Global Airless Tires Market - 2023-2030

Global Airless Tires Market - 2023-2030

Market Overview
The global airless tires market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 5.5% during the forecast period (2023-2030).

A vehicle's tires are essential since they protect the driver & passengers and keep them comfortable while driving. The tire's primary purpose is to protect the wheel rim and act as a tractive force between the vehicle and the road. Non-pneumatic tires (NPT), also known as airless tires or flat-free tires, do not rely on air pressure for support; hence there is no need to re-inflate the tires regularly. Rubber is used in its construction, acting as a flexible cushion to absorb shock from the car and lessen the vibrational impact.

Market Dynamics
The increasing regulations for tires
To improve vehicle efficiency, lessen the negative environmental consequences of conventional tires and enhance public knowledge of airless tires, governments and other regulatory organizations worldwide are establishing and proposing legislation and programs for labeling tires. For instance, a voluntary tire labeling system for passenger cars was introduced in Japan in 2010. South Korea likewise started enforcing required tire labeling laws in November 2016. To improve safety, promote fuel efficiency, reduce noise levels and empower consumers to make knowledgeable purchasing decisions, the European Parliament and European Council proposed the rule (EC) No. 1222/2009 for labeling tires in terms of critical factors, including fuel efficiency.

The growing demand in fleets creates lucrative growth prospects
Due to the potential of commercial vehicles, airless tire producers have begun to concentrate on them by investing in developing tread compounds that can lower tire rolling resistance while retaining the treadwear and durability of truck tires. The Goodyear Tire & Rubber Company is developing tires that offer optimum fuel savings with minimal heat generation and rolling resistance for long-distance applications. It intended to introduce its line of most fuel-efficient tires in 2018. The company's data indicates that these new tires are made with compounds that can reduce fuel expenditures by more than USD 338,000 annually for fleets of 100 vehicles and assist truck manufacturers in meeting future emission requirements. Therefore, the players functioning in the global airless tires market throughout the forecast period may benefit from the increased demand for airless tires, especially in fleets.

COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis
The global airless tires market is segmented based on vehicle, material, sales channel and region.

The growing tourism and hospitality drive the demand for airless tires in light commercial vehicles
Minivans, pickup trucks and buses are examples of light commercial vehicles (LCVs). The demand for light commercial vehicles is rising due to the expansion of the processing, manufacturing, logistics, tourism and hospitality sectors. The demand for high-quality airless tires is growing as the number of combination vehicles—such as semi-trucks and truck trailers—is used more frequently. Truck tires without air have a more straightforward construction that maintains tire shape stability and lowers rolling resistance.

Geographical Analysis
The strong presence of major players in Asia-Pacific
The growing demand for airless tires in developing countries, especially Asia-Pacific, creates opportunities for manufacturers to expand their regional presence. The countries also place a lot of emphasis on agriculture; therefore, a large demand for airless tires in that industry is also anticipated. When it comes to international automobile sales, China is the largest market. It is one of the most alluring markets for tire manufacturers that invest by establishing joint ventures with regional automakers. For instance, Hankook Tire & Technology (South Korea) created the Enfren Eco tyre in 2016 to minimize energy loss and maximize fuel efficiency in electric vehicles. This tire blends a unique silica component with a structural design.

Competitive Landscape
The major global players in the market include Michelin Group, Goodyear Tire & Rubber Co., Continental AG, Hankook Tire & Technology Group, Bridgestone Corporation, Trelleborg AG, GRI Tires, Amerityre Corporation, Tannus Ltd. and Sumitomo Rubber Industries Ltd.

Why Purchase the Report?
• To visualize the global airless tires market segmentation based on vehicle, material, sales channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of airless tires market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global airless tires market report would provide approximately 61 tables, 55 figures and 200 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies