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.
Market Segmentation
Based on the Vehicle Type:
Of them all, Off-road & military vehicles witnessed considerable demand for airless tires during the historical period, owing to the frequent maintenance required for conventional tires, the life of which gets significantly reduced since these vehicles are deployed mainly in rugged terrain. The US, Russian, Chinese, and Indian infantry vehicles were the major end-users of airless tires in 2021.
For the previous five years, the US army has been rigorously testing these tires for their military equipment deployed across the Middle East, North Africa, & Asia-Pacific. Goodyear & Michelin are gradually taking the lead in marking their presence across these end-user categories. In addition, these organizations are also working on introducing airless tires for agricultural purposes. For instance:
Based on Demand Type:
Of both, OEMs (Original Equipment Manufacturers) captured a significant share of the Global Airless Tires Market. Initially, the demand for airless tires has been more from OEMs since, in 2021, the commercialization of these tires was at its nascent stage. Tire manufacturers are constantly working on technological advancements to manufacture tires based on evolving vehicle aerodynamics. The end-user applications of these tires are limited majorly to commercial, off-road, & military vehicles.
In addition, the low maintenance & high life span of these tires significantly increase the tire replacement period for end users. Eventually, vehicle manufacturers would remain the primary buyers of these tires. However, the market share of OEMs would undergo a gradual dilution in the forthcoming years with the introduction of airless tires for passenger cars & light commercial vehicles.
Based on Tire Type:
Here, Radial Airless Tires attained a significant market share, owing primarily to their increasing popularity due to their higher efficiency and lower fuel consumption properties than bias tires. Besides, the tire bolted once would no longer require air pressure maintenance while eliminating the risk of getting punctured or leaked as well.
The demand for radial airless tires is high among the heavy-duty equipment industry, owing to their various advantages like high-performance compounds, reduced costs related to repairs & maintenance, and long wear life, i.e., 2-3 times more than a pneumatic tire. Besides, the launch of radial airless tires by market players to increase their product portfolio in agriculture tires is further fueling the overall market growth. For instance:
Regional Landscape
Based on the Geography, the Global Airless Tires Market expands across:
Of all regions globally, North America has witnessed significant market expansion in the past few years, mainly due to the launch of airless tire models for OTR vehicles by market players, such as Michelin, Bridgestone Corporation, & Goodyear. Besides, ongoing collaborations among automotive OEMs & tire manufacturers for testing airless tires in Electric Vehicles (EVs) and military vehicles, coupled with increasing government inclination toward surging the adoption of EVs among customers, shall also bolster the regional market growth. The ever-increasing vehicle production, owing to burgeoning consumer requirements, along with the use of recyclable materials in tires, to reduce carbon emissions are also driving the regional market. For instance:
Market Dynamics:
Key Driver: Steadily Growing Demand for Maintenance-free Tires
Airless tires don't go flat is the prime aspect that has infused their demand worldwide and positively impacted the growth of the Global Airless Tires Market. Air loss failures caused by punctures or road hazards, along with the need for a spare tire for either changing or repairing, have equally contributed to the demand for airless tires. Additionally, the composition of flexible plastics in these tires has significantly improved their overall strength to absorb road bumps. It is another crucial aspect that has surged the demand for maintenance-free tires in recent years, which, in turn, would significantly contribute to the growth of the Global Airless Tires Market during 2022-27.
Market Restraint: High Costs of Airless Tires
The cost of airless tires has always been a significant challenge for the expansion of the Global Airless Tires Market. Besides the purchase cost, the manufacturing cost of airless tires has created a steep plunge worldwide. In recent years, the introduction of autonomous vehicles has increased the demand for puncture-resistant airless tires. However, the high costs have been the obstacle to implementing them. As a result, the demand for airless tires so far has been limited to vehicles with high puncture chances, such as lawnmowers, golf carts, etc. Consequently, to overcome this cost challenge, airless tire manufacturers like Bridgestone Corporation are finding out ways for their niche technology through rigorous research & development activities.
Growth Opportunity: Surging Demand for Electric Vehicles
Due to the growing crisis of fossil fuels, the automotive sector has been shifting toward Electric Vehicles (EVs) over the last few years. Due to this, the global airless tires market is likely to grow significantly by the perpetual demand for EVs in the forthcoming years. The added advantages of airless tires, such as puncture resistance, reduced overall vehicle weight, etc., would positively impact the global market. Also, leading key players in the EV industry like Toyota Group, Tesla Inc., etc., have shown major concerns for vehicle weight reduction. Therefore, these factors cite that the demand for airless tires would grow majorly for EVs in the years to come.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Airless Tires Market is projected to grow at a CAGR of around 28% during 2022-27.
A. Off-Road Vehicles are anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Airless Tires Market during 2022-27.
A. SUVs, registering a meteoric rise in sales globally, are expected to present numerous growth opportunities for the leading competitors in the Global Airless Tire Market during 2022-27.
A. Since the worldwide sales of airless tires are still in their nascent stage, the Covid-19 pandemic in 2020 didn't substantially impact the Global Airless Tire Market. Moreover, the application areas of airless tires were also quite limited during 2020-21. Hence, in the forecast years, there won't be any effect of Covid-19 on the global market.
