The global airless tire market revenue was US$ 48.68 million in 2021. The global airless tire market revenue is forecast to reach US$ 77.5 million by 2030, growing at a compound annual growth rate (CAGR) during the forecast period from 2022-2030.
Tires are an essential part of any vehicle since they ensure safety and comfort for the driver and passengers. Tires perform two fundamental functions: protecting the wheel rim and transferring tractive force to the road surface. Airless tires, also known as non-pneumatic tires (NPTs) or flat-free tires, do not depend on air pressure for support, so they do not require re-inflation. The rubber cushion reduces the impact of vibrations and cushions the automobile shock because it's constructed from rubber.
Factors Influencing Market Growth
The growing demand for long-lasting, low-maintenance vehicle tires has led major automakers to produce airless or solid tires. These improvements are forecast to raise the global airless tire market's growth prospects in the forecast period.
Factors including the surge in demand for maintenance of free tires and the rise in popularity of all-terrain vehicles and military vehicles are likely to drive the growth of the global airless tire market.
Due to low performance during friction and high-speed scenarios, and the high capital investment required for setting up new manufacturing facilities, the global airless tire market may grow slowly.
Globally, the increasing recycling of plastics and the adoption of electric vehicles will provide lucrative opportunities for the global airless tire market.
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Impact Analysis of COVID-19
The COVID-19 pandemic had negatively impacted the global airless tire market. Across the globe, governments implemented strict lockdowns and required social distancing to prevent the spread of the COVID-19 virus. As a result, the work-from-home policy had adopted as a measure of precaution. It resulted in a drop in global demand for automobiles. As a result, several manufacturing facilities across the globe had to shut down operations due to nationwide lockdowns. Thus, it also impacted the supply and demand in a massive way around the world.