Airless Tires Market Size By Product (Radial, Bias), By Vehicle (Military Vehicles, Passenger & Commercial Vehicles, Terrain Vehicles, Utility Vehicles, Two-wheelers), By Material (Rubber, Plastic), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Ana

Airless Tires Market Size By Product (Radial, Bias), By Vehicle (Military Vehicles, Passenger & Commercial Vehicles, Terrain Vehicles, Utility Vehicles, Two-wheelers), By Material (Rubber, Plastic), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 - 2032

Global Airless Tires Market is poised to grow between 2023 and 2032, owing to the increasing demand for all terrain and military vehicles. Strategic efforts undertaken by government authorities for product development and procurement of armored vehicles would add to the growing industry landscape.

For instance, in April 2022, after initially ordering 523 Boxer wheeled armored vehicles, the British government signed a contract with OCCAR and ARTEC to supply its army with 100 additional Boxer wheeled armored vehicles. Besides, the demand for HCVs is also increasing steadily, which will drive the market outlook.

Overall, the airless tires market has been segmented in terms of material, product, vehicle, sales channel, and region.

Based on material, the rubber segment will witness rapid expansion through 2032. Since the price of raw materials such as natural rubber is rising, there will be a shift towards airless tires over the next ten years. In April 2020, at the beginning of the pandemic while the price of natural rubber was USD 1.33 per kilogram in the USA, by February 2021 it went up to USD 2.46 per kilogram.

In terms of product, the bias segment is set to grow substantially by 2032 end, as bias tires are used in heavy-duty vehicles, such as buses and trucks.

On the basis of the vehicle, the military vehicle segment will expand at more than 9.5% CAGR over 2023-2032. The segmental growth will be fuelled by the availability of airless tires for military or armored vehicles on e-commerce websites.

In the context of sales channel, the market is likely to be characterized by the OEM segment during the estimated timeframe. There is a surging investment in the product development and enhancement of OEM tires, which will be the chief reason behind the expansion of this segment. Citing an instance, in 2021 Giti Tire, along with some OEM manufacturers and automotive partners, launched its new model fitments for a range of trucks and cars in Europe.

In the regional context, the Europe airless tires market is set to grow at more than 11% CAGR by 2032 end. The growing establishment of golf courses across the European continent has supported the adoption of golf carts and ATVs (all-terrain vehicles). The increasing adoption of airless tires by these carts for protecting the underlying area of such carts from damage will drive the market. As per reports, between 2016 to 2021, the total number of golf players in Europe increased from 7.9 million to 10.6 million.