Overview and Scope
An airless tire, also known as a non-pneumatic tire (NPT), is a tire that does not require air or fuel to be inflated, effectively eliminating the need to refill the tires with air periodically. They are applied to heavy machinery that must operate in environments with a significant danger of tire punctures.
Sizing and Forecast
The airless tires market size has grown strongly in recent years. It will grow from $1.15 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to military applications, mining and industrial use, agricultural machinery, space exploration technology, reliability and reduced maintenance.
The airless tires market size is expected to see strong growth in the next few years. It will grow to $1.53 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to government regulations, logistics and material handling, focus on performance enhancement, consumer preference for convenience, autonomous vehicle development. Major trends in the forecast period include adoption in passenger vehicles, 3d printing and manufacturing, integration in sustainable transport solutions, retail availability and aftermarket demand, enhanced traction and grip.
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Segmentation & Regional Insights
The airless tires market covered in this report is segmented –
1) By Type: Radial Tires, Bias Tires
2) By Material: Rubber, Plastic
3) By Vehicle: Military Vehicles, Commercial And Passenger Vehicles, All-Terrain Vehicles, Utility Vehicles, Two Wheelers
4) By Rim Size: Less Than 15 Inches, 15-20 Inches, More Than 20 Inches
5) By Sales Channel: OEM, Aftermarket
Asia-Pacific was the largest region in the airless tires market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the airless tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing vehicle production is expected to propel the growth of the airless tires market going forward. Vehicle production refers to manufacturing automobiles and light trucks or utility vehicles (including light-duty vans, pick-up trucks, and minivans), which are mass-produced identical models offered for sale to the public. Airless tires provide better puncture resistance, less maintenance, and increased vehicle safety. By removing the possibility of blowouts or flats and ensuring dependable performance on the road. Airless tires provide drivers with peace of mind. For instance, in May 2023, according to a report published by the European Automobile Manufacturers Association, a Belgium-based standards group of the automobile industry in the European Union, the global production of motor vehicles increased by 5.7% in 2022 to 85.4 million from 2021. Therefore, increasing vehicle production is driving the growth of the airless tires market.
Key Industry Players
Major companies operating in the airless tires market report are Continental AG, Bridgestone Corporation, Michelin Group, The Goodyear Tire & Rubber Company, The Yokohama Rubber Co. Ltd., Giti Tire Pte. Ltd., Pirelli & C. S.p.A., Sumitomo Rubber Industries, Hankook Tire & Technology Co. Ltd., Cheng Shin Rubber Industry Co. Ltd., Apollo Tyres Ltd., Kumho Tire Co. Inc., Cooper Tire & Rubber Company, Linglong Group Co. Ltd., Double Coin Holdings Ltd., CEAT Limited, Toyo Tire & Rubber Co. Ltd., Aeolus Tyre Co. Ltd., Guizhou Tyre Co. Ltd., Trelleborg Wheel Systems, Maxam Tire International Srl, GRI Tires, Harris Tire Co., Amerityre Corporation, Mitas AS, Tannus Ltd., Resilient Technologies LLC.
The airless tires market report table of contents includes:
1. Executive Summary
2. Airless Tires Market Characteristics
3. Airless Tires Market Trends And Strategies
4. Airless Tires Market – Macro Economic Scenario
5. Global Airless Tires Market Size and Growth
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31. Airless Tires Market Other Major And Innovative Companies
32. Global Airless Tires Market Competitive Benchmarking
33. Global Airless Tires Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Airless Tires Market
35. Airless Tires Market Future Outlook and Potential Analysis
36.Appendix
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