Global Airless Tires Market is Anticipated to Reach USD 63.6 Million by 2026: MRFR

Pune, India, June 2021, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Airless Tires Market.

Overview

Market Research Future (MRFR) announced the publication of its Cooked Research Report — Global Airless Tires Market 2020–2026.

In terms of value, the airless tires market is projected to reach USD 63.6 million by 2026, registering a 9% CAGR during the forecast period.

The global airless tires market is driven by factors such as increasing demand for fuel-efficient tires, government regulations regarding tire labeling, and the needto eliminate the requirement of spare tires. However, the increasing raw material prices and less reliable options are expected to restrain the market growth. The growing demand for airless tires in fleets is expected to create growth opportunities for the market players.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Airless Tires Market Research Report

Competitive Analysis

The global airless tires market is characterized by the presence of many local, regional, and global vendors. The market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services.

The growth of the vendors is dependent on market conditions, government support, and industrial development. Thus, the vendors should focus on expanding their presence and improving their services. Continental AG, Bridgestone, Michelin, Hankook Tire, and The Goodyear Tire & Rubber Company are some of the key players operating in the global market. These companies compete in terms of availability, quality, price, and technology and consider product development their key strategy in the global airless tires market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. The international players may strengthen their presence in the global market by heavily investing in product development during the forecast period.

Segmental Analysis

Increasing demand for fuel-efficient tires, government regulations regarding tire labeling, and adoption for eliminating the requirement of spare tires will spur market growth. The global airless tires market has been segmented based on type, material, tire size, vehicle type, and sales channel.

Based on type, the global market has been segmented into radial tires and bias tires. In 2019, the radial tires segment accounted for the larger market share of 85.77%, with a total market value of USD 34.7 million. It is projected to register a 17.76% CAGR during the projected timeframe.Based on material, the global market has been segmented into rubber and plastic. In 2019, the plastic segment accounted for the larger market share of 73.35%, with a market value of USD 29.7 million. It is projected to register an 18.55% CAGR over the forecast period.

Based on the tire size, the global market has been segmented into <20 inches, 21–25 inches, 26–30 inches, 31–35 inches, and >35 inches. In 2019, the 26–30 inches segment accounted for the largest market share of 38.45%, with a total market value of USD 15.6 million. It is projected to register a 19.30% CAGR during the projected timeframe.

Based on vehicle type, the global market has been segmented into two-wheelers, passenger cars, light/heavy industrial/commercial vehicles, and trucks & buses. In 2019, the light/heavy industrial/commercial vehicles segment accounted for a considerable market share of 44.57%, with a market value of USD 18.0 million. It is projected to register a 15.50% CAGR over the forecast period.

Based on sales channel, the global market has been segmented into OEM and aftermarket. In 2019, the OEM segment accounted for the larger market share of 91.18%, with a market value of USD 36.9 million. It is projected to register a 17.47% CAGR during the projected timeframe.

Regional Analysis

Based on region, the global airless tires market report has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific has one of the biggestautomotive aftermarkets, owing to the automotive industry's rapid growth in countries such as China, India, and Japan. The increased demand for airless tires in the region can be credited to factors such as the growing construction activities, industrial development, and the rise in demand for fuel-efficient technologies. The region has abundant raw material suppliers, low labor costs, and favorable government guidelines in most countries in the region,such asJapan,China, and South Korea. These countries also have a strong focus on agriculture, and hence the demand for airless tires in the agriculture sector is also expected to be high.

The demand for airless tires in construction and industrial equipment vehicles is expected to drive the growth of the airless tires market in North America. Furthermore, the rising demand for high-performance industrial-grade tires, especially in the replacement market, is expected to offer lucrative opportunities to the airless tires market during the forecast period. Furthermore, in 2019, Canada renewed a signed Comprehensive Economic and Trade Agreement (CETA) with the EU and a free trade agreement with South Korea for vehicle exports, which is expected to offer promising growth opportunities for the airless tires market in Canada during the forecast period.