Tubeless Tire Market 2019 Global Forecast to 2023. Global Tubeless Tire Market Information Report by Tire Type (Radial and Bias), Vehicle Type (Passenger car, commercial Vehicles, and Others), by Distribution Channel (OEM and Aftermarket), and by Region – Global Forecast to 2023.
The key players in global tubeless tire market are Bridgestone Corporation (Japan), The Goodyear Tyre & Rubber Company (U.S.), Madras Rubber Factory (MRF) Limited (India), CEAT Tyres ltd. (India), Continental Corporation (Germany), Michelin (France), Pirelli & C. S.p.A (Italy), Yokohama Tire Corporation (U.S.), Toyo Tire & Rubber Co., Ltd. (Japan) and Cooper Tire & Rubber Company (U.S.).
The market is expected to grow from a market size of USD 131.3 Billion in 2016 to USD 211.5 Billion in 2023 at a CAGR of 7.15%. The tubeless tire market has various restraints that hinder the market growth such as Fluctuation in Raw Material Cost and Huge Capital Requirement to set up new Manufacturing Facility.
The global tubeless tire market is a very dynamic market and is expected to witness high growth over the forecast period. The market is driven by various factors such as Growth in automotive industry in developing countries, Implementation of Stringent Vehicular Emission & Fuel Economy Norms, Increase in Production of Vehicles and rising Demand for Radial Tires. The major demand for radial tires has been witnessed in the truck and bus segment due to improved road infrastructure and the introduction of fuel-efficient products in the automobile industry. Furthermore, although tire production in the passenger car segment is already completely radialized, the number of radial tires in various segments of the market is expected to increase. The automotive market of China has experienced increased growth, which will drive the automotive technology for tubeless tires. According to the U.S. Department of Transportation, the average age of all light vehicles in operation was 11.4 years in 2014. Increasing numbers of vehicles on the road, builds a new business pipeline for the aftermarket, thereby driving the growth of the market.
Asia-Pacific region is expected to be the largest market of tubeless tire market during the forecast period. Asia Pacific has the largest automotive tubeless tire market, owing to rise in automotive industry in countries such as China, Japan, and South Korea. The increase in the penetration level of passenger cars and two wheelers in the region, is boosting the demand for tubeless tires. The increase in sales of the automobiles in the region can be attributed to factors such as increasing per capita income, increased infrastructure spending, attractive FDI from governments and economic production cost. Asia Pacific region has ample number of tire manufacturing plants due to huge rubber production, low labor cost and favorable government policies. Asia Pacific is expected to continue its dominance in the global tubeless tire market, owing to projected increase in the region’s vehicle production, sales and vehicle fleet.
Browse More Details On Report At: https://www.marketwatch.com/press-release/tubeless-tire-market-2019-global-industry-size-segments-share-trends-regional-opportunity-key-country-and-competitive-forecast-to-2023-2019-01-15
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Tubeless Tire Market Analysis