Airless Tires Market Size to surpass $95.89 billion by 2031, growing at a CAGR of 7.2 %, says Coherent Market Insights
The global Airless Tires Market, valued at $58.80 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $95.89 billion by 2031, growing at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031, as per a recent report by Coherent Market Insights.
/EIN News/ -- Burlingame, July 10, 2024 (GLOBE NEWSWIRE) -- The global airless tires market is estimated to be valued at US$ 58.80 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Growing Demand for Fuel Efficient and Low Maintenance Tires. The demand for airless tires is expected to grow considerably in the coming years owing to their fuel efficiency and low maintenance requirements compared to conventional pneumatic tires. Airless tires do not need air for proper functioning and thus eliminate the risk of getting flat tires. This significantly reduces downtime for repairs and maintenance. They can retain their shape even when completely deflated, ensuring reliable performance.
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Market Dynamics:
The airless tires market is driven by growing adoption of sustainable technologies across industries. Airless tires offer benefits such as reduced punctures, minimize tire change requirements and conserve fuel. Moreover, airless tires are made from sustainable rubber and do not require inflation using compressed air. They also help reduce carbon footprint from spare tire manufacturing and disposal. Growing environmental awareness among consumers is augmenting the demand for green tire technologies like airless tires globally.
Airless Tires Market Report Coverage:
| Report Coverage | Details |
| Market Revenue in 2024 | $58.80 billion |
| Estimated Value by 2031 | $95.89 billion |
| Growth Rate | Poised to grow at a CAGR of 7.2% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Rim Size, By Vehicle Type, By Sales Channel |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Improved Durability • Reduced Maintenance Needs |
| Restraints & Challenges | • Building Trust and Awareness for Airless Tires • high production costs |
Market Trends:
Rise in demand for mobility solutions and off-road vehicles: The demand for all-terrain and mobility vehicles such as ATVs, UTVs, military vehicles is growing at robust pace which in turn is supporting growth of airless tires market. These sustainable tires offer added benefits of puncture resistance and support extreme off-roading conditions.
Growing R&D investments by major players: Leading tire manufacturers are investing heavily in developing advanced airless tire designs. For instance, Michelin plans to launch Uptis, its unique sustainable tire for passenger vehicles by 2024. Such R&D and product launches are enhancing future growth potential of airless tires industry.
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Market Opportunities:
The increasing demand for fuel efficient and low rolling resistance tires is expected to drive the growth of airless tires market during the forecast period. Airless tires are lighter in weight than traditional pneumatic tires as they do not require inner tubes and air. This reduces the unsprung and rotating mass of vehicles, thereby improving fuel efficiency. Additionally, airless tires provide constant contact with the road and do not lose air pressure over time. This enhances fuel efficiency as compared to pneumatic tires. The development of lightweight and durable materials for airless tire production is also anticipated to boost market growth.
The commercial vehicle segment is expected to witness significant adoption of airless tires in the coming years. Commercial fleets require tires that offer reliability and durability with minimal downtime. Airless tires eliminate the risk of flat tires and do not require routine maintenance like inflating or checking air pressure. This improves vehicle uptime and reduces operational costs for commercial fleet owners. Ongoing technology advancements to increase the load-carrying capability of airless tires are also driving their adoption in heavy duty trucks and trailers.
Key Market Takeaways:
The global airless tires market is anticipated to witness a CAGR of 7.2% during the forecast period 2024-2031, owing to the growing demand for sustainable and maintenance-free tires.
On the basis of vehicle type, the passenger vehicles segment is expected to hold a dominant position, accounting for over 60% of the market share by 2031. This is attributed to the large existing fleet of passenger cars that can benefit from the advantages of airless tires.
By material, the rubber segment currently dominates the market and is anticipated to continue its dominance through 2031. However, the plastic segment is projected to witness the fastest growth during the forecast period.
In terms of sales channel, the OEM segment holds the major share of the airless tires market and is expected to maintain its lead through 2031. Meanwhile, the aftermarket segment is projected to exhibit strong growth during the same period.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to the strong presence of tire manufacturers and rising research & development activities in the region.
Key players operating in the global airless tires market include Michelin, The Goodyear Tire & Rubber Company, Continental AG, Hankook Tire & Technology Co., Ltd., Pirelli & C. S.p.A, among others. These players are focusing on new product launches and partnerships to strengthen their market position.
Recent Developments:
In October 2021, Michelin demonstrated The Uptis airless tires that are made from rubber and fiberglass and promises to be longer-lasting, fuel-saving, and recyclable.
In April 2021, Toyo Tires will embark on the commercialization of airless tires that do not fill with air. By the end of 2021, a production line for producing airless tires will be introduced at the Sendai Plant (Iwanuma City, Miyagi Prefecture), and production tests will be conducted.
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Market Segmentation:
By Rim Size:
- Less than 15 Inches
- 15 to 20 Inches
- More than 20 Inches
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
- Off-Road Vehicles
By Sales Channel:
- OEM
- Aftermarket
By Regional:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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