openPR Logo
Press release

Automotive Tubeless Tire Market Growing At A CAGR Of 6.2% and Expected To Reach $198 Billion By 2023

02-25-2019 06:28 PM CET | Industry, Real Estate & Construction

Press release from: Allied Market Research

Automotive Tubeless Tire

Automotive Tubeless Tire

The Automotive Tubeless Tire Market was valued at $132 billion in 2016, and is projected to reach $198 billion by 2023, growing at a CAGR of 6.2% from 2017 to 2023. The passenger car segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 50% in 2016, and is anticipated to maintain this trend.

Tubeless tires operate without an inner tube, and the outer surface of tubeless tire makes an air tight sealing with metal rim, and air is held in the assembly of casing and rim. Growth in automotive industry in developing countries and stringent vehicular emission & fuel economy norms among different countries boosted the demand for automotive tubeless tires in the market. However, fluctuation in cost of raw material, such as steel & rubber and huge capital investment required to set up new manufacturing facility is restraining the market growth. Moreover, rise in average life span of vehicles, and advancement in technology are expected to create numerous opportunities for the market growth.

By type segment, the market is bifurcated into radial and bias tubeless tire. In 2016, radial tubeless tire accounted for the highest revenue, and is expected to maintain its dominance throughout the forecast period. This is due to its advantage over bias tires, such as runs cooler, rigid construction, longer tread life, wider footprint, more traction between tire & road surface, and enhances ride quality. In addition, rise in application of radial tire in two wheelers, passenger cars and light commercial vehicles is driving the market growth.

Download Sample Copy PDF:

By vehicle type segment, the market is divided into two wheelers, passenger cars, and commercial vehicles. In 2016, the passenger car segment accounted for about 56% of the overall automotive tubeless tire market, and is anticipated to maintain its dominance throughout the forecast period. This is due to rise in number of passenger cars, and government rules & regulation regarding vehicular emission & fuel economy. As per the OICA Car Association, in 2016, approximately 69 million passenger cars were sold across the globe, which further boost the demand of tubeless tire in automotive industry. Moreover, two-wheeler segment is expected to expand at the highest CAGR of 7.9% during the forecast period, owing to rising number of two-wheeler in developing countries such as China, India, Singapore and Thailand.

By distribution channel segment, the market is segmented into original equipment manufacturer (OEM) and aftermarket. Aftermarket segment accounted for the highest market share in 2016, and is anticipated to continue this trend. Rise in average life span of vehicles, due to the advancement in technology and launch of new advanced tubeless tires in market, is driving the aftermarket tubeless tire market. Moreover, original equipment manufacturer (OEM) segment is expected to grow with lucrative growth rate as compared to aftermarket, due to rise in production of vehicles and increasing number of manufacturing facility of automotive OEM in developing region.

Geographically, the market is classified into North-America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for majority of revenue in 2016, and is expected to maintain its dominance, followed by North America and Europe. This is attributed to the rise in disposal income, which further boosts the number of vehicles and growth in aftermarket.

Key findings of the Automotive Tubeless Tire Market
• In 2016, the radial tubeless tire dominated the overall automotive tubeless tire market, and is projected to grow at a CAGR of 6% during the forecast period.
• The bias tubeless tire segment is expected to grow at a lucrative CAGR of 7.1%.
• The passenger car segment led the overall market in 2016, and is estimated to grow at a CAGR of 6.4%.
• The two-wheeler segment is expected to grow at a significant CAGR of 7.9%.
• In 2016, aftermarket segment accounted for the largest market share in the overall automotive tubeless tire market, and is estimate to grow at a CAGR of 5.8%.
• The original equipment manufacturer (OEM) segment is expected to grow at a noteworthy CAGR of 7.4%.
• Asia-Pacific accounted for the highest market share in 2016, and is anticipated to grow at a CAGR of 6.8%.

Key players in the marine propeller market are focused to expand their business operations in emerging countries with new product launch as a preferred strategy. The major players profiled in this report include Bridgestone Corporation, The Goodyear Tyre & Rubber Company, Continental AG, MICHELIN, Pirelli Tyre S.p.A., Sumitomo Rubber Industries, Ltd., Hankook Tire Co. Ltd., CST., Yokohama Tire Corporation., and Toyo Tire & Rubber Co. Ltd.

Send Enquiry for Purchase Report:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1?855?550-5975

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Automotive Tubeless Tire Market Growing At A CAGR Of 6.2% and Expected To Reach $198 Billion By 2023 here

News-ID: 1615076 • Views: 195

More Releases from Allied Market Research

North America Geogrid Market 2020 Segmentation, Demand, Growth, Trend, Opportuni …
According to the report published by Allied Market Research, the North America geogrid market generated $282.0 million in 2019, and is estimated to reach $408.25 million by 2027, registering a CAGR of 7.0% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios. Surge in infrastructure development activities across the U.S. and Mexico and superior physical properties
Intravenous Immunoglobulin (IVIG) Market 2020 In-Depth Analysis of Industry Shar …
Global intravenous immunoglobulin market accounted for $8,995 million in 2017, and is projected to reach $15,964 million by 2025, registering a CAGR of 7.5% from 2018 to 2025. Immunoglobulin (Ig) is a plasma-derived product, which is obtained from the serum of healthy donors. The isolated plasma product is clinically treated and purified to Ig, which can be further used in the treatment of patients with antibody deficiency. Intravenous immunoglobulin (IVIG) finds
Asthma and COPD Drugs Market Is Expected to Witness a Steady Growth by 2026
"Asthma and COPD Drugs Market by Disease and Medication Class - Global Opportunity Analysis and Industry Forecasts, 2014-2022", projects that the global market for Asthma and COPD Drugs was valued at $38,960 million in 2015 and would reach $50,359 million by 2022, registering a CAGR of 3.7% from 2016 to 2022. Asthma segment dominated the market in 2015 and expected to continue its dominance throughout the forecast period. North America
Synthetic Biology Market in Global Industry by Top Companies, Type and Applicati …
Global Synthetic biology market is forecast to reach $38.7 billion by 2020, at a CAGR of 44.2% during the forecast period (2014 - 2020). Europe occupies largest share in the global market and would hold-on to its position throughout 2020. However, Asia Pacific is the fastest growing market with a CAGR of 46.4% from 2014 - 2020. Read Full Report @ Synthetic biology is at a nascent stage and has recently

All 5 Releases

More Releases for Tire

Pneumatic Tire Market Worth Observing Growth | The Yokohama, Michelin, Continent …
Key Findings of Pneumatic Tire Market • The growth of the global pneumatic tire market would be supplemented by the growing automobile sector • The segment of radial tires accounts for the higher sales in the pneumatic tire market owing to their various advantages over cross ply tires, which include longer durability, improved performance and better mileage • Asia Pacific is the biggest tire market and would maintain its position over the forecast period. Download FREE Report
Global Tire derived Fuel Market Research Report 2018-2025 | Global Key -Liberty …
Looking at the current trends across the Tire derived Fuel market, a new study has been included to the wide database of Market Research Hub (MRH). The assessment is titled "Global Tire derived Fuel Market Insights, Forecast to 2025", which discourses the various market impacting factors like drivers, restraints and opportunities. Moreover, readers are informed about the competitive landscape which enlightens about the different players operating in the Tire derived
Tubeless Tire Market is Booming Worldwide | BFGoodrich, NITTO TIRE, Kumho, GITI …
HTF MI recently introduced Global Tubeless Tire Market study with in-depth overview, describing about the Product / Industry Scope and elaborates market outlook and status to 2023. The market Study is segmented by key regions which is accelerating the marketization. At present, the market is developing its presence and some of the key players from the complete study are Toyo Tire & Rubber, BFGoodrich, NITTO TIRE, Kumho, GITI Tire, Maxxis,
Retread Tires Market: Tire Recappers, Canton Bandag Tire Co, New England Truck T …
MarketResearchReports.Biz adds “Global Retread Tires Market Share, Size, Trends and Forecast Market Research Report” reports to its database. This report provides a strategic analysis of the Retread Tires market and the growth estimates for the forecasted period. This report studies the global Retread Tires market status and forecast, categorizes the global Retread Tires market size (value & volume) by key players, type, application, and region. This report focuses on the top
Global Aerospace Tire Market 2018 - Desser, Dunlop, Goodyear, Petlas Tire
Apex Market Reports, recently published a detailed market research study focused on the “Aerospace Tire Market” across the global, regional and country level. The report provides 360° analysis of “Aerospace Tire Market” from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global PP Pipe industry, and estimates the future trend of Aerospace Tire on
Global Automotive Tire Market 2017 - Bridgestone, Continental, Cooper Tire
The report entitled Global Automotive Tire Market 2017 presents key insights into the global Automotive Tire market along with the latest up-to-date industry details and forthcoming Automotive Tire industry trends, which will assist the readers to focus on product specification and end users driving the overall market revenue and profitability. Report Keynotes: The main motive of the report on "Global Automotive Tire Market 2017" is to study comprehensive details of the market