Airless Tires Market Study, Consumption, Future Scope, Forecast 2023

Market Snapshot

Airless tires eradicate the need of air pressure in the tires and provide higher durability over conventional tires. The need for improved road safety has led to the development of airless tires in order to prevent the road accidents ratio caused by punctured tires. Increasing necessity of tires that are robust and highly flexible to provide tremendous shock absorbing properties is driving the market demand for airless tires. In addition, OEMs and industry participants are developing eco-friendly tires with the recycled products such as used rubber tires and plastics, delivering a highly durable and puncture proof tires which is anticipated to drive the demand for airless tires.

Moreover, greater compatibility of airless tires with commercial vehicles result in increasing ride safety with enhanced traction at low speed. However, various drawbacks offered by airless tires mainly including extreme production cost, limited performance during high speed, higher friction, less suspension, and increased rolling resistance are expected to hamper the market in future. Rising global raw material prices of natural resources including rubber is expected to change the preferences of the end users to switch from conventional tires to non-pneumatic tires over the forecast period.

The prominent players in the Airless Tires Market are-

Bridgestone Corporation (Japan), Hankook Tire (South Kores), The Goodyear Tire & Rubber Company (US), Pirelli (US), Sunitomo Rubber Industries (Japan), Amerityre Corporation (US), Michelin (France), Toyo Tire & Rubber Co. Ltd. (Japan), Cooper Tire (US), Tannus Ltd. (Korea).

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Airless Tires Market Segmentation:

By Product

  • Radial Tires
  • Bias Tires

By Vehicle Type

  • Military Vehicles
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)
  • Terrain Vehicles
  • Utility Vehicles
  • Two-wheelers

By Material

  • Rubber
  • Plastic

By Tire size

  • < 20 inches
  • 21-25 inches
  • 26-30 inches
  • 31-35 inches
  • >35 inches

By Sales Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

By Regions

  • North America 
  • Asia Pacific 
  • Europe
  • The Rest of the World

Regional Analysis:

The Rest of the World accounts for a market share of over 46% making it a key market for Airless Tires. Iran Pakistan and GCC countries are among the key country-level markets in the region. In GCC countries the Airless Tires market is witnessing growth as air pollution, and traffic congestion has encouraged emerging economies in the GCC to encourage adoption of CNG to reduce carbon emissions. Reduced price of natural gas which offers an overall reduction in Vehicles ownership and travel is highly attractive in the major countries of this region where CNG adoption is high. Government regulations in the region are additionally, encouraging Airless Tires adoption. These factors are expected to increase sales of CNG during the forecast period.

China is another significant country-level market which has a market share exceeding 18%. The Chinese government has increased tax waiver initiatives to encourage the adoption of Airless Tires. High levels of air pollution have resulted in stringent government regulations in an effort to reduce carbon emissions. Moreover, improvement of infrastructure and tax incentives, combined with increasing environmental awareness have contributed significantly to Chinas leadership position in the global Airless Tires market. Japan has a comparable growth pattern to China which also makes it a significant market. Moreover, several key Airless Tires manufacturers are present in the country, thus contributing to Japan’s position in the market.

Scope of the Report

This study provides an overview of the global airless tires market, tracking three market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia-Pacific (APAC) and The Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global airless tire market by product, vehicle type, material, tire size, sales channel and regions.

More Info: https://www.reuters.com/brandfeatures/venture-capital/article?id=74430

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