by Rechargeable tires, also known as airless or non-pneumatic tires, are tires for vehicles that do not rely on air pressure and employ an elastic polymer material that acts as both the tire and inner tube. Rechargeable tires are maintenance-free as they do not need to be inflated with air and are puncture proof. These tires are specifically designed for electric vehicles as they improve the overall driving range by reducing rolling resistance and increasing efficiency.
The global Rechargeable Tires market is estimated to be valued at US$ 177.7 million in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
One of the major market trends is the increasing adoption of non-pneumatic or airless tires by electric commercial vehicles manufacturers. Due to the heavy weight of electric vehicles batteries, rolling resistance needs to be reduced to maximize the driving range on a single charge. Rechargeable tires help address this issue as they provide better traction and reducing rolling resistance. Also, commercial fleets require lower maintenance tires to minimize operational costs which is driving the demand for rechargeable tires from this application segment. Growing sales of electric buses and trucks are fueling the growth of rechargeable tires market over the forecast period.
Porter’s Analysis:
Threat of new entrants: The rechargeable tires market has medium threat of new entrants due to high capital requirements for manufacturing plants and established brand names of existing players.
Bargaining power of buyers: Buyers have medium bargaining power due to presence of substitutes and availability of tires from various brands.
Bargaining power of suppliers: Tire manufacturers have low bargaining power against suppliers due to availability of raw materials from multiple suppliers globally.
Threat of new substitutes: Threat from new substitutes is low as rechargeable tires provide ease of use and cost benefits compared to regular tires.
Competitive rivalry: The market has high competitive rivalry due to presence of major players focusing on new product innovation.
Rechargeable Tires Market Segmentation:
- By Technology
- Airless Tires
- Multi-Chamber Tires
- Self-Inflating Tires
- All-In-One Tires
- Others
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-Wheelers
- Off-Highway Vehicles
- Electric Vehicles
- Others
- By Sales Channel
- OEMs
- Aftermarket
Key Takeaways :
The global Rechargeable Tires Market Size is expected to witness high growth over the forecast period. The global Rechargeable Tires market is estimated to be valued at US$ 177.7 million in 2023 and is expected to exhibit a CAGR of 34% over the forecast period 2023 to 2030.
Regional Analysis North America dominates the market currently due to presence of major tire manufacturers and rising adoption of eco-friendly technologies. Europe and Asia Pacific are expected to grow at fastest pace led by government support for sustainable mobility solutions.
Key players operating in the rechargeable tires market are Michelin, Goodyear, Pirelli, Hankook, Continental, Yokohama, Cooper Tire, Kumho Tire, Toyo Tires, Nokian Tyres. Michelin is the leader in rechargeable tires innovation while Goodyear and Pirelli are investing heavily in development of smart mobility solutions. Cooper Tire and Hankook are expanding their product portfolio to strengthen presence across regions.
*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
