Autonomous Vehicles to Garner Huge Interest in Global Airless Tires Market
Connected Vehicles to Spark Huge Interest in Global Airless Tires Market Growth
Airless Tires Market Industry News
The Smart Tire Company is planning to launch airless tires for customers in the U.S. Tires will be derived from Nitinol, a combination of nickel and titanium.
Airless Tires Market Overview
The global airless tires market report by Market Research Future (MRFR) contains drivers and challenges to be faced by the industry for the forecast period (2020-2027). The devastating effects of the COVID-19 pandemic and its effect on the market are also explored in detail. Airless tires are tires being manufactured by tire companies owing to their higher capacity for long rides. They cater to customer demand for non-frequent stops for checking air pressure. Tire manufacturers are launching airless tires for improving driving performance and load-bearing of cars.
Airless Tires Market Scope
The global airless tires market is expected to register a CAGR of 9% over the forecast period. This is attributed to rising concerns over driver safety and large accident rates globally. Airless tires work without air pressure and are being manufactured using eco-friendly materials. Low maintenance and replacement costs of airless tires coupled with puncture resistance and driver assistance can drive market demand significantly.
Expansion of the e-commerce sector and rise of industrial vehicles can create a huge opportunity for the airless tires market. Autonomous and semi-autonomous sectors are likely to create opportunities for growth in light of rising connected systems in the transport sector.
The COVID-19 pandemic has negatively affected the market growth owing to production units of airless tire manufacturers being shut down to curb the virus. But economic stimulus packages may revive the market.
The high noise emitted by airless tires and dip in driving experience may deter market growth.
By product type, the airless tires are divided into bias tires and radial tires. The largest market share is held by radial tires owing to its features of higher flexibility, better shock-absorbing ability, and low fuel consumption rate. Preference of radial tires by automotive manufacturers can drive the demand in the segment.
On the basis of vehicle, the market is segmented into LCVs, HCVs, terrain vehicles, military vehicles, two-wheelers, and utility vehicles. HCVs are expected to lead in market demand owing to development of tires for rugged activities. Demand for non-pneumatic tires due to higher durability can spur the segment demand in the airless tires market.
By material, the airless tires market is segmented into plastic material and rubber material. Plastic can lead the market owing to recycling of plastic for reuse in two-wheelers.
By size, the market is segmented into 21”-25”, 26”-30”, <20”, 31”-35”, and >35”.
On the basis of sales channel, the market is segmented into OEMs and aftermarket. OEMs are likely to gain a higher market share as safety standards and durability and easy installation features offered by tire manufacturers.
North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global airless tires market.
North America is expected to dominate the global market owing to early adoption of airless tires and manufacture of premium cars. Agreements between tire and automobile manufacturers may drive the market demand significantly. Re-treading of tires without replacing them can extend the lifespan of tire and may garner huge interest among customers.
Europe has assumed the second position in the airless tires market due to regards for driver safety and convenience. Installation of low-cost chips in non-pneumatic tires for increasing the safety level is expected to drive market demand in the region.
Toyo Tire and Rubber Co. Ltd., Bridgestone Corporation, Tannus Ltd., Pirelli, The Goodyear Tire and Rubber Company, Michelin, Amerityre Corporation, Hankook Tire, Cooper Tire, and Sumitomo Rubber Industries are prominent manufacturers in the global airless tires market. Sustainable production methods and recycling techniques are expected to be the main focus of these manufacturers for lowering the carbon footprint and reducing rubber waste volumes. Joint research agreements between tire manufacturers and automotive behemoths can bolster the market growth.
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