The Global Tubeless Tire Market to Expand at a CAGR of 7.15% by 2023
The Global Tubeless Tire Market to Value USD 211.5 Bn by 2023
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.
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).
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.
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.