Tubeless Tire Market is projected to be worth USD 241.85 Billion by 2027, registering a CAGR of 7.15% during the forecast period (2021 - 2027), The market was valued at USD USD 188.42 billion in 2020.
The global tubeless tire market is a very dynamic market and is expected to witness high growth over the forecast period. The market is driven by various factors such as Growth in automotive industry in developing countries, Implementation of Stringent Vehicular Emission & Fuel Economy Norms, Increase in Production of Vehicles and rising Demand for Radial Tires. The major demand for radial tires has been witnessed in the truck and bus segment due to improved road infrastructure and the introduction of fuel-efficient products in the automobile industry. Furthermore, although tire production in the passenger car segment is already completely radialized, the number of radial tires in various segments of the market is expected to increase. The automotive market of China has experienced increased growth, which will drive the automotive technology for tubeless tires. According to the U.S. Department of Transportation, the average age of all light vehicles in operation was 11.4 years in 2014. Increasing numbers of vehicles on the road, builds a new business pipeline for the aftermarket, thereby driving the growth of the market.
The tubeless tire market has various restraints that hinder the market growth such as Fluctuation in Raw Material Cost and Huge Capital Requirement to set up new Manufacturing Facility.
A tubeless tire refers to an inflated tire which does not require any inner tube. The tubeless tire have molded rim which inserts air pressure inside the tire so as to seal the flanges of the wheel rim. The traditional design of a tire required an inner tube, which did not sustain for long, but tubeless tire does not require any inner tube. This makes the tubeless tire safer than the traditional tire. The tire and the rim in the tubeless tire form an airtight seal, which exerts a pressure and does not allow the tire to puncture easily.
The key players in global tubeless tire market are Bridgestone Corporation (Japan), The Goodyear Tyre & Rubber Company (U.S.), Madras Rubber Factory (MRF) Limited (India), CEAT Tyres ltd. (India), Continental Corporation (Germany), Michelin (France), Pirelli & C. S.p.A (Italy), Yokohama Tire Corporation (U.S.), Toyo Tire & Rubber Co., Ltd. (Japan) and Cooper Tire & Rubber Company (U.S.).
On basis of tire type, the market has been segmented as radial and bias. Amongst this, radial tires is segment accounted for the largest market share in 2016. Radial tubeless tires have various advantages they run cooler, and enhances ride quality. They also come with rigid construction, longer tread life, wider footprint, and provide more traction between tire & road surface. The growth of radial tires is also being driven by the rise in application of radial tire in two wheelers, passenger cars and light commercial vehicles.
Regional Analysis of Global Tubeless tire Market
Asia-Pacific region is expected to be the largest market of tubeless tire market during the forecast period. Asia Pacific has the largest automotive tubeless tire market, owing to rise in automotive industry in countries such as China, Japan, and South Korea. The increase in the penetration level of passenger cars and two wheelers in the region, is boosting the demand for tubeless tires. The increase in sales of the automobiles in the region can be attributed to factors such as increasing per capita income, increased infrastructure spending, attractive FDI from governments and economic production cost. Asia Pacific region has ample number of tire manufacturing plants due to huge rubber production, low labor cost and favorable government policies. Asia Pacific is expected to continue its dominance in the global tubeless tire market, owing to projected increase in the region’s vehicle production, sales and vehicle fleet.
The report for Tubeless Tire Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2027: USD 241.85 Billion|
|CAGR||7.15% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Tire Type, Vehicle Type, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bridgestone Corporation (Japan), The Goodyear Tyre & Rubber Company (U.S.), Madras Rubber Factory (MRF) Limited (India), CEAT Tyres ltd. (India), Continental Corporation (Germany), Michelin (France), Pirelli & C. S.p.A (Italy), Yokohama Tire Corporation (U.S.), Toyo Tire & Rubber Co., Ltd. (Japan) and Cooper Tire & Rubber Company (U.S.).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
7.15% is the growth rate that can be attained by the market in the near future.
The market valuation by 2027 can be USD 241.85 BN.
Toyo Tire & Rubber Co., Ltd. (Japan), The Goodyear Tyre & Rubber Company (U.S.), Bridgestone Corporation (Japan), Cooper Tire & Rubber Company (U.S.), Michelin (France), Pirelli & C. S.p.A (Italy), Yokohama Tire Corporation (U.S.), CEAT Tyres ltd. (India), Continental Corporation (Germany), Madras Rubber Factory (MRF) Limited (India), are the significant players in the market.
The market growth is driven by the expansion of the automotive industry, surge in the number of strict vehicular emission norms, high production of vehicles along with the mounting demand for radial tires.
Fluctuation in the cost of raw materials can be a major market restraint in the coming years.
The types of tires discussed in the report are radial and bias.
Increasing in application of radial tire in passenger cars, light commercial vehicles and two wheelers boost its demand in the market.