According to a new market research report published by Credence Research “Airless Tires Market (Application – Two-wheelers, Agricultural & Construction Equipment, Commercial Vehicles, Defense Vehicles and Utility Vehicles (Sports, ATV, Lawn Mowers, Wheelchairs etc.)) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global airless tires market is estimated to register double digit growth over the forecast period 2017 to 2025.
Market Insights
Airless tires refer to automotive tires designed to work without air pressure. These type of tires are witnessing immense attention from the past few years owing to their immense benefits and potential of replacing the existing pneumatic tires. Airless tires are used in bicycles, defense vehicles and other commercial & utility vehicles. These tires are also expected to find application in passenger cars, thereby emerging as the future of automotive tires. One of the major factor fueling the market growth is the consistently growing efforts by the tire manufacturers towards developing a viable design of airless tires. Several companies including Bridgestone Corporation, Michelin Group and Hankook Tire Group are focused towards developing seamless airless tire design that can implemented across different vehicles. For instance, in 2005, Michelin Group introduced its first design of airless tires made using a solid hub, flexible polyurethane spokes and an outer tread band. Similarly, in 2013, Bridgestone Corporation introduced its second generation concept airless tire. The new design includes improved load-bearing capabilities, eco-friendly structure and enhanced driving performance.
The overall airless tires is expected to be majorly driven due to their immense advantages over conventional pneumatic tires. Eliminating air pressure virtually eliminates the risk of tire getting punctured or leaked. This being the most vulnerable damage to the pneumatic tires, airless tires would cut down the need for any spare tires in the vehicle. In addition, using airless tires is believed to significantly reduce CO2 emissions, thereby increasing the energy efficiency. Similarly, airless tires are primarily manufactured using recyclable materials. Since airless tires have longer life, this makes them more eco-friendly as compared to the conventional tires. Nevertheless, factors such as higher friction and less suspension have been prominent factors hampering the market growth. In addition, limited availability of full-proof designs (especially for passenger cars and commercial vehicles) is another major factor restricting the application area of airless tires.
The overall airless tires market is categorized on the basis of application and geography. Based on the applications, the market is classified into two-wheelers, agricultural & construction equipment, commercial vehicles, defense vehicles and utility vehicles. The utility vehicles segment include sports vehicles, ATV, lawn mowers, wheelchairs and several others. As of 2016, agricultural & construction equipment and utility vehicles form the largest application segments. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific and Rest of the World.