USD 56.81 million
Airless Tires Market Size, Share, Growth Analysis, By Tire Type(Radial airless tires, bias airless tires), By Material Type(Rubber, polyurethane), By Vehicle Type(Passenger vehicles, commercial vehicles), By Sales Channel(Original equipment manufacturers (OEMs), aftermarket) - Industry Forecast 2024-2031
Report ID:
SQMIG25B2010 |
Region:
Global |
Published Date: March, 2024
Pages:
223
|
Tables:
114 |
Figures:
77
Airless Tires Market Insights
Global Airless Tires Market size was valued at USD 56.81 million in 2022 and is poised to grow from USD 59.84 million in 2023 to USD 90.66 million by 2031, at a CAGR of 5.33% during the forecast period (2024-2031).
The future of the airless tires market is shaped by several key market factors that dominate its growth and trajectory. One of the primary drivers is the increasing demand for enhanced vehicle performance and safety. Airless tires offer superior stability, durability, and resistance to punctures, mitigating the risks associated with traditional air-filled tires.
This factor is especially crucial in industries such as automotive, aerospace, and military, where safety is paramount. Airless tires contribute to this objective by reducing waste from tire disposal and minimizing the environmental impact through their extended lifespan.
Furthermore, the rise in electric vehicle adoption is a major catalyst for the airless tires market. As electric vehicles gain traction globally, their unique requirements for increased efficiency, reduced weight, and improved range align well with the benefits offered by airless tires.
Another key factor is the ongoing advancements in tire technology and manufacturing processes. Market players are investing in research and development to enhance the performance and efficiency of airless tires, further fueling their adoption across various industries.
The market is witnessing a growing trend towards autonomous driving technology, which necessitates reliable and maintenance-free tire solutions like airless tires. This technology-driven shift in the automotive industry presents significant opportunities for the airless tires market.
In conclusion, the future of the airless tires market is propelled by factors such as increasing emphasis on vehicle safety, sustainability concerns, the rise of electric vehicles, tire technology advancements, and the demand for autonomous driving solutions. These factors collectively contribute to the growth and dominance of the airless tires market in the foreseeable future.
US Airless Tires Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Passenger vehicles
Fastest Growth
Commercial vehicles
Growth Rate
5.33% CAGR
Global Airless Tires Market ($ Bn)
Country Share for North America Region (%)
Global Airless Tires Market By Type ($ Bn)
Global Airless Tires Market By Type (%)
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Airless Tires Market Segmental Analysis
The global airless tires market can be segmented based on tire type, material type, vehicle type, sales channel and region. Based on tire type, the market can be segmented into radial airless tires, bias airless tires. Based on material type, the market can be segmented into rubber, polyurethane. Based on vehicle type, the market can be segmented into passenger vehicles, commercial vehicles, off-road vehicles. Based on sales channel, the market can be segmented into original equipment manufacturers (OEMs), aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Airless Tires Market Analysis By Tire Type
The largest market segment in the airless tires market is the radial airless tires segment. Radial airless tires have emerged as the preferred choice for a wide range of vehicles, including passenger vehicles and commercial vehicles, due to their exceptional load-bearing capacity, improved stability, and lower rolling resistance. These tires are designed with a unique construction that allows for independent movement of sidewalls and treads, resulting in enhanced traction, better handling, and improved fuel efficiency. The radial design also enables better heat dissipation, extending the tire's lifespan and reducing the risk of blowouts. With their proven performance benefits and versatility, radial airless tires have gained significant traction in the market, solidifying their position as the largest segment in the airless tires market by tire type.
On the other hand, the fastest growing segment is the bias airless tires segment. Bias airless tires are experiencing rapid growth due to their increasing adoption in off-road vehicles and heavy-duty applications. These tires offer exceptional traction, durability, and resistance to cuts and impacts, making them well-suited for challenging terrains and demanding conditions. As the demand for off-road vehicles and heavy-duty applications continues to rise, the bias airless tires segment is expected to witness significant growth in the coming years.
Airless Tires Market Analysis By Vehicle Type
The largest market segment in the airless tires market is the passenger vehicles segment. Passenger vehicles, including sedans, SUVs, and hatchbacks, represent a significant portion of the overall market demand for airless tires. This segment is driven by various factors, such as the growing focus on safety, comfort, and performance in passenger vehicles, where airless tires offer advantages such as improved stability, enhanced durability, and reduced maintenance costs. Airless tires provide an ideal option for passenger vehicles, offering a reliable and efficient alternative to conventional air-filled tires, leading to their dominance in this market segment.
The fastest growing segment is the commercial vehicles segment. Commercial vehicles, including trucks, buses, and vans, are witnessing a surge in the adoption of airless tires due to the benefits they offer, such as improved durability, reduced maintenance costs, and enhanced stability. The commercial sector, which includes logistics, transportation, and delivery services, relies heavily on efficient and reliable tire solutions to optimize operations and ensure safety. As the commercial vehicle industry continues to expand and evolve, the demand for airless tires is expected to grow rapidly in this segment.
Global Airless Tires Market By Type, 2023 (%)
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Airless Tires Market Regional Insights
The largest market region in the airless tires market is North America. North America holds a significant market share due to various factors contributing to its dominance. The region is home to several key market players, technological advancements, and a strong automotive industry. The presence of major manufacturers and suppliers of airless tires in North America drives the market growth. Additionally, stringent safety regulations and a high emphasis on vehicle performance and reliability further boost the demand for airless tires in the region. Moreover, the increasing adoption of electric vehicles in North America contributes to the market's expansion, as airless tires are well-suited for these vehicles' unique requirements.
On the other hand, the fastest growing region, Asia Pacific, emerges as a prominent player in the airless tires market. The region experiences rapid industrialization, urbanization, and a thriving automotive sector, which contribute to the market's growth. Countries like China, India, and Japan are witnessing a significant rise in the adoption of airless tires due to the increasing production and sales of electric vehicles. Favorable government policies promoting sustainable transportation and the growing awareness of environmental issues further drive the demand for airless tires in the region. Additionally, the expansion of the logistics and transportation sectors in Asia Pacific fuels the need for efficient and reliable tire solutions, propelling the growth of the airless tires market.
Global Airless Tires Market By Region, 2024-2031
- Largest
- Fastest
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Airless Tires Market Dynamics
Airless Tires Market Drivers
Increasing Emphasis On Vehicle Safety
- With advancements in technology and rising concerns about road safety, there is a growing demand for tire solutions that offer enhanced stability and durability. Airless tires address these concerns by providing improved traction, better resistance to punctures, and increased load-bearing capacity. As a result, the adoption of airless tires is driven by the desire to enhance vehicle safety, reduce the risk of accidents, and provide a more secure driving experience.
Airless Tires Market Restraints
Higher Initial Cost Compared To Conventional Air-Filled Tires
- The manufacturing process and materials used in airless tires contribute to their higher production cost, which is eventually passed on to consumers. This price disparity may pose a challenge for mass-market adoption, particularly in price-sensitive segments of the market. However, as technological advancements continue and economies of scale are achieved, the cost of airless tires is expected to decrease, mitigating this restraint over time.
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Airless Tires Market Competitive Landscape
The competitive landscape in the airless tires market is characterized by intense competition among key players striving to gain a significant market share. The market is witnessing the participation of both established companies and emerging players, leading to a dynamic and competitive environment. Major market players are focusing on research and development activities to enhance tire performance, durability, and overall efficiency. They are also emphasizing strategic collaborations, partnerships, and acquisitions to expand their product portfolios and geographic presence. Additionally, technological advancements and innovations in tire manufacturing processes are key factors driving competition in the market.
Airless Tires Market Top Player’s Company Profiles
- Hankook Tire & Technology Co., Ltd. (South Korea)
- Continental AG (Germany)
- Pirelli & C. S.p.A. (Italy)
- Sumitomo Rubber Industries, Ltd. (Japan)
- Yokohama Rubber Co., Ltd. (Japan)
- Toyo Tire Corporation (Japan)
- Nokian Tyres plc (Finland)
- Cheng Shin Rubber Ind. Co., Ltd. (Taiwan)
- Cooper Tire & Rubber Company (US)
- Giti Tire (Singapore)
- Kumho Tire Co., Inc. (South Korea)
- Maxxis International (Taiwan)
- Apollo Tyres Ltd. (India)
- MRF Tyres (India)
- Nexen Tire Corporation (South Korea)
- Hankook Tire Europe GmbH (Germany)
- CEAT Limited (India)
Airless Tires Market Recent Developments
-
In January 2024, Bridgestone and Michelin delivered a white paper to give clarity on reused carbon dark (rCB).
-
In February 2024, the Indian tyre industry is equipped to dazzle worldwide clients with fast product development. With aspirations to surpass $5 billion in trade esteem and become one of the main three worldwide tire center points by 2030, tire aficionados around the world, including those past India, can anticipate a thrilling period ahead. Anshuman Singhania, Chairman of the Automotive Tyre Manufacturers Association (ATMA), reported these aggressive objectives during the ATMA Annual Conclave 2024, the chief occasion for the tire business.
Airless Tires Key Market Trends
- Increasing Adoption of Electric and Hybrid Vehicles: As the demand for eco-friendly transportation solutions continues to rise, electric and hybrid vehicles are gaining popularity due to their reduced carbon emissions and improved fuel efficiency. Airless tires are well-suited for these vehicles as they provide benefits such as increased range, reduced rolling resistance, and enhanced stability. With governments and consumers increasingly incentivizing and opting for electric and hybrid vehicles, the demand for airless tires is expected to witness significant growth in this segment.
Airless Tires Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the airless tire market is poised for significant growth in the coming years, driven by various factors. One of the key driving factors is the increasing emphasis on vehicle safety and performance. Airless tires offer superior stability, durability, and resistance to punctures, mitigating the risks associated with traditional air-filled tires. The largest segment in the market is the passenger vehicles segment, encompassing sedans, SUVs, and hatchbacks, which contribute significantly to the overall demand for airless tires. This is attributed to the rising adoption of electric and hybrid vehicles, as airless tires align well with their unique requirements. Furthermore, the fastest-growing segment is the commercial vehicles segment, including trucks and buses, driven by the need for reliable and efficient tire solutions in logistics and transportation. In terms of dominating regions, North America leads the market due to its strong automotive industry, technological advancements, and stringent safety regulations. However, the Asia Pacific region exhibits immense potential for growth, fueled by the booming automotive sector, government initiatives promoting sustainable transportation, and increasing adoption of electric vehicles. Overall, the airless tire market holds promising future prospects, fueled by the growing demand for safety, sustainability, and efficient tire solutions in the automotive industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 56.81 million |
| Market size value in 2031 | USD 90.66 million |
| Growth Rate | 5.33% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Airless Tires Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Airless Tires Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Airless Tires Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Airless Tires Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Airless Tires Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Airless Tires Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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