Brisk Expansion of Vehicle Parc Worldwide Fuels Growth of Airless Tire Market
The production of vehicles has been steadily increasing in the post-recession era since 2010. The heavy equipment and utility vehicle sector, which is characterized by a high degree of innovativeness and advancements connected to road safety, being the important aspects. The increase in the number of vehicles on the road has resulted in increase in accidents, caused by a variety of variables, which also include improper tire pressure. When opposed to pneumatic tires, heavy equipment outfitted with airless tires can carry more weight and engage in more difficult activities. In July 2021, for example, Goodyear Tire & Rubber Co. announced that it will test non-pneumatic, or airless, tire and wheel assemblies on driverless vehicles. The airless tire market is expected to increase because of these advancements over the forecast period.
For instance, in 2021, 79.1 million vehicles were produced worldwide, up 1.3 percent from 2020. The industry produced a total of 80,145,988 vehicles including Passenger Vehicles, Commercial Vehicles, Three Wheelers, Two Wheelers, and Quadricycles from April 2021 to March 2022, as against 77,621,582 units from April 2020 to March 2021. China is the world's largest passenger car manufacturer, producing more than 21 million vehicles in 2020 and accounting for about a third of global passenger vehicle production. Airless tires are the solid or non-pneumatic tires that are not supported by air pressure and are typically made of plastic or rubber, although 3D printing is being used more and more these days. The perceived advantages of these tires will continue to uphold the prospects of airless tire market. These tires avoid accidents caused by flat tires, blowouts, and other issues, as well as ensure passenger safety. The growth of airless tire market is thus proportionate to vehicle production globally.
Adoption in Commercial Vehicles to Grow Stronger Within the Forecast Period
The commercial vehicles segment is expected to be the fastest-growing segment of the airless tire market over the forecast period. Due to continued industry initiatives to provide non-pneumatic tires for the vehicles, the commercial vehicle segment in the market will enjoy a robust increase through 2026. As the processing, manufacturing, and logistics sectors, as well as the tourism and hospitality industries grow, so does the demand for light commercial vehicles. Bridgestone, for example, said in January 2020 that airless tires for commercial vehicles would be available. When compared to traditional tires, these offer greater longevity and less wear and tear. Airless tire market penetration would be aided by rising demand for puncture-resistant tires for vehicles engaged in heavyweight carrying and rough activities. Furthermore, tire manufacturers such as Goodyear and Michelin are moving their focus to creating these tires for commercial vehicles, which encourages product growth.
North America Continues to Surge Ahead with Favourable Government Initiatives
Over the projection period, the airless tire market in North America will rise at a healthy pace. In North America, demand for airless tires in construction and industrial equipment trucks is likely to drive expansion of airless tire market. Furthermore, increased demand for high-performance industrial-grade tires, particularly in the replacement market, is likely to help the airless tires market over the research period. Additionally, governments and other organizations in the region are continually working to reduce automobile emissions by encouraging the use of fuel-efficient automotive components. The US Department of Transportation (DOT) and the Environmental Protection Agency (EPA) proposed the SAFE Vehicles Rule in August 2018, which will alter the existing CAFE and tailpipe CO2 emission limits for passenger vehicles and light trucks. Because of the employment of these tires in military applications and utility terrain vehicles, North America is projected to boost market demand. Industry operators in the region are always working to develop products for military and defense applications. Resilient Technologies and Michelin, for example, give these tires to the US military for improved movement on uneven and rough terrains.
The US market is a high growth one with high number of tire producers; over 8.8 million passenger and commercial vehicles being produced and over 14 million cars being delivered in 2020. In 2019, the airless tire industry in the United States was valued at almost 34 million dollars. Due to the presence of major manufacturers viz. Bridgestone, Sumitomo Rubber Industries, and Hankook across the region, the Asia Pacific airless tires market is expected to grow at a CAGR of 6% during the forecast period. The industry will see substantial growth as raw materials are becoming more readily available and vehicle ownership rising, as well as consumers' increased preference for airless tires and their ability to be puncture-free. Europe region is predicted to hold the second largest market share.
Global Airless Tire Market: Competitive Landscape
Companies in the market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in February 2020, during the annual conference of the American Trucking Associations' Technology and Maintenance (TMC) council in Atlanta, Bridgestone unveiled a prototype version of an air-free commercial truck tire. On the other hand, in 2020, Michelin and General Motors decided to collaborate on the development and certification of Michelin's Unique Puncture-Proof Tire System, or Uptis. The tires will be installed on passenger vehicles as early as 2024.
Few of the players in the airless tire market include Ameritire Corporation, Trelleborg, Bridgestone Corporation, Continental AG, Michelin, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Toyo Tire Corporation, and The Yokohama Rubber Co., Ltd.
Global Airless Tire Market is Segmented as Below:
By Vehicle Type
By Sales Channel
Key Elements Included In The Study: Global Airless Tire Market
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