China Tubeless Tire Market Analysis
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 China 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 China 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.
The global China
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 China Tubeless Tire Market
2020. The global China 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 China Tubeless
Tire Market.
Market Segmentation
The global China
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 China Tubeless Tire Market can be classified into OEM and
aftermarket.
·
On the basis of tire type, the global China
Tubeless Tire Market can be classified into bias and radial.
·
On the basis of vehicle type, the global
China Tubeless Tire Market can be classified into commercial vehicles,
passenger car, and others.
·
On the basis of regions, the global China
Tubeless Tire Market can be classified into North America, Asia-Pacific,
Europe, and the Rest of the World (RoW).
Key Players
The forefront
players in the global China 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.
Regional Analysis
On the basis of
regions, the global China 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 China 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 China 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 China 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.
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