The tubeless tire market is growing rapidly, mainly due to the continually rising consumer preference for these tires. Besides, the market is driven by increasing vehicle production & sales and strong economic growth worldwide. Spurring rise in the automotive industry, alongside growing numbers of OEMs and increasing aftermarket activities across the globe, creates substantial market demand.
According to Market Research
Future (MRFR), the global tubeless tire market is projected to grow at an
impressive CAGR during the estimated period (2023–2032). Automotive is among
thirteen industries earmarked for extended financial support via the Production-Linked
Incentive (PLI) schemes during the next five years.
Tax structure relaxations in the
automotive industry in many emerging countries like India foster the
middle-class consumer base. Certain recommendations by dealer federations
encourage individuals to file IT returns for promoted growth in taxes, allowing
income taxpayers to gain the benefits of claiming depreciation on vehicles.
Also, the reduction in compensation cess boosts sales of luxury cars and
manufacturing.
Rapid Expansion in Automotive Industries
Foster Market Size
In addition to the new vehicle
production, rising spending on vehicle maintenance also increases the tubeless
tire market share. Auto owners are increasingly focusing on improving the
aesthetics and performances of vehicles. Advances in technologies and
efficacies of these tires are priorities that have already altered the market
capitalization. Another prominent industry trends are the proliferation of
lightweight vehicles and electric vehicles.
Volatility in Prices and Supply
Chains Restrict Market Growth
Fluctuating prices and the
demand-supply gap in raw materials required for production are major factors
impeding the market's growth. Nevertheless, rising numbers of OEMs,
aftermarket, and automotive care services would support the market growth
throughout the assessment period.
COVID-19 Impacts
The COVID-19 outbreak severely
hit the tubeless tire industry, posing challenges such as a disturbed supply
chain. Resultantly, manufacturers faced several problems, from obtaining raw
materials to attracting workers from quarantines to delivering end
products.
Moreover, strict lockdown
mandates halted production facilities and forced several manufacturers to cut
their production output. However, the tubeless tire market is rapidly returning
to normalcy, witnessing steadily increasing demand. The market demand is also
estimated to pick up further in the years to come.
Segmentation
The tubeless tire market is
segmented into tire types, vehicle types, distribution channels, and regions. The
type segment is sub-segmented into radial and bias. Among these, the radial
tires segment holds a sizeable market share.
The vehicle type segment is
sub-segmented into passenger cars, commercial vehicles, and others. The
distribution channel segment is sub-segmented into OEM and aftermarket. The
region segment is sub-segmented into North America, Europe, Asia Pacific, and
the-rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates
the global tubeless tire market, with the ample availability of key raw
materials and cost-competitive workforces. The region houses many rubber
production plants and has low-cost labor availability and favorable government
policies.
Besides, the increasing
preference for these tires and vehicle production, alongside the strong
presence of prominent industry players and automakers, boosts the region's
tubeless tire market size. Additionally, increase vehicle production, sales,
and vehicle fleet in the region create substantial market demand.
APAC countries, such as China,
Japan, and South Korea, account for the considerable tubeless tire market
shares due to increasing per capita income, massive infrastructure spending,
attractive FDI from governments, and economic production costs. Furthermore, the
growing number of OEMs and increasing aftermarket activities in the region
impact the tubeless tire market growth positively.
Competitive Analysis
The tubeless tire market size
witnesses strategic approaches, such as mergers & acquisitions,
collaboration, expansion, and technology launch. Key market players also make
strategic investments to drive research and development activities and
expansion plans.
For instance, on June 01, 2021,
YOKOHAMA TIRES launched new off-highway tubeless tires - Alliance Forestar III
643 and 644 forestry tires. Yokohama's new, tubeless versions of Alliance
Forestar off-highway tires are proving themselves on cut-to-length (CTL)
harvesters and forwarders worldwide,
Besides, these new tires have a
more durable sidewall, built-in rim guard, and a reinforced, hexagonal bead
bundle, eliminating the requirement of an inner tube to hold the air, and all
the hassling that comes with inner tubes, such as breaking valve stems, flaps
mess up, and even just waiting for an inner tube.
Key players involved in the
market are The Goodyear Tyre & Rubber Company (US), Bridgestone Corporation
(Japan), Madras Rubber Factory (MRF) Limited (India), Continental Corporation
(Germany), CEAT Tyres ltd. (India), Michelin (France), Yokohama Tire Corporation
(US), Pirelli & C SpA (Italy), Cooper Tire & Rubber Company (US), and
Toyo Tire & Rubber Co., Ltd. (Japan), among others.
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