Newark, May 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 50 million in 2022 global airless tires market will reach USD 98.35 million by 2032. Due to rising disposable income and fuel prices in emerging countries, there will be greater demand for maintenance-free cars, expanding the market for airless tires. Airless tires are less prone to wear and tear, do not give flat tires, and have a lower risk of other damages, which increases their lifespan, boosts fuel economy, and enhances engine performance, making them extremely ecologically friendly and sustainable. Government subsidies and incentives offered for its adoption to producers and consumers encourage market participants to include airless tires as an after-sales service. Additionally, the market for airless tires is growing due to the developing economies' rising manufacturing capacity in response to their equal rise in automobile consumer demand. The market for airless tires will grow as electric car production and demand rise.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 50 Million |
| Market Size in 2032 | USD 98.35 Million |
| CAGR | 7% |
| No. of Pages in Report | 236 |
| Segments Covered | The research segment is based on Material Type, Vehicle Type, Rim Size, Sal, Regions |
| Drivers | The increasing demand for maintenance-free vehicles |
| Opportunities | Airless tires positively impact the environment |
| Restraints | The high cost of airless tires |
Key Insight of the global airless tires market
Asia Pacific is expected to rise the fastest during the forecast period.
India is experiencing rapid population growth and a potential demographic dividend. The country's young, middle-class population drives the demand for passenger vehicles and two-wheelers. The need for utility vehicles is also rising as a result of the area's fast industrialization. A big producer and customer market of electric vehicles in the Chinese economy will also benefit the region’s growth. Similarly, the demand for vehicles is rising as gig-platform usage grows. The demand for commercial cars is being driven by the governments' rising investment in urban mobility solutions. The region's high vehicle demand will fuel the airless tires market's expansion over the forecast period.
In 2022, the rubber segment dominated the market with the largest market share of 62% and market revenue of 31 million.
The material type segment is divided into rubber and plastic. In 2022, the rubber segment dominated the market with the largest market share of 62% and market revenue of 31 million.
In 2022, the utility vehicles segment dominated the market with the largest market share of 35% and market revenue of 17.50 million.
The vehicle type segment is divided into passenger vehicles, military vehicles, commercial vehicles, utility vehicles, all-terrain vehicles, two-wheelers and others. In 2022, the utility vehicles segment dominated the market with the largest market share of 35% and market revenue of 17.50 million.
In 2022, the more than 20 inches segment dominated the market with the largest market share of 55% and market revenue of 27.50 million.
The rim size segment is divided into less than 15 inches, 15-20 inches and more than 20 inches. In 2022, the more than 20 inches segment dominated the market with the largest market share of 55% and market revenue of 27.50 million.
In 2022, the original equipment manufacturers segment dominated the market with the largest market share of 70% and market revenue of 35 million.
The end-user segment is divided into original equipment manufacturers and aftermarket. In 2022, the original equipment manufacturers segment dominated the market with the largest market share of 70% and market revenue of 35 million.
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Advancement in market
February 2023 – Goodyear has a strong track record of innovation, which will be crucial for the company as it works to steer the sector towards sustainability. Goodyear concentrates more on airless technology to find the ideal application for its NexTrek technology.
Market Dynamics
Driver: The rising demand for vehicles that don't require maintenance.
The growing worldwide population facilitates the expanding consumer demand for autos. Increased disposable income also contributes to the world's rising desire for automobiles. Fuel economy, engine performance, sustainability, and the life cycle of the vehicles are all being improved through technical advancements and improvements. All the new developments have made it possible for producers to cut expenses, giving consumers more options and raising the accessibility and affordability of goods in the automobile industry. New market participants are joining the market due to the rising demand for electric and hybrid vehicles, raising competition. More money is being spent on research and development to give customers the greatest products because of the increased competition. The rising desire for low-maintenance or maintenance-free automobiles with low recurrent costs and fewer repairs has pushed the development and widespread usage of airless tyres in most vehicles worldwide. As a result, the global market for airless tyres will expand due to the rising demand for automobiles that require little maintenance.
Restraint: The high price of airless tires.
The price of airless tires is higher than that of regular tires. Although airless tires are less expensive in the long run than traditional tires, customer ignorance reduces their demand. Additionally, customers' comfort and familiarity with conventional tires harm the expansion and development of the global market for airless tires.
Opportunity: Positive environmental impact of airless tires.
Airless tires are made with fewer raw materials than traditional tires. Additionally, creating airless tires uses far less energy than conventional tires. The environment's carbon dioxide emissions are decreased using less energy and raw resources. Furthermore, there will be less scrap waste since there is a lower chance of damage or punctures with airless tires. Tires without air also lessen tire wear and tear brought on by excess or underinflation. During the projection period, technological developments targeted at improving the recyclability of plastic tires will also present lucrative market prospects in the worldwide airless tires sector.
Challenge: the market demand fluctuations in the automotive sector.
The automotive sector has had a significant negative impact on its growth during the pandemic. While the sector was recovering from the shocks of the pandemic, the Russian invasion of Ukraine created supply chain bottlenecks, which dampened the hopes of its recovery. The ongoing trade war between US and China also impacts the automotive sector's international logistics, transportation and supply chains. Consumer demand has not revived, considering the volatile nature of geopolitical developments. The producers are cautiously optimistic and have not revived their full production capacities. Therefore, the market demand fluctuation in the automotive sector will challenge the growth of the global airless tires market.
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Some of the major players operating in the global airless tires market are:
• Amerityre Corporation
• Bridgestone Corporation
• Continental AG
• Hankook Tire & Technology Co., Ltd.
• Michelin
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• The Yokohama Rubber Co., Ltd.
• Toyo Tire Corporation
• Trelleborg AB
Key Segments cover in the market:
By Product Type
• Rubber
• Plastic
By Vehicle Type
• Passenger Vehicles
• Military Vehicles
• Commercial Vehicles
• Utility Vehicles
• All-Terrain Vehicles
• Two-Wheelers
• Others
By Rim Size
• Less Than 15 Inches
• 15-20 Inches
• More Than 20 Inches
By Sales Channel
• Original Equipment Manufacturers
• Aftermarket
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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