According to MarkNtel Advisors, the Global Airless Tires Market is projected to grow at a CAGR of 28% during the forecast period of 2022-27. The growth of the market is likely to be driven by the accelerating demand for maintenance-free tires by consumers. The leading tire manufacturers worldwide, such as Goodyear Tire & Rubber Company, Bridgestone Corporation, and Michelin, have taken several initiatives to promote environment-friendly transportation systems. They have started targeting the four major points to enhance their economy, viz., reduction in the disposal of tire mass, renewable sources to be used for tire manufacturing, reuse of components, & recycling of end-of-life tires.
In addition, the increasing research & development activities to bring innovations like non-pneumatic tires for passenger cars are also playing a crucial role in augmenting the global market growth. Moreover, the demand for airless tires has also been well-observed due to the rapid growth in the automotive industry & its shift toward highly efficient & low-upkeep tires, further states the research report, "Global Airless Tires Market Analysis, 2022."
Off-Road Vehicles Held a Significant Share in the Global Airless Tires Market in Recent Years
Globally, off-road vehicles are gaining immense momentum as mining equipment. The puncture-proof property of airless tires has made it to accompany off-road vehicles since they have been used majorly for mining & agricultural activities. In 2017, the leading tire manufacturer Goodyear Tire & Rubber Corporation launched a non-pneumatic (airless) turf tire, made available as an upgrade option for Bad Boy Mowers' Outlaw XP, a zero-turn radius model, with projected availability by 2018.
With rapid advancements in air-free technological concepts of tires and the surging production of heavy commercial vehicles across Asia-Pacific, the global market is projected to witness significant growth opportunities with the burgeoning sales of off-road vehicles in the forthcoming period.
North America is a Major Market for the Global Airless Tires Market
Historically, North America, followed by Europe, has been the pioneer in the development & adoption of tire technologies. The massive manufacturing base of off-road equipment manufacturers catering to the global demand, coupled with colossal mining, construction, & industrial activities, continue to boost the OTR tire sales across both regions. Hence, the transition from conventional OTR to airless tires is proving to be a bit easier than in other markets. Despite the high prices of airless tires, consumers across both these regions are relatively less price-sensitive than other regions like APAC & MEA. The penetration of airless tires in both the commercial & passenger vehicle segments is likely to be higher & rapid in the future since passenger vehicle OEMs are willing to gradually integrate airless tires in their fleet. For instance:
In North America, the United States dominates the airless tires market, owing primarily to leading companies in the country, such as Goodyear Tire & Rubber Corporation & Bridgestone Americas, showing a substantial interest in airless tire technology over recent years. For instance:
Hence, these ongoing research & developments would lead the Airless Tires Market to attain a noticeable share in the US and, in turn, contribute significantly to the regional market growth over the forecast years, reveals MarkNtel Advisors in their research report, "Global Airless Tires Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the Global Airless Tires Market are Compagnie Générale des Établissements Michelin SCA, Bridgestone Corporation, Goodyear Tire & Rubber Corporation, Continental AG, Amerityre Corporation, Hankook Tire & Technology Co., Ltd., Sumitomo Rubber Industries, Ltd., Toyo Tire Corporation, The Yokohama Rubber Co., Ltd., & Trelleborg AB.
Key Questions Answered in the Study