been segmented into rubber and plastics, in terms of material type. Factors like better traction, durability, greater handling, high productivity fuel consumption, and riding comfort have driven the demand for rubber in the market.
Depending on the tire sizes, the 21”-25” tires segment can gain high traction among LCVs and HCVs, which makes it the leading segment in the market.
The sales channels are OEMs and aftermarket. OEMs are poised to be the top segment in the years ahead, on account of the rising focus of manufacturers on the process of maintaining the safety standards.
The airless tire industry has been regionally split into North America, Europe, Asia-Pacific, and The Rest of the World (RoW).
North America shows the most promise and can bag the leading position in the global automotive airless tires market during in the given timeframe. Fast-paced adoption of advanced tires, especially in the United States (US), combined with the rising integration of advanced technologies in premium cars can boost the market growth for airless tires in the future.
Europe can be a highly robust market for airless tires during the conjectured timeframe, thanks to the strict regulations implemented by the European Commission pertaining to driver’s safety as well as convenience while driving. Moreover, the emergence of low-cost chip embedded non-pneumatic tires within advanced vehicles that elevate the safety level can also escalate the growth of the regional market demand in subsequent years.
Mounting demand for automotive in APAC has resulted in massive increment in automotive industries across countries like Japan, South Korea and China. The region exhibits decent growth prospects, on the back of the rising production of military and commercial vehicles that make extensive use of airless tires. The presence of prominent manufacturers also induces revenue growth in the region. Also, the rising use of airless tires bikes among the people in the region can lead to vigorous market growth in the following years.
Top companies that are striving to expand their customer base in the global airless market are Hankook Tire (South Korea), Toyo Tire & Rubber Co. Ltd. (Japan), Tannus Ltd. (Korea), Sunitomo Rubber Industries (Japan), Bridgestone Corporation (Japan), Michelin (France), Pirelli (US), Cooper Tire (US), Amerityre Corporation (US), The Goodyear Tire & Rubber Company (US), to name a few.