“According to Goldstein Research, the advancement in tubeless tire material is up surging the demand for automotive tubeless tire market across the globe”
The global automotive tubeless tire market is anticipated to be driven by growing production and demand of automobiles globally. The rising personal disposable income of the people in developing nation further increase the car ownership in emerging economies such as China, India, Canada, UAE, Saudi Arabia and others. The rising car ownership leads to increase the sales of automotives in developing regions. Thus, showcase a significant growth in automotive tubeless tire market.
“Global Automotive Tubeless Tire Market outlook 2024”
The global automotive tubeless tire market is segmented into vehicles type such as
- Passenger Car
- Commercial Vehicles
- Others (Two-wheelers)
Among these segments, passenger car tubeless tire market dominated the vehicle type segment with a market share of 42% in 2016. Further, the market is expected to maintain its dominance over the forecast period on the back of rising sales of passenger vehicles. However, light commercial vehicle manufacturers are generating significant demand for automotive tubeless tires; but heavy commercial vehicle segment have low adoption of tubeless tires.
Global automotive tubeless tire market expected to reach 192.8 billion by the end of forecast period i.e. 2024. Further, the market is anticipated to expand at compound annual growth rate of 6.2% in over the forecast period i.e. 2016-2024.
Asia-Pacific automotive tubeless tire market contributed a market share of more than 35% in 2016 and it is expected to maintain its dominance over the forecast period i.e. 2016-2024. The major reason behind the rising sales of automotive tubeless tires in Asia-Pacific is the presence of large number of tubeless tire manufacturers and automotive manufacturers. The ease of availability of automotive tubeless tires in aftermarket owing to large number of suppliers is one of the key factors which are fostering the growth of automotive tubeless tire market. On the other hand, rising sales of commercial vehicles in North-America and Europe region is triggering the demand for advanced automotive tires. However, tire manufacturers are focusing towards research and development activities for product advancement to increase the sales of their products in OEM’s segment. Aftermarket segment is one of the fastest growing segments in distribution channel on the back of rising popularity of automotive tubeless tire market.
Swelling demand for passenger cars: Trigger push
Stringent government regulations to ensure the passenger safety are one of the major factors which are pushing the automotive manufacturers towards the adoption of tubeless tires. Original equipment manufacturers (OEM’s) are increasing the demand for automotive tubeless tires on the back of their advantages and ample of supply of tubeless tires. Furthermore, advancement in tubeless tires and increased life span of vehicles is triggering the demand for tubeless tires in aftermarket.
However, huge investment required to setup manufacturing facility is one of the major challenges for the new entrants and major barrier for the existing players to setup new plants in growth markets. Likewise, complexity related to manufacturing of advanced automotive tubeless tires is also a key restraint for this industry. Fluctuations in the prices of raw materials are creating pressure on the tire manufacturers to maintain the supply into the ever changing global market.
“Global Automotive Tubeless Tire Market Outlook 2024” contains detailed overview of the global automotive tubeless tire market in terms of market segmentation by Tire Type, by Vehicle Type, by Distribution Channel Type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global automotive tubeless tire market which includes profiling of companies of Goodyear Tire and Rubber Company, Yokohama Tires, Bridgestone Corporation, Continental AG, Pirelli Tire S.p.A, Sumitomo Rubber Industries Ltd., Hankook Tire Co. Ltd. and etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global automotive tubeless tire market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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