The global airless tire market accounted for US$ 173.3 Mn in 2018 and is expected to grow at a CAGR of 5.1% over the forecast period 2019-2027, to account for US$ 270.0 Mn by 2027. The presence of well-known tire manufacturers across the globe in the airless tire market that are capitalizing heavily on the technology is enabling the industry to witness growth. The global airless tire market is dominated by North American region owing to higher adoption rate among the utility vehicle end users, military forces, and also various automakers.
Presently, pneumatic tires are dominating the global tire industry, however, due to disadvantages of conventional tires such as puncture, burst-outs, performance issues due to over and under inflation, the demand for innovative and alternative tire solutions is growing at a fast pace. The development of non-pneumatic tires or airless tires offers a solution to these disadvantages of conventional tires. There are many companies that have designed airless tires for applications such as golf carts, lawnmowers, trailers and military vehicles. Presently, rubber is the most common material that is being used in these tires. Solid tires made of rubber are used in these applications and they offer advantages such as high stability, puncture resistant and low maintenance over the conventional pneumatic tires. These tires also have the ability to serve various industrial and logistics purposes through their use in platform trucks, forklift trucks, heavy-duty transport vehicles, and airport vehicles, among other vehicles.
The presence of fast growing countries such as China and India as well as developed countries such as Japan, makes Asia pacific as one of the most promising market for the future growth of airless tire. The economic growth in developing countries of APAC is quite impressive and these countries are expected to offer ample growth opportunities for the airless tire market players during the forecast period of 2019-2027. Other developing regions such as the Middle East, Africa, and South America are also anticipated to offer ample growth opportunities to the airless tire market players during 2019-2027.
The market for airless tire has been segmented on the basis of type, vehicle type, material, and geography. Based on type, the market has been segmented into radial and bias. Based on vehicle type, the airless tire market has been segmented into ATV, utility vehicle, and military vehicle. The airless tire market is further segmented on the basis of material into rubber and composite. North America, Europe, Asia Pacific, Middle East and Africa, and South America are the five regions analyzed to gather information related to airless tires across the globe.
The market participants operating in the airless tire market are Amerityre, Bridgestone Corporation, Continental, Evolution Wheel, Hankook Tire & Technology Co. Ltd., McLaren Industries, Michelin, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Company, and Toyo Tire & Rubber Co. Ltd., among others.
The overall global airless tire market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global airless tire market. It also provides an overview and forecast for the airless tire market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the airless tire market.