Airless Tire Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Airless Tire Market is anticipated display a CAGR of around ~5% over the forecast period (2021-2027). Tires have evolved into an essential component of all sorts of vehicles throughout the years. Because tires govern a vehicle’s motion, they have caused numerous accidents across the world. Tire-related difficulties, for example, cause more than 700 fatalities per year in the United States alone. According to research, the number of fatalities due to tire-related difficulties is higher than the rate of fatalities due to cell-phone driving. The automotive tire is an important component of every vehicle since it ensures the driver and passengers’ safety and comfort. The tire’s primary purpose is to protect the wheel rim while also delivering tractive force between the vehicle and the road. The airless tire, also known as a non-pneumatic tire (NPT) or a flat-free tire, does not rely on air pressure for support, hence there is no need to fill the tires with air on a regular basis. It functions as a flexible cushion, decreasing the impact of vibrations and cushioning the shock of the car, thanks to its rubber construction.

Insights Presented in the Report

“Amongst Product Type, Radial segment dominated the market in 2020”

Based on product type, the market is segmented into Radial and Bias. The Radial segment is expected to grow at a higher CAGR during the forecasted period. Because of its many advantages, including excellent flexibility, high strength, and improved shock absorption. Furthermore, it has a lower fuel consumption than its competitors, which encourages its use in commercial vehicles. The industry’s strong propensity for producing radial tires will help the market develop even faster. Plies of rubber cords in crisscross patterns of lines diagonally to the centre line are used to make bias tires. It is designed to function as a single unit. These tires are frequently seen on big commercial and off-road vehicles. These tires will be widely used in big commercial vehicles in emerging countries such as India and Indonesia, boosting market revenue.

 “Amongst Material, Rubber segment dominated the market in 2020.”

Based on material, the market is segmented Rubber and Plastic. The Rubber segment is expected to grow at a higher CAGR during the forecasted period. Rubber is a low-cost material with a large load capability. To increase steering stability, rubber compounds used in airless tires, such as vulcanized rubber compounds utilized within a tire such as a bead apex, must have a high stiffness. Manufacturers prefer plastic materials for airless tire production because they are recyclable. The use of recyclable plastic in the production of two-wheeler tires with plastic spokes is expected to increase market growth.

“Amongst Vehicle Type, Passenger and Commercial Vehicles segment dominated the market in 2020.”

Based on vehicle type, the market is segmented Military Vehicles, Terrain Vehicles, Passenger & Commercial Vehicles, Two-Wheelers and Others. Rubber pneumatic tires are less durable than airless two-wheeler tires. Tires for airless two-wheelers are created from patented foams that have been extruded into various forms. Because of the growing population, strong spending power, and favorable legislation, there is an increase in demand for passenger automobiles, which is projected to contribute to the segment’s growth.

“Asia Pacific represents as the largest market.”

Based on the estimation, during the projection period of 2021-2027, Asia Pacific is expected to grow at a higher CAGR. Because of the tremendous expansion of the automobile sector in nations like China, India, and Japan, Asia-Pacific has one of the largest automotive aftermarkets. Factors such as rising building activity, industrial expansion, and desire for fuel-efficient technologies are all contributing to the increased need for airless tires in the region. In nations like Japan, China, and South Korea, there are plenty of raw material suppliers, low labour prices, and favorable government policies. Because these countries place a major emphasis on agriculture, demand for airless tires in the agriculture sector is likely to be substantial as well. In terms of worldwide automobile sales, China is the most important market. Some of the major players operating in the market includes Bridgestone Corporation, Amerityre Corporation, Continental AG, Goodyear Tire & Rubber Company, Toyo Tire & Rubber Company, Michelin, Hankook Tire & Technology, Sumitomo Rubber Industries, Ltd., Yokohama Tire Corporation, Trelleborg AB etc.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

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Research Methodology

Tires have evolved into an essential component of all sorts of vehicles throughout the years. Because tires govern a vehicle’s motion, they have caused numerous accidents across the world. Tire-related difficulties, for example, cause more than 700 fatalities per year in the United States alone. According to research, the number of fatalities due to tire-related difficulties is higher than the rate of fatalities due to cell-phone driving. The automotive tire is an important component of every vehicle since it ensures the driver and passengers’ safety and comfort. The tire’s primary purpose is to protect the wheel rim while also delivering tractive force between the vehicle and the road. The airless tire, also known as a non-pneumatic tire (NPT) or a flat-free tire, does not rely on air pressure for support, hence there is no need to fill the tires with air on a regular basis. It functions as a flexible cushion, decreasing the impact of vibrations and cushioning the shock of the car, thanks to its rubber construction.

Increased demand for vehicle production to meet the increasing demand for automobiles across all segments fuels the expansion of the airless tire market in the anticipated timeframe. The growing need for low-maintenance, long-lasting vehicle tires has compelled major automakers to produce airless or solid tires. The expansion of the airless tire market is predicted to be fueled by factors such as a rise in demand for maintenance-free tires and an increase in demand for all-terrain and military vehicles. Low performance in friction and high-speed conditions, as well as significant capital expenditure required to build up new production facilities, are projected to limit market development. Conversely, increasing plastic recyclability and increased use of electric cars globally in the approaching years are expected to provide lucrative chances for the worldwide airless tire market to grow in the coming years.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Airless Tire Market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Airless Tire, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by product type, material, vehicle type. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Airless Tire Market in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing government incentives and demand for eco-friendly transportations etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Airless Tire across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Airless Tire Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Airless Tire market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of service type, vehicle type, and region.

The main objective of the Airless Tire Market Study

The current & future market trends of Airless Tire were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Airless Tire in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include type, application, and vehicle
• Defined analysis of the regulatory framework for the Global Airless Tire industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Airless Tire for the major regions & countries
• Major regions studied in the report include North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), and Rest of World
• Company profiles of the Airless Tire Market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional & country level analysis of the industry