Rockville, April 04, 2023 (GLOBE NEWSWIRE) -- The global airless tires market is predicted to reach a value of US$ 85 billion by the end of 2033, rising at 5.4% CAGR from 2023 to 2033, as per this new industry analysis by Fact.MR, a market research and competitive intelligence provider.
Automotive airless tires do not need to be filled with air pressure. They are comprised of high-density polymers and are intended to offer a comfortable ride without the need to check the air pressure periodically. Airless tires outperform traditional tires in terms of traction, shock absorption, and noise reduction.
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| Airless Tires Market Scope | |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2033 |
| Growth momentum & CAGR | Accelerate at a CAGR of 5.4% |
| Market growth 2023-2033 | US$ 85 Million |
| Market structure | Fragmented |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Key countries | US, Canada, UK, France, and Germany |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | Goodyear Tire & Rubber Co, Michelin Group, Continental AG, Hankook Tire & Technology Group, Bridgestone Corporation, Toyo Tire Corporation (Japan), Sumitomo Corporation (Japan) |
| Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Growing vehicle production to meet the rising demand for automobiles in developed and developing countries is driving the growth of the global airless tires market. Due to the increased need for maintenance-free, long-lasting car tires, leading automakers have begun manufacturing airless or solid tires. Moreover, the rising popularity of electric vehicles globally is expected to provide profitable opportunities to market players in the coming years.
Stringent emission standards have made it mandatory for vehicle manufacturers to include environmentally friendly components in their vehicles to reduce emissions. As a result, key players are concentrating on producing eco-friendly airless tires, which have a greater lifespan than conventional tires. Furthermore, rising sales and production of passenger vehicles are propelling the airless tires market.
The global market is predicted to grow substantially during the forecast period due to the significant advantages of airless tires over conventional pneumatic tires. Eliminating air pressure practically reduces the possibility of a tire leak or puncture. Since this is the most common type of damage to pneumatic tires, airless tires will eliminate the requirement for any spare tires in the car.
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Key Takeaways from Market Study
- The global airless tires market amounted to US$ 50 million in 2023.
- Worldwide demand for airless tires is set to expand at a CAGR of 5.4% from 2023 to 2033.
- The market for airless tires is projected to touch US$ 85 million by 2033.
- The Asia Pacific market is forecasted to hit US$ 33.5 million by 2033.
“Airless tires are automobile tires that do not require air pressure to function. These tires have received wide attention in recent years because of their numerous benefits and potential to replace traditional pneumatic tires,” says a Fact.MR analyst.
Competitive Landscape
Key players in the airless tires market are constantly pursuing marketing tactics such as collaborations, technological innovations, acquisitions, investments, and R&D activities to maintain and improve their market share and presence. Moreover, several start-ups are focusing on new developments to create innovative airless tires.
- SMART, a start-up based in the United States, has a Space Act Agreement with NASA and is part of the agency's official Star-tup Program, which tries to commercialize some of its inventions. In March 2021, the new company unveiled its first product: An airless bicycle tire developed by NASA researchers to make future lunar and Martian rovers more robust.
- The Goodyear Tire and Rubber Company began testing an airless tire on delivery robots at Ohio's Bowling Green State University in January 2022.
- Michelin unveiled The Uptis airless tires in October 2021, comprising fiberglass and rubber and claiming to be fuel-efficient, longer-lasting, and recyclable.
- Toyo Tires began commercializing airless tires that do not require air filling in April 2021. A line of manufacturing for airless tires was installed at the Sendai Plant, and production tests were carried out. Since airless tires are not permitted on public highways, the commercialized product is mostly for small mobile applications like golf carts.
Regional Analysis
Asia Pacific is dominating the worldwide airless tires market. South Korea and Japan are assisting the regional market growth due to the growing production of passenger vehicles. The North American market is growing considerably due to escalating demand for eco-friendly airless tires in the United States. Moreover, Germany is making significant contributions to the European market due to the presence of numerous major tire manufacturers in the country.
Key Segments of Airless Tires Industry Research
- By Product:
- Radial
- Bias
- By Vehicle:
- Military Vehicles
- Passenger Vehicles
- Commercial Vehicles
- Terrain Vehicles
- Utility Vehicles
- Two-wheelers
- By Material:
- Rubber
- Plastic
- By Sales Channel:
- OEMs
- Aftermarket
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global airless tires market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product (radial, bias), vehicle (military vehicles, passenger vehicles, commercial vehicles, terrain vehicles, utility vehicles, two-wheelers), material (rubber, plastic), and sales channel (OEMs, aftermarket), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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Key Questions Covered in the Airless Tires Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Airless Tires sales grow until 2033?
- Which are the factors hampering the Airless Tires demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Airless Tires Market during the forecast period?
Check out more related studies published by Fact.MR Research:
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