The tire industry has been flourishing due to rising sales of automobiles. The introduction of tubeless tires has further boosted the growth of the industry. In this report, Market Research Future (MRFR) presents a detailed analysis of the global Tubeless Tire Sales. It reveals that the global market is presumed to mark 7.15% CAGR during the assessment period. The valuation of the Tubeless Tire Sales is expected to exceed USD 200 Bn mark by 2022 up from USD 131.3 Bn in 2016. The market is assessed to attract investments over the next couple of years.
Tubeless tires have a longer lifespan compared to the traditional ones as it does not require inner tubes. It doesn't get punctured easily which is expected to drive the expansion of the Tubeless Tire Sales in the years to come. The product has already gained much popularity and is highly preferred by the customers. It lowers the maintenance cost of the vehicle. It is poised to lead the proliferation of the Tubeless Tire Sales in the foreseeable future. Also, these tires are proven to be safer than the traditional ones, which are anticipated to enable revenue generation for the players of the Tubeless Tire Sales.
The growth of the automotive industry is another driver of the Tubeless Tire Sales. Increasing sales of automobiles are anticipated to lead the proliferation of the Tubeless Tire Sales in the coming years. The rising use of tubeless tires in two wheelers is a major driving factor of the market. The developing economies are prime markets for the product. In addition, the aftermarket for the product is also anticipated to boost its growth rate. Increasing expansion of the aftermarket is supposed to impact the Tubeless Tire Sales favorably over the forecast period.
On the basis of tire type, the Tubeless Tire Sales has been divided into radial and bias.
On the basis of vehicle type, the Tubeless Tire Sales has been segmented into passenger car, commercial vehicles, and others
On the basis of distribution channel, the Tubeless Tire Sales has been divided into OEM and aftermarket.
This analysis of the global Tubeless Tire Sales presents a detailed regional segmentation that identifies four regions - North America, Asia Pacific, Europe, and the Rest of the World (RoW). These regions are further sub-segmented on the basis of key countries present. Asia Pacific is the largest market for tubeless tires. The market in the region is benefitting from the expansion of the automotive industry. South Korea, China, and Japan are the key countries of the region that are supposed to drive growth of the Tubeless Tire Sales. Also, the rising demand for automobiles in the region is projected to expand the market in the coming years. Increasing sophistication of the automobiles manufactured in the region is anticipated to favor growth of the Tubeless Tire Sales. Europe is also a thriving market and is expected to benefit from the presence of a developed automotive industry.
Bridgestone Corporation (Japan), Madras Rubber Factory (MRF) Limited (India), The Goodyear Tyre & Rubber Company (U.S.), CEAT Tyres ltd. (India), Michelin (France), Continental Corporation (Germany), Pirelli & C. S.p.A (Italy), Toyo Tire & Rubber Co., Ltd. (Japan), Yokohama Tire Corporation (U.S.), and Cooper Tire & Rubber Company (U.S.) are few of the key players of the Tubeless Tire Sales. New players are presumed to enter the market in the years to come. It is poised to intensify the competition in the Tubeless Tire Sales in the foreseeable future.