New York, US, April 28, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Airless Tires Market” information by Type, by Vehicle Type, by Material Type, by Tire Size and Region – Forecast to 2027” market size to reach USD 63.6 million, growing at a compound annual growth rate of 4% by 2026.
Market Scope:
The airless tires have a better driving performance, higher load carrying capacity, and are better for the environment. These tires are popular among consumers because they reduce the need for spare tires as well as increase efficiency in industries like mining, farming, construction, and manufacturing that will offer robust opportunities for the airless tires market over the forecast period.
Dominant Key Players on Airless Tires Market Covered are:
- Bridgestone Corporation (Japan)
- The Goodyear Tire and Rubber Company (U.S.)
- Hankook Tire (South Korea)
- Pirelli (U.S.)
- Amerityre Corporation (U.S.)
- Michelin (France)
- Sunitomo Rubber Industries (Japan)
- Toyo Tire and Rubber Co. Ltd. (Japan)
- Cooper Tire (U.S.)
- Tannus Ltd. (Korea)
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Market USP Exclusively Encompassed:
Market Drivers
Growing Need for Military and All-Terrain Vehicles to Boost Market Growth
The growing need for military and all-terrain vehicles will boost market growth over the forecast period. Utility all-terrain vehicles are adaptable and can be utilized for a wide range of applications, including military, construction, agriculture, and forestry. As the agriculture, military, and construction activities grow in importance, so does the need for these vehicles. On the outside, airless tires have traditional off-road tread, but no air inside. Instead, they're hollow, with rubber-like spokes connecting the hub and tread. The spokes help the tread grip the ground beneath it. This structure assists drivers in navigating challenging terrain. Furthermore, the market for airless all-terrain vehicle tires is predicted to be driven by an increase in demand for all-terrain vehicles (ATVs) in agriculture & military and defense applications.
Increasing Raw Material Price to act as Market Restraint
Increasing raw material price, less reliable options, and low performance at the time of friction may act as market restraints in the forecast period.
High-Speed Scenarios to act as Market Challenge
The high-speed scenarios, high capital investment to set up new manufacturing facilities, high investment to set up new manufacturing plant, as well as volatility in raw material prices may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
The global airless tires market is bifurcated based on type, material, tire size, vehicle type, and sales channel.
By type, radial tires will lead the airless tires market over the forecast period.
By material, plastic will dominate the airless tires market over the forecast period.
By tire size, 26-30 inches will spearhead the airless tires market over the forecast period.
By vehicle type, the light/heavy industrial/commercial vehicles will have the lions share in the airless tires market over the forecast period.
By sales channel, OEM will command the airless tires market over the forecast period.
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Regional Analysis
APAC to Precede Airless Tire Market
Because of the tremendous growth of the automobile sector in nations like India, China, & Japan, Asia-Pacific has one of the largest automotive aftermarkets. Factors such as rising construction activity, and desire for fuel-efficient technologies, and industrial expansion, are all adding to the growing need for airless tires in the region. In countries like China, Japan, and South Korea, there are plenty of raw material suppliers, favorable government policies, and low labor prices. Because these countries give a major emphasis on agriculture, the need for airless tires agriculture sectors are likely to be substantial as well. In terms of worldwide automobile sales, China is the most important market. It is amid the most appealing areas for tire makers looking to invest in joint ventures with local vehicle manufacturers. For example, Hankook Tire & Technology (South Korea) developed the Enfren Eco tire in 2016, which uses a specific silica compound and structural design to reduce energy loss and improve fuel efficiency in electric vehicles. The industry landscape will see substantial growth potential as raw materials become more readily available and vehicle ownership rises. During the projected period, Asia-Pacific is expected to experience considerable growth, which can be due to the presence of manufacturers, rising vehicle ownership, and easy availability of raw materials in the area.
North America to Have Favorable Growth in Airless Tire Market
North America will have favorable growth in airless tire market over the forecast period. The demand for airless tires in construction & industrial equipment vehicles is expected to fuel market growth in North America. Furthermore, the airless tires market is expected to benefit from rising demand for high-performance industrial-grade tires, particularly in the replacement market, over the forecast period. Furthermore, governments & other organizations in the region are constantly attempting to reduce vehicular emissions by encouraging the use of fuel-efficient automotive components. For example, in August 2018, the US Department of Transportation (DOT) & the EPA proposed the SAFE Vehicles Rule, which would revise the existing CAFE and tailpipe CO2 emission standards for passenger cars & light trucks. North America is expected to drive market demand, owing to the use of these tires in military applications & utility terrain vehicles. The region's industry operators are continually working on providing products for military and defense purposes. These tires, for example, are provided to the US military by Resilient Technologies & Michelin for enhanced movement on uneven & difficult terrains.
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COVID-19 Impact on the Global Airless Tires Market
Due to limitations in travel and the projected dismal financial performance of key players during 2020, the rapid spread of the COVID-19 pandemic has had a negative impact on the Airless tire industry. Supply chain execution, labor dependency, regulatory and policy changes, working capital management, & liquidity & solvency management are all key concerns for the tire manufacturers. Huge industrial disruptions have been reported as a result of the COVID-19 outbreak, and tire production processes have been halted around the world. This has an effect on research and development revenue sources, as well as the acceptance of innovative technology like plastic & solid tires. Besides, the selling of airless tires is intricately linked to the manufacturing and supply of automobiles. As a result, changes in the manufacturing and sales operations of the automobile sector are projected to have an immediate impact on total demand for the Airless tire market.
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