Globally, the market for Tubeless Tire is growing at a CAGR of 7.15% during the forecast period (2017-2023). The tubeless tire also known as inflated tires, does not require any inner tube inside the tire. It consists of a molded rim, through which air is inserted inside the tire to seal the projections of the wheel rim. The tradition tires had a tube inserted into the wheel, which is not sustainable for a longer time. Tubeless tires are sustainable for longer period, due to which it is safer than tube inserted tire.
Full report: https://www.cri-report.com/automotive-components-tire/708-2723-global-tubeless-tire-market-trends-forecast-2017-2023.html
The Asia Pacific region accounted for the largest market share of 32.24% in 2016 and is projected to grow at a CAGR of 7.29% during the forecast period. China is expected to dominate the market in Asia Pacific. The factors that are responsible for the growth of tubeless tire market are growing automotive industry in developing countries, implementation of stringent vehicular emission & fuel economy norms, an increase in the vehicle production. There have been various government regulations that have impacted the automotive industry. The force due to resistance which is experienced by the vehicle in motion is majorly due to the rolling resistance of the tires. The lower rolling resistance of the tires will result in lesser fuel consumption and will increase the efficiency of the vehicle. The government of various countries have taken the initiatives to control the increased emission of oxides of nitrogen along with an increase in hydrocarbon and carbon monoxide emissions. The increased initiative by the government will result in the growth of the market during the forecast period. The automotive industry plays a major role in the growth of the tubeless tire market. The increase or decrease in the sales of vehicle will impact the growth of the market in future.
The key players in market include Bridgestone Corporation (Japan), The Goodyear Tire & 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 global Tubeless Tire market is expected to reach USD 211.5 billion by 2023.
• Regionally, Asia Pacific is expected to have the largest market of USD 68.8 billion by 2023.
• In Europe, Germany accounted for the largest market share of 28.93% in 2016, with a market value of USD 11.1 billion and is projected to grow at the highest CAGR of 7.31% during the forecast period. U.K. was the second-largest market in 2016, valued at USD 8.4 billion in 2016; it is projected to grow at a CAGR of 7.29%.
• By tire type, Radial accounted for the largest market share of 63.46% in 2016.
• By vehicle type, Passenger Car accounted for the largest market share of 59.30% in 2016.