Airless tires are tires being manufactured by tire companies owing to their higher capacity for long rides. They cater to customer demand for non-frequent stops for checking air pressure. Tire manufacturers are launching airless tires for improving driving performance and load-bearing of cars. The global airless tires market report by Market Research Future (MRFR) contains drivers and challenges to be faced by the industry for the forecast period (2020-2027). The devastating effects of the COVID-19 pandemic and its effect on the market are also explored in detail.
Market Scope
The global airless tires
market is expected to register a CAGR of 9% over the forecast period. This is
attributed to rising concerns over driver safety and large accident rates
globally. Airless tires work without air pressure and are being manufactured
using eco-friendly materials. Low maintenance and replacement costs of airless tires
coupled with puncture resistance and driver assistance can drive market demand
significantly. Expansion of the e-commerce sector and rise of industrial
vehicles can create a huge opportunity for the airless tires market. Autonomous
and semi-autonomous sectors are likely to create opportunities for growth in
light of rising connected systems in the transport sector.
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The COVID-19 pandemic has
negatively affected the market growth owing to production units of airless tire
manufacturers being shut down to curb the virus. But economic stimulus packages
may revive the market.
The high noise emitted by
airless tires and dip in driving experience may deter market growth.
Segmentation
By product type, the
airless tires are divided into bias tires and radial tires. The largest market
share is held by radial tires owing to its features of higher flexibility,
better shock-absorbing ability, and low fuel consumption rate. Preference of
radial tires by automotive manufacturers can drive the demand in the segment.
On the basis of vehicle,
the market is segmented into LCVs, HCVs, terrain vehicles, military vehicles, two-wheelers,
and utility vehicles. HCVs are expected to lead in market demand owing to development
of tires for rugged activities. Demand for non-pneumatic tires due to higher
durability can spur the segment demand in the airless tires market.
By material, the airless
tires market is segmented into plastic material and rubber material. Plastic
can lead the market owing to recycling of plastic for reuse in two-wheelers.
By size, the market is
segmented into 21”-25”, 26”-30”, <20”, 31”-35”, and >35”.
On the basis of sales
channel, the market is segmented into OEMs and aftermarket. OEMs are likely to
gain a higher market share as safety standards and durability and easy
installation features offered by tire manufacturers.
Regional Analysis
North America, Europe,
Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the
global airless tires market.
North America is expected
to dominate the global market owing to early adoption of airless tires and
manufacture of premium cars. Agreements between tire and automobile
manufacturers may drive the market demand significantly. Re-treading of tires
without replacing them can extend the lifespan of tire and may garner huge
interest among customers.
Europe has assumed the
second position in the airless tires market due to regards for driver safety
and convenience. Installation of low-cost chips in non-pneumatic tires for
increasing the safety level is expected to drive market demand in the region.
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Competitive Landscape
Toyo Tire and Rubber Co.
Ltd., Bridgestone Corporation, Tannus Ltd., Pirelli, The Goodyear Tire and
Rubber Company, Michelin, Amerityre Corporation, Hankook Tire, Cooper Tire, and
Sumitomo Rubber Industries are prominent manufacturers in the global airless
tires market. Sustainable production methods and recycling techniques are expected
to be the main focus of these manufacturers for lowering the carbon footprint
and reducing rubber waste volumes. Joint research agreements between tire
manufacturers and automotive behemoths can bolster the market growth.
Industry News
The Smart Tire Company is
planning to launch airless tires for customers in the U.S. Tires will be
derived from Nitinol, a combination of nickel and titanium.
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