Market Definition:
Airless tires, also known as non-pneumatic tires, are not supported by air pressure. They do not go flat and have high rolling friction & less suspension than pneumatic tires. Moreover, they possess flexible traction and an interlock hub, which has been designed to increase their durability, coupled with zero-degree belts to provide better lateral stiffness & damage resistance and absorb impacts.
Market Insights:
The Global Airless Tires Market is projected to grow at a CAGR of around 7% during the forecast period, i.e., 2022-27. Airless tire technology has seen immense progress in terms of research & innovations in recent years. These tires have been in demand mainly due to the ever-growing automotive industry worldwide and the rapid shift toward sustainable & maintenance-free tires. The key players in the global tire market, such as Michelin, Bridgestone Corporation, etc., are gradually shifting toward the concept of airless tires to address & resolve the various challenges associated with pneumatic tires. For instance:
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR(2022-27) | 7% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, The UK, France, Spain, Italy, Russia | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil, Rest of South America | |
| Middle East & Africa: UAE, Saudi Arabia, South Africa | |
| Key Companies Profiled | 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., Others |
| Unit Denominations | USD Million/Billion |
Additionally, the rapidly growing trend of Electric Vehicles (EVs) has also set growth opportunities for the demand for airless tires in the forthcoming years since they facilitate a significant reduction in vehicle weight. Airless tires are not susceptible to air leaks or low-pressure issues, such as increased fuel usage or safety hazards. As a result, they could be the next big trend in both utility & regular vehicles. Hence, based on these aspects, the Global Airless Tires Market is expecting steady growth during 2022-27.
Covid-19 created a steep plunge in the Global Airless Tires Market
In 2020, the Covid-19 pandemic catastrophically impacted both the tire & automotive sectors, which, in turn, acutely declined the demand for airless tires. It attributed to the global health crisis & stringent lockdown policies imposed by governments worldwide to curb the virus spread. As a result, the shutdown of tire manufacturing units & international borders led to import/export restrictions, reduced or no production & sales of airless tires, and delayed or canceled deliveries.
Furthermore, despite the pandemic, some global market players like Michelin, Goodyear Tire & Rubber Corporation, etc., reported a demand surge for tires in the second half of 2020. This demand was among Original Equipment Manufacturers (OEMs) of passenger cars and light & heavy trucks. Consequently, the airless tires market gained pace in the third quarter. Moreover, along with the ongoing pandemic, the research & development activities by several market players like Sumitomo Rubber Industries, Ltd., Michelin, etc., have extensively progressed and, subsequently, they seem ready to implement their niche technology in the years to come.
