Automotive Tubeless Tires Market – Global Upcoming Demand & Growth Analysis 2022-2032
The global automotive tubeless tire market was valued at US$ 366.09 billion in 2018 and is expected to expand by 7.0% annually in 2022 to reach US$ 393.91 billion. Additionally, growth is anticipated to pick up during the assessment period of 2022-2032, increasing at a staggering 7.6% CAGR to reach US$ 819.45 billion.
The tubeless tire functions as the sealed container to seal
the air in the wheel’s rim and tire. It is made utilising a steel belt that is
encircled by tough rubber and amplified with high-pressure air. Comparatively
more dependable and secure are tubeless tires. The automobiles become more
fuel-efficient as a result. As a result, the use of tubeless tires has
significantly increased during the past several years.
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Global Tubeless Tire Market – Key Projections
- With
more than three-fourth share, global sales of radial tubeless tires will
procure highest revenues in the global tubeless tire market. While the
report observes radials as top-selling products in the tubeless tire
market, bias tires will also witness a steady growth in terms of demand.
- China,
South Korea and India are among the key countries located in the
Asia-Pacific excluding Japan (APEJ) region that are at the forefront of
global automobile production. The demand for tubeless tires is anticipated
to remain high in the APEJ region owing to the manufacturing presence of
majority of leading automakers. The report anticipates that throughout the
forecast period, the APEJ region will be observed as the largest market
for tubeless tires.
- Sales
of tubeless tires in the US and Canada is anticipated to gain traction
pertaining to the positive attitudes of car owners towards performance
driving. Towards the end of 2022, North America’s tubeless tire market
will have soared at the fastest pace, recording a CAGR of 7.3%.
- The
tubeless tire market in Europe will also witness steady growth through
2022. Considering the rising demand for performance vehicles across
European countries, this region will witness a persistent growth in demand
for tubeless tires.
- In
2017, more than two-fifth of revenues procured from global sales of
tubeless tires will be accounted by passenger cars. By the end of 2022,
over US$ 86 Bn worth of tubeless tires will be sold globally for their use
in passenger cars.
Competitive Landscape:
Prominent players in the Automotive Tubeless Tires Industry
are taking advantage of the rapidly increasing demand for the Automotive
Tubeless Tires in various applications. To further their outreach, players are
relying on collaborations, partnerships and acquisitions with existing small,
medium and large-scale vendors. Some prominent market developments are as
follows:
- In October
2021, Apollo Tyres announced to launch a new range of tyres under
its Dutch brand Vredestein in India, designed for luxury automobiles and
high-performance bikes. With the launch of these new tires, the company
aims to dominate the luxury car tire segment.
- In June
2021, Michelin launched its MICHELIN Primacy 4ST tyres in
India. The tire provides excellent wet grip owing to its new tread pattern
which provides 1.5X additional grooves to evacuate more water. The next
generation Silent Rib Technology creates inter-locking bands between tread
blocks resulting in smoother ride and high comfort. The new technology
also limits the air pumping sounds during the rolling of tire.
Key Segments Covered in the Automotive Tubeless Tires
Industry Survey:
· By
Product Type :
- Radial
- Bias
· By
Vehicle Type :
- Two-Wheeler
- PC
- LCV
- HCV
· By
Sales Channel :
- OEM
- Aftermarket
· By
Technology :
- Standard
- Powered
- Heated
- Powered
and Heated
· By
Region :
- North
America
- Latin
America
- Europe
- Japan
- APEJ
- Middle
East & Africa
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