Press release
Automotive Tubeless Tire Market : Two Wheelers, Passenger Cars, and Commercial Vehicles 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 Sample Report: 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.
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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%.
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.
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