June 05, 2020
As per the report titled ‘Airless Tires Market Size By Product, By Vehicle, By Material, By Sales Channel, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global airless tires market is expected to record significant growth over the forecast period of 2020-2026.
The report bifurcates the airless tires market in terms of product, vehicle, material, sales channels, and regional landscape.
The invention of airless tires has opened new growth avenues for the tire industry. Several variants of airless tires across the globe are manufactured using plastic or solid rubber. The airless tires are set to revolutionize the automotive industry. Vehicles like lawnmowers, trailers, and golf carts are where airless tires are actively being used on a commercial scale.
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The introduction of airless tires will change the way commuters plan their road trips. This will eliminate the risk of flat tires whenever a vehicle runs over a jagged or sharp object. Puncturing of tires and leaking of air will not be a worry for the commuters anymore. This would end switching of plain tires on the highway.
Since there is no switching of plain tires, the need of putting a spare tire in the vehicle trunk will be eliminated. Hence, additional trunk space will be available in the vehicle. Furthermore, the vehicle would weigh less and hence can attain a better fuel economy as well.
Trucks have numerous industrial applications and airless tires can provide other benefits to these trucks. Tire failures can lead to significant loss of efficiency as well as productivity especially in mining, farming, and construction sectors. Airless tires could play a significant role in the advancement of these industries, claim market analysts.
The production of airless tires requires less amount of raw material and energy, making it more sustainable. The driving risks associated with blowouts and sudden flats will be minimized with the use of airless tires. Also, there will be a reduction in the wear and tear of the tire caused by over and under inflation. Scrapping of tires due to damage or puncture will decrease with the use of airless tires, hence adding momentum to industry expansion.
From geographical perspective, Middle East & Africa contributes approximately 6% share in the overall market revenue. The demand for airless tires is this region is anticipated to grow due to the rising military as well as commercial vehicle sales.
Key players operating in the global airless tires market are Amerityre, Bridgestone Corporation, Resilient technologies, Goodyear Tire & Rubber Corporation, Hankook Tires, Sumitomo Rubber Industries, Toyo Tires, The Michelin Group, Harris Tires, and Cooper Tire & Rubber Co. among others.