Airless Tire Market Size, Share, Growth, Statistics Report By 2027

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)

Publication Month : Oct 2019

  • Report Code : TIPTE100000805
  • Category : Automotive and Transportation
  • Status : Published
  • No. of Pages : 135
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In terms of revenue, the global airless tire market was valued at US$ 173.3 million in 2018 and is projected to reach US$ 270.0 million by 2027; it is expected to grow at a CAGR of 5.1% during the forecast period from 2019 to 2027.

The airless tire market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The most prominent region in the global airless tire market accounted for North America, followed by the Asia Pacific and Europe. The dominance of North America in the airless tire market is due to the fact that the region houses several airless tire manufacturers, who capitalize significantly on the research & development of the product. The US is the largest market in North America as well as the global airless tire market and is anticipated to dominate the market throughout the forecast period from 2019-2027. 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

Lucrative Regional Airless Tire Market

Lucrative Regional Airless Tire Market
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Market Insights–Airless Tire Market

Escalation in the production of vehicles worldwide

Globally, the trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing. The production of vehicles has witnessed a steady growth in the post-recession era since the year 2010. A key area is the heavy equipment and utility vehicles sector that is characterized by a high level of innovation activity and developments related to road safety. Increase in vehicles fleet has resulted in increase in accidents which is caused by various factors, such as inappropriate tire pressure. The heavy equipment that are equipped with airless tires are able to carry more weight and involve in more rugged activities compared to the pneumatic tires.

Type Segment Insights

Based on type, the radial tire segment dominated the global airless tire market in 2018. In In a radial tire design, the arrangement of cord plies are at 90 degrees to the direction of travel, or from the center of the tire (radially). A radial tire enables the tread and the sidewall to function as two independent features of the vehicle tire.

Material Segment Insights

Based on material, the rubber segment dominated the global airless tire market. A conventional tire is made of air enclosed rubber packed with the use of compressed air. The pneumatic tires are dominating the global market for tires.

Vehicle Type Segment Insights

Based on vehicle type, the utility vehicle segment held the largest share in global airless tire market in 2018. The utility vehicles include different type of vehicles that are used for numerous industry applications. These vehicles are designed and manufactured to carry out a specific tasks with more effectively and efficiently when compared to passenger vehicles.  

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Airless Tire Market: Strategic Insights

airless-tire-market
Market Size Value inUS$ 173.3 Million in 2018
Market Size Value byUS$ 270.0 Million by 2027
Growth rateCAGR of 5.1% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

  • In 2019, Michelin Tweel Technologies, a division of Michelin North America, Inc., has introduced a new 26-inch airless radial tire with a four-bolt wheel-pattern hub, designed for UTV (utility vehicle or utility task vehicle).
  • In 2018, Michelin has entered into a partnership with General Motors to test and test the prototype Uptis to equip cars from 2024.
  • In 2017, Toyo Tires has announced the development of “noair,” a neo-futuristic airless concept tire that does not require any filling of air.

The global airless tire market has been segmented as follows:

Airless Tire Market – By Type

  • Radial Tire
  • Bias Tire

Airless Tire Market – By Material

  • Rubber
  • Composite

Airless Tire Market – By Vehicle Type

  • Terrain Vehicle
  • Utility Vehicle
  • Military Vehicle

Airless Tire Market- By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Argentina
    • Rest of SAM

Airless Tire Market – Companies Profiles

  • Amerityre
  • Bridgestone Corporation
  • Continental
  • Evolution Wheel
  • Hankook Tire & Technology Co. Ltd.
  • McLaren Industries
  • Michelin
  • Sumitomo Rubber Industries Ltd.
  • The Goodyear Tire & Rubber Company
  • Toyo Tire & Rubber Co. Ltd.,
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type ; Vehicle Type ; Material

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies - Airless Tire Market

  1. Amerityre
  2. Bridgestone Corporation
  3. Continental Corporation
  4. Evolution Wheel
  5. Hankook Tire & Technology Co. Ltd.
  6. McLaren Industries
  7. Michelin
  8. Sumitomo Rubber Industries Ltd.
  9. The Goodyear Tire & Rubber Company
  10. Toyo Tire & Rubber Co. Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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