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Airless Tires Market Size

Report ID: GMI1390
Published Date: Jan 2023
Report Format: PDF

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Airless Tires Market Size

Airless Tires Market size surpassed USD 33 million in 2022 and is projected to register 11% CAGR from 2023 to 2032.

Rising sales of electric vehicles (EVs) and a shift towards sustainable automotive solutions would create new growth opportunities for manufacturers in airless tire market. Airless tires are steadily gaining grip in the automotive sector, especially at a time when a myriad of automakers are adopting sustainable solutions to lower their carbon footprint. Made using bio-sourced and recycled materials, these tires can help minimize the overall environmental footprint of the tire sector.

Airless Tires Market Report Attributes
Report Attribute	Details
Base Year:	2022
Airless Tires Market Size in 2022:	USD 33 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	11.1%
2032 Value Projection:	USD 85 Million
Historical Data for:	2018 to 2022
No. of Pages:	375
Tables, Charts & Figures:	293
Segments covered:	Product, Vehicle, Material, Sales Channel and Region
Growth Drivers:	Growing demand for all terrain and military vehicles Presence of technology providers Improvement in the automobile industry Growing demand for HCVs Rising commercial and military vehicles sales
Pitfalls & Challenges:	Manufacturing complexity and high product cost

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Efforts to improve the driving range of EVs and accept more viable & lightweight materials would incite product demand in the coming years. According to an estimate from the U.S. Department of Energy, about 25% of the energy of EVs is used to overcome rolling resistance, making airless tires a critical component for maximum EV energy efficiency.

The high cost of manufacturing airless tires could impact airless tires market expansion. The use of advanced equipment, infrastructure, and raw material can increase the overall cost of manufacturing airless tires. Another major constraint is its manufacturing complexity which could impact production time and cost. However, strategic partnerships and mergers between tire manufacturers over developing new airless tires using sustainable materials could help overcome some of these challenges during 2023-2032.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of airless tires crossed USD 33 million in 2022 and is projected to record 11% CAGR from 2023 to 2032, according to GMI Report.

Plastic airless tires industry is predicted to attain over 11% gains between 2023 and 2032 as these tires are lightweight and can help improve vehicle fuel efficiency.

Asia Pacific airless tires industry is forecasted to surpass USD 33.5 million by 2032 due to the rising sale of passenger and commercial vehicles in the region.

Some of the eminent manufacturers of airless tires are Toyo Tires, Bridgestone Corporation, Hankook Tires, Resilient TechnResilient Technologies, LLC., The Michelin Group., Sumitomo Rubber Industries., and Goodyear Tire & Rubber Corporation.