According to a recent study from market research firm Global Market Insights, the airless tire market is set to experience considerable expansion in coming years and is expected to be ‘worth over US$45m by 2026’. The report predicts that market size will increase to surpass 139,000 units per annum by 2024.
The report also states that a critical factor driving the proliferation of the industry is growth in the production of military and heavy commercial vehicles in the Asia-Pacific region. In fact, Asia-Pacific is estimated to account for over 34% of the global airless tire industry share by 2024.
Non-pneumatic tires are now commonly seen in the replacement market and sold for lawnmowers, backhoes and other utility vehicles. According to the International Organization of Motor Vehicle Manufacturers, around 24 million commercial vehicles were produced in 2017 alone. The report suggests that these factors and an increased rate of infrastructure development will boost the production of HCVs and LCVs that need to operate on rough surfaces with heavy loads on a regular basis, giving further impetus to the airless tires market. Military vehicles are also expected to add to a significant demand for airless tires, primarily in the USA.