Airless Tires Market is Forecasted to Reach US$ 64.44 Billion in 2028, Says Stratview Research

The global Airless Tires market is projected to witness a growth rate of 11.60% annually from 2023 to 2028, with an anticipated size of US$ 64.44 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Airless Tires market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2028: US$ 64.44 billion
Growth (CAGR): 11.60% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Airless Tires Market:

The global Airless Tires market is segmented based on Product type, Vehicle type, Material type, Sales Channel type, and Region.

Based on product type - The market is segmented as radial and biased. The radial segment is projected to register a higher growth rate in the market owing to excellent flexibility, high strength, improved shock-absorbent features, and superior performance capabilities. Other factors such as lower consumption of fuel by it and the strong preference of industry players towards manufacturing radial tires are expected to accelerate the product demand during the forecast period.

Based on vehicle type - The market is segmented into military vehicles, LCVs, HCVs, terrain vehicles, utility vehicles, and motorcycles. HCV is projected to register a strong growth rate in the market owing to ongoing initiatives by the industry players to introduce non-pneumatic tires for the vehicles as these tires provide excellent durability and lesser wear & tear as compared to conventional tires. The growing adoption of airless tires in HCV and increasing construction and infrastructure globally require tires that are capable of carrying more weight and can be worked for rugged activities, fueling the airless tires market growth over the forecast period.

To know the most attractive segments, visit:
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Which Region Shows the Most Promising Growth Forecast and Opportunity?

North America is projected to be the leading region in the market owing to the growing implementation of airless tires in military applications and utility terrain vehicles, and the constant focus on offering products for military and defense purposes by the industry players during the forecast period. On the other hand, Asia-Pacific is estimated to witness significant growth which can be attributed to the presence of manufacturers, easy availability of raw materials, and high vehicle ownership in the region during the forecast period.

Airless Tires Market Drivers:
Some of the key drivers listed in the report are given below.
• The surge in demand for maintenance-free tires: Airless tires are made up of solid polyurethane with a saw-toothed tread and have the same bounce and load handling as an air-filled tire, except for the periodic maintenance required. It will not decay and provides a soft ride, rollability, noise level, and overall floor protection flaws that are common in foam-filled and air-filled tires. In the forecast period, the increased demand for maintenance-free tires will accelerate the expansion of the airless tires market.
• The surge in demand for all-terrain and military vehicles: With the increased utility of all-terrain vehicles (ATVs) for a variety of purposes such as military, agriculture, construction, and forestry, the demand for airless tires increases. Airless tires have conventional off-road tread on the exterior and a hollow inside, and spokes assist the tread in gripping. This aids drivers in traversing difficult terrain and has turned the market towards airless tires.
• The surge in demand for fuel-efficient tires: The availability of crude oil is decreasing, and its price is increasing with time. Here comes the major role of tires, their rollability is directly proportional to the consumption of oil. Huge tire manufacturers are shifting towards producing airless tires, which is indeed driving the market's growth. Tire manufacturers are shifting towards producing airless tyres which is driving the market. Airless tires have greater contact with the road, which increases the rolling resistance compared to a perfectly inflated pneumatic tire.
• Government policies and guidelines: Governments and other regulatory organizations throughout the world are establishing and proposing tire labeling legislation and initiatives to promote vehicle efficiency, reduce the negative environmental effects of traditional tires, and raise awareness of airless tires.

Top Companies in the Airless Tires Market:
Stratview Research has identified the following companies as the top market players.
• Amerityre Corporation
• Bridgestone Corporation
• Cooper Tire & Rubber Company
• Harris Tires
• Michelin
• Resilient technologies
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• The Hankook Tire & Technology Group
• Toyo Tires.
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Airless Tires Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.