Airless Tires Market Segmentation, Industry trends and Developments to 2024 | Key Companies: - Bridgestone, The Goodyear Tire & Rubber Company, Hankook Tire America Corp., Michelin, Sumitomo Rubber do Brasil, Toyo Tires

Global airless tires market size has been estimated to exceed USD 200 million by the year 2024. The product exhibits properties like suitability, is puncture-proof and durable for rugged applications that will lead to an increase in the production while also bolstering the evolution of the tire industry. The OEMs have been focusing on the manufacturing of these products with the help of recycled materials and providing products that are eco-friendly.

High acceptance from the military department along with the rising demand from off-road and commercial vehicles will foster airless tires market share over the forecast time period. Industry players have consistently been focusing on the development of the product for utility vehicles like golf carts and lawn mowers which will consequently influence the industry outlook in the future.

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OEMs have been laying major emphasis on the volume of the production due to the low penetration of the product initially. Michelin has made available its Tweel product for the segment of commercial automobile while Bridgestone has designed a product that had the potential to be commercialized for two-wheelers by this year.

Airless tires by Michelin have been prepared for commercial use and eliminates the risks of blow outs and flat tires entirely. Constant innovations that also includes contact area information system which will further drive airless tires market trends.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Bridgestone
2. The Goodyear Tire & Rubber Company
3. Hankook Tire America Corp.
4. Michelin
5. Resilient Technologies
6. Sumitomo Rubber do Brasil
7. Toyo Tires

Airless tires provide excellent strength, improved flexibility and shock-absorbing features. The bias segment is slated to experience a growth of nearly 9% over the projected timeframe. This will be attributed to the rise in the product implementation in heavy vehicles coupled with the economic benefits as against their counterparts.

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OEM products provide excellent durability along with enhanced services that have helped fuel airless tire industry size. Furthermore, OEMs guarantee safety standards pertaining to the product which will prove to be an asset for the generation of substantial revenues. Airless tires market size from the OEM segment will be accounting for over USD 198 million by the year 2024.

The aftermarket segment will grow at the CAGR of nearly 10.5% between 2017-2024 owing to the gradual need for replacement of conventional tires with the airless tires and its cost-effectiveness in terms of daily maintenance.

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