The global automotive tubeless tire market was valued at US$ 366.09 billion in 2018 and is expected to expand by 7.0% annually in 2022 to reach US$ 393.91 billion. Additionally, growth is anticipated to pick up during the assessment period of 2022-2032, increasing at a staggering 7.6% CAGR to reach US$ 819.45 billion.
The tubeless tire functions as the sealed container to seal the air in the wheel’s rim and tire. It is made utilising a steel belt that is encircled by tough rubber and amplified with high-pressure air. Comparatively more dependable and secure are tubeless tires. The automobiles become more fuel-efficient as a result. As a result, the use of tubeless tires has significantly increased during the past several years.
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Global Tubeless Tire Market – Key Projections
- With more than three-fourth share, global sales of radial tubeless tires will procure highest revenues in the global tubeless tire market. While the report observes radials as top-selling products in the tubeless tire market, bias tires will also witness a steady growth in terms of demand.
- China, South Korea and India are among the key countries located in the Asia-Pacific excluding Japan (APEJ) region that are at the forefront of global automobile production. The demand for tubeless tires is anticipated to remain high in the APEJ region owing to the manufacturing presence of majority of leading automakers. The report anticipates that throughout the forecast period, the APEJ region will be observed as the largest market for tubeless tires.
- Sales of tubeless tires in the US and Canada is anticipated to gain traction pertaining to the positive attitudes of car owners towards performance driving. Towards the end of 2022, North America’s tubeless tire market will have soared at the fastest pace, recording a CAGR of 7.3%.
- The tubeless tire market in Europe will also witness steady growth through 2022. Considering the rising demand for performance vehicles across European countries, this region will witness a persistent growth in demand for tubeless tires.
- In 2017, more than two-fifth of revenues procured from global sales of tubeless tires will be accounted by passenger cars. By the end of 2022, over US$ 86 Bn worth of tubeless tires will be sold globally for their use in passenger cars.
Competitive Landscape:
Prominent players in the Automotive Tubeless Tires Industry are taking advantage of the rapidly increasing demand for the Automotive Tubeless Tires in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:
- In October 2021, Apollo Tyres announced to launch a new range of tyres under its Dutch brand Vredestein in India, designed for luxury automobiles and high-performance bikes. With the launch of these new tires, the company aims to dominate the luxury car tire segment.
- In June 2021, Michelin launched its MICHELIN Primacy 4ST tyres in India. The tire provides excellent wet grip owing to its new tread pattern which provides 1.5X additional grooves to evacuate more water. The next generation Silent Rib Technology creates inter-locking bands between tread blocks resulting in smoother ride and high comfort. The new technology also limits the air pumping sounds during the rolling of tire.
Key Segments Covered in the Automotive Tubeless Tires Industry Survey:
· By Product Type :
- Radial
- Bias
· By Vehicle Type :
- Two-Wheeler
- PC
- LCV
- HCV
· By Sales Channel :
- OEM
- Aftermarket
· By Technology :
- Standard
- Powered
- Heated
- Powered and Heated
· By Region :
- North America
- Latin America
- Europe
- Japan
- APEJ
- Middle East & Africa
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