Tubeless Tire Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2026
TUBELESS TIRE MARKET
The global tubeless tire market is projected to reach around $225.7 billion by 2026 at a CAGR of approximately 7.0%, from 2018 to 2026, according to the research company.
The tire is a complex technical component of vehicles and it must perform a variety of functions, such as cushion, dampen, and provide long term service. Most of all, it must be capable of transmitting strong longitudinal and lateral forces (during braking, accelerating, and cornering man oeuvres) in order to assure optimal and reliable road holding quality. The Tubeless tire is modern type of the tires, which have no inner tubes and the outer surface of the tire makes an air tight sealing with meral rim. Tubeless tires have many advantages, like the fuel efficiency, light weight, less balance weight required, stability, supports vehicle load and breaking force to road surface, and safe and cost effective. These advantages increasing the adoption of tubeless tires across the globe.
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Market Dynamics: Drivers, Restraints, Opportunities Challenges
Increasing production and sales of vehicles is the primary factor that drives the meat alternative market
The increasing production and sales of vehicles and a growing demand for replacement of tires is providing a significant opportunity for the players operating in the tire market. The global light vehicle production was around 95 million units in 2018 and is expected to reach around 101 million units by 2026. Hence, the growing production and sales of the vehicles drives the growth of the tubeless tires market across the globe, as they have longer operational life, low maintenance and easy repairable.
• Strict government rules and regulations
The growing concern about public safety and increasing accidents have hard pressed the government to frame strict regulations against the use of poor quality tires. As a result, the policies have been legislated against the utilization of WTO incompatible tires. Also, it is becoming necessarily to inform the consumers about the effect of tires on fuel efficiency, safety, and durability. Such government activities are responsible for the continuous growth and development of the tubeless tire market.
Tubeless Tire Market by Type
Tubeless Tire Market by Vehicle Type
• Passenger Car
• Commercial Vehicle
Tubeless Tire Market by Distribution Channel
• Original Equipment Manufacturer (OEM)
• Asia-Pacific dominates the global tubeless tire market with the fastest growth rate
The Asia-Pacific region is expected to hold maximum share of this market with the strong growth, mainly attributed to the advancement in the automotive industry, increasing production and sales of vehicles, and favorable government initiatives in the countries like India and China. Adding to this, the availability of the labor with the cheap cost and high production of rubber is further support the growth of the tubeless tire market in the region.
Tubeless tires market is growing at a significant rate and more and more providers are emerging to mark their position in the market. The established as well as emerging players are implementing various strategies to develop their business and gain attractive share in this market. For instance, Apollo Tires Ltd. recently forayed into the two-wheelers market segments by launching Acti-series tubeless tires with an aim to strengthen the company’s foothold in India. Acti-series possesses excellent wet and dry braking competency along with cornering stability. The series has been designed with the prime focus on safety, grip, and comfort. Such developments enables the companies to enhance their market presence and also increase the competitive scenario in the market.
Some of the major players in the tubeless tire market include Bridgestone Corporation, The Goodyear Tire & Rubber Company, Continental AG, MICHELIN, Pirelli Tire S.p.A., Sumitomo Rubber Industries, Ltd., Hankook Tire Co. Ltd., CST., Yokohama Tire Corporation, Toyo Tire & Rubber Co. Ltd. amongst others.
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Some points from table of content:
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Industry Insights
6. Tubeless Tire Market, by Type
7. Tubeless Tire Market, by Vehicle Type
8. Tubeless Tire Market, by Distribution Channel
9. Tubeless Tire Market, by Region
10. Competitive Landscape
11. Company Profiles
11.1. Bridgestone Corporation
11.2. The Goodyear Tire & Rubber Company
11.3. Continental AG
11.5. Pirelli Tire S.p.A.
11.6. Sumitomo Rubber Industries, Ltd.
11.7. Hankook Tire Co. Ltd.
11.9. Yokohama Tire Corporation
11.10. Toyo Tire & Rubber Co. Ltd
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