Automotive Tubeless Tire Market Expected to Reach $198 Billion by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, April 6, 2017 /PRNewswire/ --
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.
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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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By vehicle type segment, the market is divided into two wheelers, passenger cars, and commercial vehicles. In 2016, the passenger car segment accounted for about 56% of the overall automotive tubeless tire market, and is anticipated to maintain its dominance throughout the forecast period. This is due to rise in number of passenger cars, and government rules & regulation regarding vehicular emission & fuel economy. As per the OICA Car Association, in 2016, approximately 69 million passenger cars were sold across the globe, which further boost the demand of tubeless tire in automotive industry. Moreover, two-wheeler segment is expected to expand at the highest CAGR of 7.9% during the forecast period, owing to rising number of two-wheeler in developing countries such as China, India, Singapore and Thailand.
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.
Geographically, the market is classified into North-America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for majority of revenue in 2016, and is expected to maintain its dominance, followed by North America and Europe. This is attributed to the rise in disposal income, which further boosts the number of vehicles and growth in aftermarket.
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According to Sheetanshu Upadhyay, Research Analyst, Automotive & Transportation at Allied Market Research, "Tubeless tires have substituted the outdated pneumatic tires, owing to the increased safety and enhanced reliability they offer. The distinctive manufacturing technique of tubeless tires with advanced rubber & metal alloys and benefits, such as significant Noise, vibration, and harshness (NVH) performance, better fuel efficiency, better heat dissipation, and better bump absorption, make them an outstanding alternative to conventional pneumatic tires. Asia-Pacific is the most lucrative market for tubeless tires, as it holds highest number of vehicle fleets.
Key findings of the study
- 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%.
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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