Technavio analyzes that the Airless Tires Market is expected to grow at a CAGR of 6.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 23.6 million.There are various factors that contribute to the growth of the market. The airless tires market is experiencing significant growth due in part to the increasing adoption of All-Terrain Vehicles (ATVs) in the agriculture sector. Farmers are turning to ATVs equipped with airless tires for their durability and low maintenance requirements, making them ideal for heavy-duty agricultural applications. Airless tires offer the added benefits of improved traction and reduced risk of punctures, enhancing the overall productivity and efficiency of farming operations. This trend is expected to continue, driving the demand for airless tires in the agriculture industry.
In the agricultural setting, airless tires offer potential benefits such as improved nutrient absorption and drainage due to their bidirectional structure. However, their commercial viability is currently limited to specific applications, primarily in specialty vehicles like golf carts and industrial machinery. The automotive industry segments utilizing these vehicles include off-road, construction, and agricultural equipment. These vehicles require tires with superior load-bearing capacity and durability to operate effectively in challenging terrain and weather conditions. Airless tires, with their increased rolling resistance and heavier weight, are less favored for mainstream passenger cars and commercial vehicles due to their less optimal performance characteristics.
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Airless Tires Market Segmentation
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In the agricultural sector, the shift from conventional pneumatic tires to airless, or non-air tires, is gaining momentum. These tires offer several advantages, including efficiency, reliability, and reduced downtime due to punctures and leaks. They ensure drivetrain protection, optimal pressure distribution, and longevity. Airless tires are made of advanced tire materials, contributing to environmental sustainability goals and eco-friendly initiatives. In agricultural settings, they minimize soil compaction, enhance nutrient absorption, and improve drainage, leading to increased yields and better performance on rugged terrain. Additionally, they provide flotation, reducing environmental impact and contributing to sustainability objectives.
The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market's size is determined by the consolidated revenue of automotive components and equipment manufacturers. Key growth drivers in this sector include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs), due to the rising sales of EVs, motorcycles, and PCs over the past decade. Additionally, the agriculture industry's shift towards non-air tires, like Airless Tires, for enhanced reliability and reduced punctures and leaks, is another significant market trend.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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