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What Are The Projected Size And Growth Rates For The Global Airless Tires Market?
The global airless tires market has shown solid expansion in the recent years. It is projected to grow from $1.21 billion in 2024 to $1.29 billion in 2025 at a compound annual growth rate (CAGR) of 6.2%. This growth is largely propelled by their usage in military applications, mining industries, agricultural machinery, space exploration technology, and improved reliability with reduced maintenance.
Moreover, the airless tires market size is predicted to witness robust growth in the coming years, reaching $1.66 billion by 2029 at a CAGR of 6.4%. This expected growth can be attributed to government regulations, logistics and material handling, a focus on performance enhancement, consumer preference for convenience, and developments in autonomous vehicles.
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What Factors Are Driving The Airless Tires Market?
The upswing in vehicle production is a significant driver for the growth of the airless tires market. Airless tires offer better puncture resistance, require less maintenance, and significantly increase vehicle safety, an attribute that has a growing appeal to manufacturers of vehicles. Notably, according to a report published by the European Automobile Manufacturers Association in May 2023, global vehicle production surged by 5.7% in 2022 to 85.4 million compared to 2021. This uptick in vehicle production is directly influencing the demand for airless tires.
Which Are The Major Segments In The Airless Tires Market?
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, After market
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Which Are The Major Players In The Airless Tires Market?
Key players in the airless tires market include Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, MICHELIN, Pirelli Tyre S.p.A, Sumitomo Rubber Industries Ltd, Hankook Tire Co. Ltd, Yokohama Tire Corporation, SciTech Industries, and dozens more across the market spectrum. These companies have made considerable strides in the development and marketing of airless tires.
What Are The Emerging Trends In The Airless Tires Market?
Prominent companies in the airless tire market are focusing on the introduction of innovative products, such as airless radial tires, which enhance durability and eliminate the risk of punctures. Notably, In September 2022, Michelin unveiled MICHELIN X Tweel, an airless radial tire designed for eCargo trikes. These recent technological advances echo an emerging trend within the industry.
Which Region Is Expected To Grow Fastest In The Airless Tires Market?
Asia-Pacific represented the largest region in the airless tires market in 2024, but it is expected to be the fastest-growing region in the forecast period. The report also covers other regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Airless Tires Market Report Offer For 2025?
The report gives an in-depth overview of the airless tires market, based on data that defines an airless tire as a non-pneumatic tire (NPT) that does not require refilling and is used on heavy machinery in environments with significant risk of tire punctures. The Airless Tires Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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