Tubeless Tires Market is anticipated to progress at a steady 6% CAGR through 2030

Automotive Tubeless Tires Market – Key Insights

• The global automotive tubeless tires market registered a CAGR of over 6% during the period 2012-2016.
• Sales of automotive tubeless tires generated revenues worth US$ 148 Bn in 2018 and are anticipated to exceed US$ 158 Bn by the end of 2019.
• APEJ is predicted to remain the largest automotive tubeless tires market with a revenue of US$ 43 Bn by 2019 end. Advancements in automotive industry, driven by innovation in China and South Korea, are estimated to influence the growth of automotive tubeless tires market in this region. In addition, cheap labor costs and high production of rubber is expected to create favorable conditions for the growth of automotive tubeless tires market.
• Two-wheeler segment in APEJ is projected to generate the largest demand for tubeless tires and hold over 35% of the market share by the end of 2019.

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What are the Significant Drivers Underpinning the Growth of Automotive Tubeless Tires Market?

• Increasing concerns pertaining to accidents have hard-pressed the government to frame stringent regulations against the use of poor quality tires. As a result, policies have been legislated against the utilization of WTO-incompatible tires. Such initiatives by the government are expected to drive promising growth to automotive tubeless tires.
• Convergence of technology and automotive tires industry is fueling innovations in automotive tubeless tires market by offering benefits such as lightweight, aftermarket sales opportunities, and manufacturing with advanced metals and rubbers, which has enhanced fuel efficiency and lifespan of vehicles. As a subsequence, technological advancements are predicted to unfold favorable growth prospects for automotive tubeless tires market.
• Underlying issues with pneumatic tires are expected to bring lucrative growth to the automotive tubeless tires market. As compared to the pneumatic tires, automotive tubeless tires can survive a puncture and still operate for days. They exhibit better fuel efficiency, quicker repair, and are lighter in weight, which has fueled the demand for the automotive tubeless tires.
• With the recognized benefits of the automotive tubeless tires, key players are shifting their focus on amplifying the production capacity of automotive tubeless tires and enhancing their overall competency. As a result, new entrants in the automotive tubeless tires have also made a paradigm shift to match up the pace and survive the competition.
• Increasing utilization of ecommerce portals to facilitate sales is anticipated to influence automotive tubeless tires market with its impressive geographical reach. In addition, offers and discounts provided by these portals ensure a better rate of conversion.

What are the Challenges Besetting the Growth of Automotive Tubeless Tires Market?

• Increasing prices of raw materials, like natural rubber, for the manufacturing of automotive tubeless tires are impacting the profit margins of automotive manufacturers. In addition, volatility in prices of other raw materials, on account of being the by-products of the petroleum industry, is predicted to dampen the growth of automotive tubeless tires market.
• Hefty capital investments for the installation of a manufacturing facility is yet another crucial restrainer impeding the growth of automotive tubeless tires market.

Automotive Tubeless Tires Market – Competitive Landscape

• Apollo Tyres Ltd. recently forayed into the two-wheelers market segments by launching Acti-series tubeless tires with an aim to strengthen the company’s foothold in India. Acti-series possesses excellent wet and dry braking competency along with cornering stability. The series has been designed with the prime focus on safety, grip, and comfort.
• In 2018, The Goodyear Tyre & Rubber Company introduced a novel tire sealant, which can function in extreme temperatures. Such sealants are said to seal even punctures that are 6mm wide. The sealant is packaged in a bottle and is a single-serve for a set of wheels.
• With the advent of ecommerce portals, manufacturers in automotive tubeless tires market are focusing towards amplifying their sales prospects with the help of online stores. Michelin, a leading tyre brand announced its partnership with Snapdeal, post which the ecommerce site showcases the passenger car tyres and provides offers and discounts to the consumers.

Other key competitors operating in automotive tubeless tires market include Cheng Shin Rubber Industry Co., Continental AG, Sumitomo Rubber Industries Ltd, Pirelli & C. S.p.A., Madras Rubber Factory Limited, Apollo Tyres Ltd., The Goodyear Tyre & Rubber Company, The Yokohama Rubber Co., Ltd., and Michelin North America Inc.

Additional Insights:

Passenger Cars to Grow at a Promising CAGR of over 7% during 2017-2022

According to the study, increasing number of vehicles on road resulting in traffic congestion is expected to fuel the demand for passenger cars. As a result, the passenger cars are expected to hold a considerable share of automotive tubeless tires market with a healthy CAGR of 7% during the period 2017-2022. The segment is expected to surpass a value of over US$ 85 Bn in automotive tubeless tires market by the end of 2022.

As per the research, APEJ is anticipated to account for the largest share of the passenger car segment with revenue exceeding US$ 23 Bn by the end of 2019. This is followed by Europe, which is predicted to surpass a value of US$ 17 Bn by the end of the same year.

Research Methodology

This detailed research report on automotive tubeless tires market is the result of an accurate and reliable research methodology employed to compile the study and assess the crucial drivers, trends, and restraints of automotive tubeless tires market. Primary as well as secondary research methodologies have been leveraged to obtain significant insights into automotive tubeless tires market.

Interviews with the experts of automotive tubeless tires market were set up in order to form the basis of the primary research of automotive tubeless tires market, while press releases, trade journals, paid sources and similar other publications related to automotive tubeless tires market. Ultimately, the data obtained from the primary and secondary methodologies are combined to filter out any misleading and vague information and the research report is compiled with only accurate of the insights into automotive tubeless tires market.

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Posted by Neha Bhosle on Friday February 19 2021, 10:04 AM EST. All trademarks acknowledged. Filed under Automotive, Automotive & Transportation, Automotive Manufacturing, Non FirstPage, Transportation. Comments and Trackbacks closed. Follow responses: RSS 2.0