The airless tire market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The most prominent region in the global airless tire market accounted for North America, followed by the Asia Pacific and Europe. The dominance of North America in the airless tire market is due to the fact that the region houses several airless tire manufacturers, who capitalize significantly on the research & development of the product. The US is the largest market in North America as well as the global airless tire market and is anticipated to dominate the market throughout the forecast period from 2019-2027. The airless tire market on a global scenario is poised to surge during the forecast period. The adoption of the airless tire in different geographies is growing steadily among various vehicle types. The advantages offered by the airless tires have been influencing several industries, including construction, agriculture, commercial, mining, and military. The airless tire market is at a nascent stage, and several well-established companies, as well as smaller players, are operating in the global market
Globally, the trend of urbanization is growing at an exponential growth rate. Due to this, the average disposal income of the population staying in urban cities is also increasing. The production of vehicles has witnessed a steady growth in the post-recession era since the year 2010. A key area is the heavy equipment and utility vehicles sector that is characterized by a high level of innovation activity and developments related to road safety. Increase in vehicles fleet has resulted in increase in accidents which is caused by various factors, such as inappropriate tire pressure. The heavy equipment that are equipped with airless tires are able to carry more weight and involve in more rugged activities compared to the pneumatic tires.
Based on type, the radial tire segment dominated the global airless tire market in 2018. In In a radial tire design, the arrangement of cord plies are at 90 degrees to the direction of travel, or from the center of the tire (radially). A radial tire enables the tread and the sidewall to function as two independent features of the vehicle tire.
Based on material, the rubber segment dominated the global airless tire market. A conventional tire is made of air enclosed rubber packed with the use of compressed air. The pneumatic tires are dominating the global market for tires.
Based on vehicle type, the utility vehicle segment held the largest share in global airless tire market in 2018. The utility vehicles include different type of vehicles that are used for numerous industry applications. These vehicles are designed and manufactured to carry out a specific tasks with more effectively and efficiently when compared to passenger vehicles.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
The regional trends and factors influencing the Airless Tire Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Airless Tire Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 173.3 Million |
| Market Size by 2027 | US$ 270.0 Million |
| Global CAGR (2018 - 2027) | 5.1% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Airless Tire Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Airless Tire Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Airless Tire Market