Impact of COVID-19 Pandemic on Automotive Tubeless Tire Market Trends, Size, Competitive Analysis and Forecast to 2025
Automotive Tubeless Tire Market was valued at $132 billion in 2016 and is projected treach $198 billion by 2023, growing at a CAGR of 6.2% from 2017 t2023. Growth in the 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 the cost of raw material, such as steel & rubber and huge capital investment required tset up a new manufacturing facility is restraining the market growth. Moreover, the rise in an average life span of vehicles, and advancement in technology are expected tcreate numerous opportunities for market growth.
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The market is bifurcated intradial and bias tubeless tire. In 2016, radial tubeless tire accounted for the highest revenue and is expected tmaintain its dominance throughout the forecast period. This is due tits 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, a rise in the application of radial tire in two-wheelers, passenger cars, and light commercial vehicles is driving the market growth.
The market is divided inttwo-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 tmaintain its dominance throughout the forecast period. This is due tthe rise in the number of passenger cars, and government rules & regulations 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 for the tubeless tire in the automotive industry.
Geographically, the market is classified intNorth-America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the majority of revenue in 2016 and is expected tmaintain its dominance, followed by North America and Europe. This is attributed tthe rise in disposal income, which further boosts the number of vehicles and growth in the aftermarket.
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Key players in the marine propeller market are focused texpand their business operations in emerging countries with new product launches as a preferred strategy. The major players profiled in this report include,
The Goodyear Tyre & Rubber Company
Pirelli Tyre S.P.A.
SumitomRubber Industries Ltd.
Hankook Tire Co. Ltd.
Yokohama Tire Corporation
ToyTire & Rubber Co. Ltd.
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