The Global Tubeless Tire Market to Value USD 211.5 Bn by 2023
Market Analysis
The global tubeless
tire market is estimated to value USD 211.5 billion, growing at a
CAGR of 7.15% by 2023. Rising numbers of
vehicles on the road opens avenues for the global tubeless tire market 2020.
The global tubeless tire market is highly competitive and is estimated to
experience fast expansion during the review period. Rapid urbanization
will result in a rise in the usage of both commercial vehicles and passengers,
which will directly bring impact to the automotive tubeless tire market.
The tubeless
tire does not require any inner-tube, which makes the tubeless tires safer than
the traditional tires, which brings a direct impact on the market. The
expansion of the tubeless tire market is affected by the expansion in
automotive sectors in emerging economies, implementation of strict vehicular
emission & fuel economy norms, rise in manufacture of vehicles, and
increasing demand for radial tires. However, the tubeless tire market has
several obstructions that will bring an impact on market growth, such as
enormous capital required to set up a new production facility and fluctuation
in material cost.
Market Segmentation
The global
tubeless tire market can be segregated on the basis of distribution channel,
tire type, vehicle type, and regions.
On the basis of the
distribution channel, the global tubeless tire market can be classified into
OEM and aftermarket.
On the basis of
tire type, the global tubeless tire market can be classified into bias and
radial.
On the basis of
vehicle type, the global tubeless tire market can be classified into commercial
vehicles, passenger car, and others.
On the basis of regions,
the global tubeless tire market can be classified into North America,
Asia-Pacific, Europe, and the Rest of the World (RoW).
Regional Analysis
On the basis of
regions, the global tubeless tire market can be classified into North America,
Asia-Pacific, Europe, and the Rest of the World (RoW). As per the analysis, the
Asia-Pacific region is estimated to acquire the largest market of the tubeless
tire market during the review period. The APAC region has an enormous number of
tire production plants because of huge rubber manufacturing, cheap labor cost,
and supporting government policies.
The Asia Pacific
is likely to maintain its position in the global tubeless tire market due to
the estimated rise in the regional vehicle production, sales, and vehicle
fleet. The rise in sales of the automobiles in the region can be accredited to
elements such as a rise in infrastructure expenses, rising per capita income,
alluring FDI from governments, and economical manufacturing expenses. The Asia
Pacific has the most significant automotive tubeless tire market due to the expansion
of the automotive industry in countries such as China, Japan, and South Korea.
The rising penetration level of two-wheelers and passenger cars in the region
is likely to boost the expansion of tubeless tires.
The automotive
market in China has witnessed increased development, which will influence the
automotive technology for tubeless tires. The European market is estimated to
expand significantly during the forecast period. Countries like the U.K. and
Canada play a significant role in expanding the market.
Key Players
The forefront
players in the global tubeless tire market are The Goodyear Tyre & Rubber
Company (U.S.), Bridgestone Corporation (Japan), Madras Rubber Factory (MRF)
Limited (India), Continental Corporation (Germany), CEAT Tyres ltd. (India),
Michelin (France), Yokohama Tire Corporation (U.S.), Pirelli & C.
S.p.A (Italy), Toyo Tire & Rubber Co., Ltd. (Japan), Cooper Tire &
Rubber Company (U.S.), and a few more.
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