Global Airless Tires Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
Global Airless Tires Market:
The global market for airless tires, also known as solid or non-pneumatic tires, is currently valued at USD 1.1 Billion. It is projected to reach USD 1.7 Billion by 2027, exhibiting a Compound Annual Growth Rate (CAGR) of approximately 4.5% over the forecast period. These tires, traditionally manufactured using plastic or rubber, are now being produced using 3D printing technology. They offer enhanced safety by preventing accidents caused by flat tires or blowouts. Additionally, the market is expected to be driven by the growing number of heavy commercial vehicles, such as heavy-duty trucks and construction equipment, due to urbanization and globalization.
However, the market growth may be hindered by the high capital investment required to establish new manufacturing facilities, as well as the volatility of raw material prices. Furthermore, the limited performance of solid tires in terms of suspension and friction, along with heat dissipation issues, may also impede market growth. On the other hand, there are significant opportunities for market expansion, driven by the demand for airless/solid tires in the aftermarket for passenger vehicles and advancements in advanced materials.
The largest market for airless tires is expected to be off-road vehicles. Additionally, solid tires have been widely used in construction and industrial applications, indicating their high market share. Major companies, such as Michelin, are conducting research on airless tires for passenger applications, which may become mainstream by the end of the forecast period.
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