Airless Tires Market Share

Airless Tires Market Overview:

Airless Tires Market Size was valued at USD 0.05 Billion in 2023. The Airless Tires Market industry is projected to grow from USD 0.05 Billion in 2024 to USD 0.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.84% during the forecast period (2024 - 2032). Increase in the industrial vehicle industry, as well as increased demand for innovative tires and wheels Tires with connected features provide convenience and driver assistance are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Airless Tires Market Trends

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  The rising demand for fuel-efficient tires propels the market growth.

  
  

The increased demand for fuel-efficient tires is driving the market CAGR for airless tires. Crude oil prices per barrel have risen fast over the last decade, while crude oil availability has decreased with each passing day. The continuous Middle East hostilities have limited oil supply from oil-producing countries, resulting in the current rise in oil prices. According to the Organization of the Petroleum Exporting Countries (OPEC), spot crude oil prices per barrel jumped by roughly 56% in the first quarter of 2020 compared to 2019. The big airless tire manufacturers are working hard to seize this opportunity. They produce tires that are specifically designed and developed to provide reduced rolling resistance, lower fuel consumption, and increase vehicle mileage.

Bridgestone Corporation (Japan), for example, designed its ECOPIA tire series to cut energy waste and fuel usage by up to two gallons every month. It has also working on designing a tire that will give a 25% reduction in tire rolling resistance by 2020. In 2017, the business produced a tire that reduced rolling resistance by 19%.

Furthermore, governments and other regulatory organizations throughout the world are establishing and proposing tire labelling legislation and initiatives in order to promote vehicle efficiency, reduce the negative environmental effects of traditional tires, and raise knowledge of airless tires. For example, Japan began introducing a voluntary tire labelling system for passenger cars in 2010. South Korea began adopting required tire labelling laws in November 2016. The European Parliament and the European Council proposed regulation (EC) No. 1222/2009 for labelling tires in terms of critical factors such as fuel economy in order to boost safety, promote fuel efficiency, reduce noise levels, and allow customers to make informed purchasing decisions.

Airless Tires Market Segment Insights:

Airless Tires Type Insights

The Airless Tires Market segmentation, based on type includes radial tires and bias tires. Radial tires held the largest market share in the Airless Tires Market in 2022. This is because of its exceptional performance features, high strength, good flexibility, increased shock absorbency, and superior flexibility. Other reasons, such as lower fuel consumption and industry players' strong preference for producing radial tires, are expected to drive product demand during the projection period.

Airless Tires Vehicle Type Insights

The Airless Tires Market segmentation, based on Vehicle Type, includes two-wheeler, passenger cars, light/heavy industrial/commercial and trucks & buses. Light/heavy industrial/commercial is expected to rise rapidly in the market as a result of continuous industry initiatives to introduce non-pneumatic tires for cars, which provide superior durability and less wear and tear than conventional tires. Growing usage of airless tires in HCVs, as well as increased building and infrastructure internationally, necessitate tires that can handle more weight and be used for tough activities, supporting market expansion throughout the projection period.

Airless Tires Materials Type Insights

The Airless Tires Market segmentation, based on materials Type, includes rubber, plastic. In 2022, the rubber segment led the market, accounting for around 62% of the total. A rubber tire is one that wraps a rubber ring around the rim of an automobile wheel. Because of its great tensile strength, durability, and tear and abrasion resistance, rubber is commonly used in automobiles. They allow for smooth riding even on off-road terrain. They offer a strong stress absorption capacity, which helps to keep vehicle equipment in good condition. Tire spillage is prevented by the rim fixing. They are simple to care for, fix, and replace. They are materials that have been tried and tested in the automotive sector. It provides improved vehicle stability.

Airless Tires Size Insights

The Airless Tires Market segmentation, based on tires size, includes 20 inches, 21–25 inches, 26–30 inches, 31–35 inches And >35 inches. In 2022, the 20-inch segment led the market, with a market share of roughly 55%. Broader tire diameters are preferable because they provide more stability and cover a broader surface. Larger tire also minimize breaking time significantly. Larger rims provide better traction, handling, and braking. They are also more visually enticing to customers. One of the most important aspects leading to its domination in the segment is the increased control provided by the 20-inch tire size.

Airless Tires Sales Channel Insights

The Airless Tires Market segmentation, based on sales channel, includes OEM and aftermarket. During the forecast period, the OEM segment is expected to account for the largest share of the market. An original equipment manufacturer is a company that manufactures and sells goods to other companies. These companies then employ these commodities or components to create their final products, which they brand and sell to end users under their company name. Original equipment manufacturers are mostly found in the automotive industry.

Figure 1: Airless Tires Market, by Sales Channel, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Airless Tires Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Airless Tires Market area will dominate this market, owing to increased use of airless tires in military applications and utility terrain vehicles, and continual focus on delivering products for military and defense purpose by the industry players throughout the projection period.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Airless Tires Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Airless Tires Market accounts for the second-largest market share because of the growing need for airless tires in a variety of applications such as military, construction, and agriculture. Further, the German Airless Tires Market held the largest market share, and the UK Airless Tires Market was the fastest growing market in the European region

The Asia-Pacific Airless Tires Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to increase in demand for airless tires in the region can be linked to factors such as increased building activity, need for fuel-efficient technology, and industrial expansion. Moreover, China’s Airless Tires Market held the largest market share, and the Indian Airless Tires Market was the fastest growing market in the Asia-Pacific region.

Airless Tires Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the Airless Tires Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Airless Tires industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Airless Tires industry to benefit clients and increase the market sector. In recent years, the Airless Tires industry has offered some of the most significant advantages to medicine. Major players in the Airless Tires Market, including Sunitomo Rubber Industries (Japan), Amerityre Corporation (U.S.), Michelin (France), Toyo Tire and Rubber Co. Ltd. (Japan), Cooper Tire (U.S.) and others, are attempting to increase market demand by investing in R&D operations.

Michelin is a French multinational tyre manufacturer headquartered in Clermont-Ferrand, France, in the Auvergne-Rhône-Alpes region. It is the world's second largest tyre manufacturer, trailing only Bridgestone, and larger than both Goodyear and Continental. It also owns the Kléber tyre company, Uniroyal-Goodrich Tire Company, SASCAR, Bookatable, and Camso trademarks in addition to Michelin. In June 2019, Michelin has entered a deal with General Motors to develop and certify the tire supplier's Unique Puncture-proof Tire System, or Uptis, with ambitions to launch the tires on passenger vehicles as early as 2024.

Hankook Tire & Technology Co., Ltd. is a tire manufacturer based in South Korea. Hankook, headquartered in Seoul, is the world's seventh largest tire manufacturer. Hankook Tire was founded in 1941 as the Chosun Tire Company by Jae Hun Chung's grandfather and was renamed Hankook Tire Manufacturing in 1968. The term "Hankook" literally means "Korea," hence Korea Tire Company was born. The company presently provides tires as original equipment to a number of manufacturers. Aside from producing over 102 million tires each year, the company also distributes batteries, alloy wheels, and brake pads. In May 2019, Hankook Tire constructed a USD 250 million "Technodome" research and development centre in Daejeon, South Korea, to produce tires for hybrids and plug-in hybrids as well as electric vehicles.

Key Companies in the Airless Tires market include

• Bridgestone Corporation (Japan)


• Hankook Tire (South Korea)


• The Goodyear Tire and Rubber Company (U.S.)


• Pirelli (U.S.)


• Sunitomo Rubber Industries (Japan)


• Amerityre Corporation (U.S.)


• Michelin (France)


• Toyo Tire and Rubber Co. Ltd. (Japan)


• Cooper Tire (U.S.)


• Tannus Ltd. (Korea)

Airless Tires Industry Developments

January 2024: The range of steel radial tyres known as Sportrad and Crossrad has been launched in India by Ceat. These high-performance motorcycle tires are premium-grade steel radials. The Sportrad is a series designed for speed and cornering, while the Crossrad is an all-terrain tyre. Steel Rad tyres have a steel-belted radial construction that enhances better handling at higher speeds.

The Crossrad series costs Rs 4,300 for the set of tyres and matches motorcycles like Yamaha FZ Series or Suzuki Gixxer Series. On the other hand, the sportive rad series goes for Rs 12,500 per set and fits motorbikes like KTM RC390, Duke 390, Bajaj Dominar 400, and TVS Apache RR310.

An asymmetrical block tread pattern and transversal grooves around the tire provide the Crossrad platform with exceptional traction in gravel/mud and other off-road terrains. The interconnecting shoulder blocks expand the contact area, increasing the cornering grip.

July 2024: Ceat, a leading tire manufacturer, is launching a two-wheeler tire range. The new range of steel radial tyres called Sportrad and Crossrad has raised the performance level.

The company's new line of premium steel radial tyres is engineered to bring out all the potential in high-performance motorcycles. The Sportrad series caters to high speed and cornering, while Crossrad is a multi-terrain high-grip tyre. According to the company, Steel Rad tyres have a steel-belted radial construction, which enables better handling at high speeds.

According to a media release, the Sportrad series is compatible with high-performance bikes such the KTM RC390, Duke 390, Bajaj Dominar 400, and TVS Apache RR310 and costs INR 12,500 each set.

A silica-blended tire compound and equidistant mid-crown grooves improve cornering stability on the Sportrad platform. These tires surpass expectations in sportiness. The Sportrad series offers an unmatched riding experience with slick shoulders for severe lean angles, an improved groove design for wet grip and cornering stability, and a maximum slick area at the crown for stability at speeds up to 270 kmph.

Airless Tires Market Segmentation:

Airless Tires Market By Type Outlook

• Radial Tires


• Bias Tires

 Airless Tires Market By Vehicle Type Outlook

• Two-Wheeler


• Passenger Cars


• Light/Heavy Industrial/Commercial


• Trucks & Buses

 Airless Tires Market By Material Type Outlook

• Rubber


• Plastic

 Airless Tires Market By Tire Size Outlook

• 20 inches


• 21–25 inches


• 26–30 inches


• 31–35 inches


• >35 inches

Airless Tires Market By Sales Channel Outlook

• OEM


• Aftermarket

Airless Tires Regional Outlook

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  Middle East
  
  


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  Africa
  
  


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  Latin America