Report : Airless Tire Market to 2027 - Global Analysis and Forecasts by Type (Radial Tire and Bias Tire); Vehicle Type (Terrain Vehicle, Utility Vehicle, and Military Vehicle); Material (Rubber and Composite)
According to the new research report published by The Insight Partners, titled “Airless Tire Market - Global Analysis and Forecast to 2027”, the global airless tire market is expected to reach US$ 270.0 Mn by 2027, registering a CAGR of 5.1% during the forecast period 2019-2027.
Presently, pneumatic tires are dominating the global tire industry, however, due to disadvantages of conventional tires such as puncture, burst-outs, performance issues due to over and under inflation, the demand for innovative and alternative tire solutions is growing at a fast pace. The development of non-pneumatic tires or airless tires offers a solution to these disadvantages of conventional tires. There are many companies that have designed airless tires for applications such as golf carts, lawnmowers, trailers and military vehicles. Presently, rubber is the most common material that is being used in these tires. Solid tires made of rubber are used in these applications and they offer advantages such as high stability, puncture resistant and low maintenance over the conventional pneumatic tires. These tires also have the ability to serve various industrial and logistics purposes through their use in platform trucks, forklift trucks, heavy-duty transport vehicles, and airport vehicles, among other vehicles.
The airless tire market on a global scenario is poised to surge during the forecast period. The adoption of the airless tire in different geographies is growing steadily among various vehicle types. The advantages offered by the airless tires have been influencing several industries, including construction, agriculture, commercial, mining, and military. The airless tire market is at a nascent stage, and several well-established companies, as well as smaller players, are operating in the global market.
The presence of fast growing countries such as China and India as well as developed countries such as Japan, makes Asia pacific as one of the most promising market for the future growth of airless tire. The economic growth in developing countries of APAC is quite impressive and these countries are expected to offer ample growth opportunities for the airless tire market players during the forecast period of 2019–2027. Other developing regions such as the Middle East, Africa, and South America are also anticipated to offer ample growth opportunities to the airless tire market players during 2019–2027.
The airless tire market is categorized based on type, vehicle type, material, and geography. The different types of airless tire produced by the manufacturers include radial tire and bias tire. The radial tire segment is foreseen to drive the global airless tire market throughout the forecast period. The vehicle type segment includes terrain vehicle, utility vehicle, and military vehicle. The adoption of airless tires is maximum among the utility vehicles, and thus the segment holds majority of the revenue shares in global airless tire market. On the other hand, the rubber and composites are considered under the material segment in global airless tire market. The composite segment is anticipated to upsurge at a prime rate during the forecast period. Geographically, the airless tire market is classified based on North America, Europe, Asia Pacific, Middle East, and Africa, and South America.
The airless tire market ecosystem consists of well-established players as well as emerging companies. Some of the key manufacturers in the airless tire market include; Amerityre, Bridgestone Corporation, Continental, Evolution Wheel, Hankook Tire & Technology Co. Ltd., McLaren Industries, Michelin, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Company, and Toyo Tire & Rubber Co. Ltd., among others. Several other manufacturers are also functioning in the industry, and are contributing substantial revenues year on year, thereby, driving the market growth.
Airless Tire Market - Geographic Breakdown, 2018