Airless Tires Market Analysis

Airless Tires Market Analysis    

The industry size from the plastic material segment is predicted to record witness 11% growth from 2023 to 2032. Automakers are using lightweight components to improve vehicle fuel efficiency. Airless tires can help achieve this as they are often filled with compressed polymers like plastic that make them lightweight. New initiatives by automakers and tire companies to endorse the use of recyclable material would compel market growth.

Radial airless tires market is anticipated to cross USD 59 million by 2032. Climate change and other environmental hazards have shifted the focus of automakers toward hybrid vehicles and EVs because of the government incentives and customer appreciation for these vehicles. As per the data from the Office of Energy Efficiency & Renewable Energy, the sale of hybrid-electric vehicles has increased by 76% from 2020 to 2021.
 

The growing demand for higher-range EVs will influence the espousal of airless radial tires. New product innovations by tire manufacturers will garner the sector growth by 2032. For instance, in January 2022, Michelin launched a prototype of the airless radial tire for eCargo trikes, Michelin X Tweel. This is a single unit that replaces the entire wheel assembly and current tire together.
 

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Airless tires market from the utility vehicles type is expected to attain nearly 9.5% gains through 2032. Recently, the usage of golf carts has increased due to the escalating popularity of the golf and an increase in tourist footfall across resorts. In a bid to make these carts more sustainable, industry players have started using airless tires in their makes.
 

APAC airless tires industry is forecasted to exceed USD 33.5 million by 2032 owing to the spurring sale of passenger and commercial vehicles in the region. According to the China Passenger Car Association, in December 2022, the sale of passenger vehicles reached 2.19 million units, indicating an increase of 2.4% compared to that in 2021. Rising fuel prices have elevated the demand for fuel efficiency vehicles in Asia Pacific region which could dominate the implementation of airless tires in newer vehicle variants. The presence of several automakers and business players along with the easy availability of raw materials would have a favorable determine the regional market progression.