As per a detailed analysis by Market Research Future (MRFR), the global airless tires market is anticipated to garner a CAGR of 9% during the forecast period (2018-2023). The increasing adoption of airless tires for heavy commercial vehicles from the military sector is predicted to encourage the market growth. Airless tires are the next-generation tires which eliminate the requirement for air pressure in the tires. The manufacturers and industry participants from across the world are designing eco-friendly tires using recycled materials as airless tires have a longer life span compared to conventional tires. They are also known as non-pneumatic tires and are not supported by air pressure. These tires are based on honeycomb or spokes structure and are generally manufactured by using 3D printing. They are durable, puncture proof, and are perfect for rugged applications.
Market Potential and Pitfalls
Airless tires are high in demand as they offer features such as puncture proof, higher durability, and higher usage in rugged activities. This pushes the manufacturers to augment the production of the airless tire. The airless tire market is likely to experience a sturdy growth due to the surging awareness for ride safety by preventing road accidents which are generally caused due to punctures. The increased requirement for robust and highly flexible tires with improvised shock absorbing properties are pushing the manufacturers and industry participants towards the rapid production of airless tires. The high compatibility of specialized airless tires among the heavy vehicles to augment the ride safety is anticipated to experience high growth in the foreseeable future. The surging adoption of airless tires for heavy commercial vehicles from the military sector is escalating the demand of the market across the globe. Moreover, manufacturers across the world are investing in a large amount in R&D activities of tire technology to improve the portfolio of the product. This is likely to contribute to the market globally. The rising prices of raw materials of natural rubber due to concentrated supply is likely to bolster the market demand in the foreseeable future.
On the contrary, the high production cost and partial performance during high speed are likely to restrict the market growth. The less suspension increased rolling resistance, and higher friction is likely to hinder the market growth in the coming years.
Global Airless Tires Market: Segmental Analysis
The global airless tires market has been segmented on the basis of vehicle, product, size, material, and sales channel.
By mode of product, the global airless tires market comprises radial and bias tires. Among these, the segment for radial tires is considered to experience significant growth. The surging demand for airless tire manufacturers for the production of radial tires is likely to generate significant revenues. The benefits offered by radial tires like higher flexibility, improved shock absorbing ability, enhanced strength, and low fuel consumption are likely to trigger its demand.
By mode of the vehicle, the global airless tires market has been segmented into HCVs, LCVs, terrain vehicles, military vehicles, two-wheelers, and utility vehicles. The surging adoption of airless tires in HCV is anticipated to take the market demand to another level. The rising infrastructure and construction globally require tires that can work for rugged activities and carry more weight. This is estimated to propel the demand for HCVs across the globe.
By mode of tire size, the market constitutes of less than 20 inches, 21-25 inches, 26-30 inches, 31-35 inches, and more than 35 inches. Among these, the higher deployment of 21-25 inches among the LCVs and HCVs is anticipated to generate demand for non-pneumatic tires. The surging adoption of 21-25 inches tires in terrain vehicles is likely to fuel the revenue generation in the long run.
The sales channel comprises aftermarket and OEM. Among these, the OEM segment is likely to dominate the global market due to the major contribution of manufacturers towards the maintenance of safety standards. Offerings such as durability, improved service, easy installation, and provision of safe driving conditions are likely to propel the segment.
The material segment constitutes of plastic and rubber. Among these, the plastic material is considered to gain prominence in the foreseeable future. As plastic is highly recyclable, it is highly preferred by the manufacturers for their production. For instance, Bridgestone in February 2011 developed an airless tire which was made of recyclable plastic.
Geographically, the airless tires market has been studied under regions namely, Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Considering the global scenario, the North American region is considered to dominate the global airless tire market. The early adoption of advanced tires in the US and the installation of advanced technologies in premium cars is likely to propel the demand for airless tires in the regional market.
The European region is likely to contribute a large share due to the surging regulations from the European Commission for convenience and driver’s safety while driving. The emergence of low-cost embedded non-pneumatic tires in advanced vehicles further enhance the level of safety and convenience which escalates the demand for airless tires in this region.
The Asia Pacific region is likely to gain prominence in the foreseeable future. The surging demand for automotive in this region has resulted in the increment in the automotive sector in countries like Japan, China, and South Korea. This has contributed to the market growth in this region.
January 07, 2019: BigRep, a German manufacturing company has recently revealed the prototype for the world’s first entirely 3D printed electric motorcycle. The ‘NERA’ e-motorbike includes a seat, flexible bumpers, steering mechanisms, chest rest, and airless tires, which can be designed with customizable treads.
The prominent players operating in the global Airless Tires Market comprises Hankook Tire (South Korea), Bridgestone Corporation (Japan), Pirelli (US), The Goodyear Tire & Rubber Company (US), Amerityre Corporation (US), Sunitomo Rubber Industries (Japan), Toyo Tire & Rubber Co. Ltd. (Japan), Michelin (France), Tannus Ltd. (Korea), and Cooper Tire (US).