A report published this week claims that the market valuation of airless tires will cross $45 million by 2026.
The report credits this predicted growth with the increasing demand from hybrid, electric and other vehicles along with the demand for maintenance-free tires. Radial tires assist in reducing the wear and tear caused by the extreme torque in utility vehicles.
The report, fully titled “Airless Tires Market by Product (Radial, Bias), Vehicle (Military Vehicles, Passenger & Commercial Vehicles, Terrain Vehicles, Utility Vehicles, Two-wheelers), Material (Rubber, Plastic), Sales Channel (OEM, Aftermarket), Regional Outlook, Competitive Market Share & Forecast 2026”, is published by Global Market Insights, Inc.
Plastics dominate the material segment with a market share of 65% and are anticipated to grow significantly from 2020 to 2026. This is because companies such as Bridgestone are involved in the development of recycled plastic tires to commercialise airless tires for motor vehicles. Moreover, reduced weight and recyclability are other key factors that enhance market growth.
The Latin American airless tires market is likely to witness a growth of around 5% during the forecast timeframe, owing to favorable trade policies, along with foreign direct investment inflows in the region. The product market is a growing industry and poised to grow further with the commercialisation of passenger and commercial vehicle airless tires and other major technology interventions in the automotive industry.
The report also claims that:
- Asia-Pacific is the largest and fastest-growing market for airless tires
- Increasing product demand from passenger and commercial vehicles will drive market growth in the coming years
- Key airless tire industry participants include Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Corporation, and Sumitomo Rubber Industries
- Product manufacturers are focusing on strategic merger and acquisitions, technology advancement and geographic expansion strategies in the long run