Airless Tire Market Estimated to reach $27.35 million by 2030, with a CAGR of 6.2%.

The global airless tire market was valued at $46.1 million in 2020, and is projected to reach $77.5 million by 2030, registering a CAGR of 5.6%. Asia-Pacific was the highest revenue contributor, accounting for $15.44 million in 2020, and is estimated to reach $27.35 million by 2030, with a CAGR of 6.2%.

Automobile tire is a vital component of any automobile since it provides safety and comfort to the driver and passengers. The fundamental function of the tire is to protect the wheel rim while providing tractive force between the vehicle and the road surface. Airless tire, also known as non-pneumatic tire (NPT) or flat-free tire, does not rely on air pressure for support, hence eliminating the need to periodically replenish the tires with air. Since it is constructed of rubber, it acts as a flexible cushion, reducing the impact of vibrations and cushioning the shock of the automobile. The leading automotive tire manufacturers such as Bridgestone and Michelin are boosting their efforts to produce airless tires for passenger automobiles, creating a substantial growth opportunity for the airless tire market.

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Major Market Players:
• Ameritire Corporation
• Bridgestone Corporation
• Continental AG
• Hankook Tire & Technology Co., Ltd.
• Michelin
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• Toyo Tire Corporation
• The Yokohama Rubber Co., Ltd.
• Trelleborg

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. For instance, Goodyear Tire & Rubber Co. announced in July 2021 that it will be testing non-pneumatic, or airless tire and wheel assemblies on driverless vehicles. Such improvements are projected to generate growth prospects for the airless tire market during the forecast period.

The factors such as surge in demand for maintenance-free tires and increase in demand for all-terrain and military vehicles are expected to drive the growth of the airless tire market. However, low performance during friction and high-speed scenarios and high capital investment for setting up new manufacturing facilities are the factors expected to restrict the growth of the market. Conversely, higher recyclability of plastics and rise in adoption of electric vehicles across the world in the coming years are anticipated to offer remunerative opportunities for the expansion of the global airless tire market in the coming years.

Key Market Segments
• By Material
o Rubber
o Plastic
• By Vehicle Type
o Military Vehicles
o Passenger & Commercial Vehicles
o All-terrain Vehicles
o Utility Vehicles
o Two-wheelers
• By Sales Channel
o OE
o Aftermarket
• By Rim Size
o Less than 15 Inches
o 15 to 20 Inches
o More than 20 Inches

Increase in demand for all-terrain and military vehicles
Utility all-terrain vehicles are versatile and can be used for a variety of purposes, including military, agricultural, construction, and forestry. As the military, agriculture, construction activities are increasing significantly the demand for these vehicle are increasing. Airless tires have conventional off-road tread on the exterior but no air inside. They are hollow instead, with rubber-like spokes connecting the hub to the tread. The spokes assist the tread in gripping the terrain below. This structure aids drivers in traversing difficult terrain. Furthermore, surge in demand for all-terrain vehicles (ATVs) in agriculture and military & defense applications in Asia Pacific and North America is expected to drive the market for airless all-terrain vehicle tires. For instance, Polaris, a manufacturer of ATVs has begun delivering MV850 ATVs outfitted with flat-proof TerrainArmor tires to the United States Special Operations Forces in September 2021. Since they are used for powerful towing and material handling, heavy-duty ATVs are primarily outfitted with high-performance tires. Airless tires come into focus in difficult driving conditions when the path is slippery, and immediate adhesive friction is necessary to go safely into a merging terrain. All of the wheels engage and provide the necessary traction to safely navigate the path or terrain. In the near future, the market for airless ATV tires is expected to be driven by increased ATV manufacturing and emphasis on safety features.

COVID-19 Impact Analysis
• The impact of COVID-19 on the airless tire market is unclear, and is expected to remain restricted until the end of 2021.
• To prevent the spread of the COVID-19 virus, governments across the globe implemented strict lockdown and made social distancing mandatory. Consequently, the work-from-home policy was implemented as a precautionary measure. This led to a sudden fall in global demand for automobiles.
• Moreover, nationwide lockdowns disrupted the supply chain as several manufacturing facilities across the globe were forced to partially or completely shut down their operations.
• The adverse impacts of the COVID-19 pandemic resulted in massive supply–demand challenges across the globe.

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Key Benefits For Stakeholders
• This study presents the analytical depiction of the airless tire analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall airless tire market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
• The current market is quantitatively analyzed from 2020 to 2030 to benchmark financial competency.
• The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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