Press release
Automotive Tubeless Tire Market Distribution Channel (Original Equipment Manufacturer {OEM} and Aftermarket) BY 2023
According to a new report published by Allied Market Research, titled, Automotive Tubeless Tire Market by Type, Vehicle Type, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2017-2023, 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.Download Report (350 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/2036
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.
Major Market Players:
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.
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.
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%.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.
Name: David Correa
Email: Send Email
Organization: Allied Market Research
Address: 5933 NE Win Sivers Drive #205, Portland, OR 97220 United States
Phone: 1-800-792-5285
Website: https://www.alliedmarketresearch.com/
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