Airless Tires Market to reach USD 77.72 Bn by 2028, says Brandessence Market Research

LONDON, Nov. 22, 2022 /PRNewswire/ -- The Global Airless Tires Market is anticipated to reach a valuation of USD 77.72 billion by 2028 from USD 49.36 billion in 2021, registering a CAGR of 6.70% over the forecast duration of 2022-2028.

Global Airless Tires Market Outlook (2022-2028)

Airless tires are referred to as a type of non-pneumatic tire that does not depend on air pressure for support. They are specifically made using rubber which functions as a movable cushion that can decrease the impact of vibrations and automobile-based shocks. These tires do no got flat unlike their traditional counterparts and hence do not need frequent replacements. Airless tires enhance a vehicle's ability to carry heavy weight and indulge in rugged activities. They are predominantly used in motorized golf carts, riding lawn mowers, and other all-terrain vehicles.

The escalating demand for all terrain and military vehicles across the globe, growing disposable income of the masses, and highly durable nature of these tires are primarily augmenting the outlook of this business verticals. Besides, rising R&D activities in the field, growing focus of industry players toward the development of highly advanced airless tires, along with surging requirement for long lasting and low maintenance vehicle tires are adding momentum to the progression of this marketplace.

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Competitive Landscape

The Prominent Players Defining the Competitive terrain of the Global Airless Tires Market are

• Goodyear Tire & Rubber Company
• Continental Ag
• Bridgestone Company
• MICHELIN
• Hankook Tire Co
• Others.

Airless Tires Market Segmentation:

By Product Type

• Radial
• Bias

By Material:

• Rubber
• Plastics

By Vehicle Type:

• Two Wheelers
• Passenger cars
• Light Commercial Vehicles
• Heavy Commercial Vehicle

Category-wise Outlook

Which product type segment is dominating the industry over the forecast duration?

The bias segment is creating new growth avenues for this business vertical. This is attributable to the wide array of advantages offered by bias tires such as they provide smoother rides on tough terrain surfaces and possess stronger sidewalls.

Which is the rapidly growing material segment present in the Marketplace?

The rubber segment has been gaining robust traction over the stipulated timeline owing to the affordability, durability, and rigidity of rubber which in turn improves the overall performance of airless tires.

Which vehicle type segment is amassing notable gains over the assessment timeline?

The two-wheeler segment presently accounts for a high revenue share and is poised to showcase similar expansion trends over 2022-2028. This is credited to the increasing per capita income of the masses along with prompt population expansion across the globe.

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These companies are boosting their Market position by formulating various business centric strategies. They are inking partnership, collaboration, and acquisition deals with other players to diversify their offerings in the field.

Moreover, elevating use of electric vehicles, increasing adoption of heavy commercial vehicles across the industrial and passenger transportation industries, coupled with the integration of airless tires into robotic delivery vehicles are positively swaying the dynamics of this industry.

On the contrary, high product costs and complex manufacturing process associated with airless tires are hindering the remuneration scope of this business vertical.

Also, the Coronavirus pandemic outbreak slowed down the progression of global airless tires market. The supply chain disruptions and raw material crisis caused by the stringent containment measures announced across various nations stalled the production of airless tires. Moreover, the decrease in vehicle sales due to stringent lockdowns and economic constraints further dropped the demand for airless tires.

Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028

The global airless tires market is anticipated to generate significant returns over the assessment timeline due to the emergence of numerous expansion propellants.

There has been an accelerating demand for all-terrain vehicles across the globe. All-terrain vehicles have a versatile nature and can be used in sectors such as defense, agriculture, forestry, and construction, among others. Since they are mostly used for the fulfilment of various rugged activities, airless tires are an ideal option for them. These tires have a durable and strong nature and enable the drivers to transverse in difficult terrains or rough roads. They also do not go flat like traditional tires and are equipped with various road safety features. This in turn is adding momentum to the overall market development.

Due to various environmental factors and government regulations, fuel efficient tires are being adopted across the globe. Airless tires are designed in such a way that they facilitate lower fuel usage while providing low rolling resistance and high vehicle mileage. This in turn helps in reducing energy waste, thereby leading to lesser vehicular emissions. These factors are creating an upward development trend for this industry.

Also, these tires require less maintainece and thus are an affordable option for consumers. This in turn is fueling the expansion of the worldwide airless tires market.

Region-wise Insights

Which is the leading region in the industry vertical?

North America is presently leading the market in terms of revenue share over the estimated timeframe. This is attributable to the presence of prominent players, rising adoption of all-terrain vehicles in the defense sector, and increasing technological advancements in the field.

Also, stringent government regulations associated with tire labelling, widespread economic developments, and elevating demand for high-performance industrial-grade tires.

Which is the fastest growing region in the global Airless Tires Market?

Asia Pacific is projected to amplify significantly over the stipulated timeline owing to the escalating demand for fuel efficient tires, rising adoption of all-terrain vehicles, along with presence of low-cost labor across the region.

On Special Requirement Airless Tires Market Report is also available for below region: 

North America

• U.S, Canada

Europe 

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe 

Asia-Pacific 

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC 

Latin America 

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America 

Middle East and Africa 

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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