Airless Tires Market size to exceed $85 Mn by 2032

Airless Tires Market size is anticipated to cross USD 85 million by 2032, according to the latest research report by Global Market Insights Inc.
 

Increasing investments in the defense sector would support the deployment of airless tire technology in military vehicles. These tires can endure tough terrains and other environmental conditions without the risk of getting flat. Its puncture resistance feature and reduced weight eliminate the need for military vehicles to carry a spare tire. This further reduces the overall weight of the vehicle as well as saves the time needed to repair punctured tires. Ongoing geopolitical tensions and conflicts between nations would ramp up the demand for military vehicles fitted with airless tires.
 

New product innovation in airless rubber tires

The airless tires market share from the rubber material segment is expected to surpass USD 30 million by 2032. New innovations in rubber technology will aid key players to develop advanced airless rubber tires. For instance, in 2020, Goodyear announced that it will launch tires using sustainable materials by 2030 end. The company will also begin testing an airless tire on delivery robots at Ohio’s Bowling Green State University. Such developments are said to boost the industry growth by 2032.
 

Growing use of airless tires in commercial vehicles

The industry size from the passenger & commercial vehicle segment is anticipated to observe 19.5% CAGR between 2023 and 2032. Rising sales for passenger vehicles and a need for puncture-resistant tires will drive product penetration. Many participants are working on developing new airless tires specifically for the commercial sector. For instance, in 2023, Michelin partnered with DHL to test its airless tire dubbed Uptis. As part of this partnership, more than 50 DHL express vans will be using puncture-proof tires in Singapore by the end of 2023.
 

Browse key industry insights spread across 375 pages with 280 market data tables & 13 figures & charts from the report, “Airless Tires Market Size By Product (Radial, Bias), By Vehicle (Military Vehicles, Passenger & Commercial Vehicles, Terrain Vehicles, Utility Vehicles, Two-wheelers), By Material (Rubber, Plastic), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/airless-tires-market
 

Higher ATV usage across North America

The North America airless tires market will amass USD 23 million by 2032. In the US, ATVs are used for emergency medical response, land management, ranching and farming, small-scale forest activities, etc. The use of ATVs for agriculture purposes is high as it eases the process of farming like sowing seeds, applying chemicals, inspecting the farm and much more. Strong demand for ATVs throughout the region would enhance the application scope for airless tires. New product launches and advancements in airless tire technology would further support regional growth.
 

Strategic mergers and acquisitions to favor industry expansion

Resilient Technologies, LLC., Bridgestone Corporation, Hankook Tires, Toyo Tires, Sumitomo Rubber Industries., Goodyear Tire & Rubber Corporation, and The Michelin Group are some of the leading companies in the airless tires business scenario. Companies are working on new product launches, mergers, acquisitions, and other initiatives to expand their corporate reach.