Sep 25, 2018
Over Three-fourth Share of Automotive Tubeless Tire Market Revenue to Reaffirm Dominance of Radial Tires throughout 2017-2022, Says Fact.MR
by Team Fact.MR
The capability of automotive tubeless tires to function efficiently at low temperature and pressure enables them to witness sustained adoption for transit operations within adverse environmental factors and low temperature conditions involved in are expected to generate decent demand for automotive tubeless tires. Moreover, escalating automotive tubeless tires demand from manufacturers of passenger vehicles and commercial vehicles will significantly propel the sales of automotive tubeless tires over the years ahead. High degree of reliability and vehicular safety offered by automotive tubeless tires have been earning superiority over traditional pneumatic tires over the recent past.
While leading automakers have already pioneered the paradigm shift from pneumatic tires to automotive tubeless tires, relatively new entrants are also considering the shift to automotive tubeless tires as an imperative move to survive the competition. Non-complicated repair, low maintenance, and enduring operational life of automotive tubeless tires will continue to create positive prospects for their adoption among automotive manufacturers. Narrow air leaks and relatively lower friction are also the longstanding growth boosters impacting automotive tubeless tires market growth.
As predicted by the latest released research intelligence outlook by Fact.MR on the global market for automotive tubeless tires, the market will exhibit healthy expansion over the five-year assessment period. The global automotive tubeless tires market revenue is slated to approach US$ 195 Bn towards the end of 2022, witnessing a robust CAGR of 6.7% over 2017-2022. “Increasing implementation of standard vehicle emission regulation and soaring awareness about fuel economy regulatory norms will remain the pivotal factors shaping the automotive tubeless tires adoption targeting vehicle fuel economy,” says the senior research analyst, Fact.MR.
Among the type of automotive tubeless tires, radial tires are expected to remain a preferred choice among automakers and drivers – especially for heavy commercial vehicles. As roads and transportation infrastructure continues to improve and fuel efficient automotive components begin to gain grounds, radial type automotive tubeless tires are anticipated to witness growing demand in the HCV sector. With over 75% share of the total automotive tubeless tires market revenue, radial tires will continue to dominate the bias type throughout the forecast period. While a majority of passenger cars have radial automotive tubeless tires, commercial vehicles hold promising prospects for radial tubeless tires in the near future.
Passenger cars accounted for almost two-fifth of the total revenue of automotive tubeless tires market value in 2017, and the report projects more than US$ 85 Bn worth of revenue through the sales of automotive tubeless tires for passenger vehicles by 2022 end. An expanding on-road vehicle parc will remain the key factor driving deployment of automotive tubeless tires in passenger vehicles, whereas the same has been estimated to fuel the aftermarket sales of automotive tubeless tires throughout the assessment period. The dominance of US$ 95 Bn aftermarket over OEMs channel will be predominantly instrumented by an escalating trend of vehicle customization among vehicle owners.
According to regional analysis of automotive tubeless tires market presented in the global automotive tubeless tires market report, the US$ 50 Bn Asia Pacific (excluding Japan) will secure the top market position through 2022 – owing to strong presence of China, India, and South Korea in the bandwagon of automotive production. On the other side, North America’s market for automotive tubeless tires is presumed to expand at the highest CAGR during 2017-2022. Europe is also an important regional territory for automotive tubeless tires manufacturers, observing the elevating demand for high-end performance vehicles among European consumers.
Fact.MR, in addition to providing an extensive evaluation of all the push and pull factors associated with automotive tubeless tires market performance, offers precise strategic insights on the competitive landscape of automotive tubeless tires in the report. Some of the players profiled in automotive tubeless tires market report include Bridgestone Corporation, The Yokohama Rubber Co., Ltd., Michelin North America Inc., The Goodyear Tyre & Rubber Company, Sumitomo Rubber Industries Ltd., and Continental AG.
Want further insights on automotive tubeless tires market space? Get in touch with the team at Fact.MR.