Airless Tires Market Share

Airless Tires Market Share Analysis

In addition to the macroeconomic factors shaping the airless tire market, a closer examination of the market segmentation reveals interesting insights. The 26-30 segment, valued at USD 15.57 million in 2019, emerges as a focal point for market dynamics. Projections indicate that this segment is poised to experience the highest Compound Annual Growth Rate (CAGR) of 19.30% over the forecast period. This signifies a robust growth trajectory, indicative of a burgeoning demand for airless tires in this specific size range.

Delving further into the market segmentation, the category encompassing tire sizes up to 20 inches is a crucial domain, predominantly catering to passenger cars. This category includes a diverse range of passenger vehicles such as hatchbacks, sedans, SUVs, and MUVs. The prevalence of these tire sizes is particularly notable in Asian countries and other regions across the globe. The dominance of passenger cars utilizing these tire sizes is a key driver for the demand, making the <20 inches size tire market the second-highest in terms of market share.

The exponential growth in the number of passenger cars on roads globally is a primary catalyst propelling the market for <20 inches size tires. As urbanization accelerates, particularly in Asian countries, there is a notable surge in the adoption of passenger vehicles. The convenience and flexibility offered by these vehicles, coupled with the evolving lifestyle preferences of consumers, contribute to the increasing dominance of passenger cars in the automotive landscape.

Moreover, the demand for smaller tire sizes is not only influenced by the sheer volume of passenger cars but is also underscored by the evolving consumer preferences for compact and fuel-efficient vehicles. Hatchbacks, sedans, and smaller SUVs, which fall within the <20 inches size category, are often favored for their fuel efficiency, ease of maneuverability, and suitability for urban commuting. As the global automotive market witnesses a gradual shift towards sustainable and eco-friendly practices, smaller and more fuel-efficient vehicles become increasingly popular, further bolstering the demand for airless tires in the <20 inches size range.

The rise in environmental consciousness and stringent emission regulations imposed by various countries amplify the significance of fuel efficiency in the automotive sector. This, in turn, drives manufacturers and consumers alike to seek innovations that contribute to reduced fuel consumption. Airless tires, with their potential to enhance fuel efficiency through features such as reduced rolling resistance, align seamlessly with this paradigm. Consequently, the <20 inches size tire market becomes a strategic focal point for airless tire manufacturers aiming to meet the evolving needs of the automotive industry.