About the Report
Tubeless tires are vacuum-packed tires with liquid sealant applied across continuous ribs. These ribs help the tire in holding air under the desired level of pressure.
Sales of tubeless tires continue to gain grounds across the world, particularly due to their significance in lowering the incidence of flat tires and easy repairs.
Vehicle owners are aware that punctures, which have the potential to put valuable logistic operations to a standstill, can be effectively avoided through the adoption of tubeless tires.
In a recently published report by Fact.MR, insights regarding key factors fueling market growth have been offered for the period of 2020 to 2030.
The market has been tracked in 20+ high-growth countries, where APEJ tops the charts. The report also details what impact the COVID-19 pandemic is having on the global tubeless tires market across the world, and why usage is the most in passenger cars across the world.
Regaining Momentum after Decelerated Sales in 2020
During the historic period, the tubeless tires market portrayed an impressive growth rate of 5% in terms of value. Growth in demand during 2015-2019 can be assessed by ascending sales for two wheelers across all high-potential markets.
Despite impressive historical growth, momentum decelerated in 2020. Demand for tubeless tires declined by nearly 5.4% over the 2nd quarter and 3.4% over the 3rd quarter of FY2020.
This decline in demand was due to the effect of lockdown impositions and disrupted supply chains. Furthermore, demand from OEM and aftersales services were halted, backed by lack of demand from end-use consumers.
However, the market for tubeless tires is expected to gain traction over the forecast period, as sales figures of automotive companies are surging with record levels of demand.
Furthermore, the shifting focus towards electric vehicles is also seen as key forecast factor for the growth of the tubeless tires market over the next ten years, with market expansion expected to take place at a CAGR of over 6% through 2030.
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How will Electric Vehicle Sales Impact Demand for Tubeless Tires?
During the forecast period, electric vehicles and hybrid cars with low emissions are seen amongst the disruptive technologies that are expected to drive transformation in the mobility industry.
Electric vehicles come with numerous advantages as compared to conventional ones, such as lower emissions, maintenance cost, running cost, and engine noise.
Moreover, governments in developing countries are encouraging both, manufacturers and customers, by providing various incentive schemes for these vehicles.
Aforementioned factors will facilitate numerous growth opportunities for tubeless tire manufacturers over the years ahead.
With mounting sales of passenger cars and light commercial vehicles (LCVs), demand from OEMs is expected to experience a growth rate of more than 5% through 2030.
What is the Potential Demand for Radial Tubeless Tires?
Radial tires are more than 80% resistant to wear & tear and facilitate higher grip on rough terrains. This feature is due to the fact that radial tires are constructed in two parts.
One layer of rubber coated steel for casing and then followed by several rubber-coated steel pipes, which together make up the steel belt.
Growing number of infrastructure projects and inclination of regional policies towards safety standards associated with heavy equipment are expected to drive demand for radial tubeless tires.
Dave Wright, manager- global OTR product support, Goodyear Tire & Rubber Co., states, “The larger the equipment, the higher the percentage of radials”.
Fact.MR forecasts the radial segment to grow from US$ 8 Bn in 2020 to US$ 15 Bn in 2030. This represents a compound annual growth rate (CAGR) of 7% over the next ten years.
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How Will Meeting Emission Guideline Gain Prominence?
Fuel emission regulations are becoming stricter even in emerging markets, forcing OEMs to invest in engines that emit less pollutants, while maintaining efficiency.
Considering the fact that the market is years away from the dominance of electric vehicles, much of the innovation will be witnessed in traditional ICEs. OEMs are scampering to have everything in place before new guidelines come into play, and, as such, a flurry of activities can be expected in the near future.
Impact of tighter regulations will be apparent on manufacturers all over. In addition to taking incremental steps in the electric vehicle segment, manufacturers will primarily focus on improving the efficiency of ICEs.
R&D and investments in cylinder deactivation, variable valve timing, and life will remain the focus areas for automakers. Tightening of regulations will continue to exert pressure on automakers.
Will China Continue Influencing Market Structure and Product Pricing?
The world’s preeminent automotive market will continue to influence global prospects. The market in China remains highly fragmented, with thousands of small players vying for a shrinking pie.
Some players are aiming big and foraying into global markets – this trend can gain momentum this year.
China will further consolidate its position as a dominant force in the global automotive market. Impact of soaring demand from China means that, companies with local knowhow and expertize will grow in prominence.
Following the economies of scale production strategy, manufacturers in China are optimizing their operations and reducing costs, allowing them to sell at lower prices at regional and global levels.
However, mounting tension between China and other economies would result in imposition of additional charges and anti-dumping duties. These would encourage regional manufacturer to compete with low-cost China-based products.
How Will the Scrappage Policy Impact the Automotive Industry in India?
A ratio of one in three households owning a two wheeler makes India a key country in the tubeless tires market. The automotive industry in India contributes to 7.1% of the GDP, employing more than 35 million people. This industry accounts for 4.3% of total exports of the country.
Introduction and successful implementation of the scrappage policy announced by the Finance Minister in the Budget-2021 will result in providing a boost for the automotive industry in India. This policy is introduced to phase out old and unfit vehicles across the country.
To maintain customers; buying interest in the market, the government has announced incentives for the purchase of new vehicles after scrapping the old one. Implementation of these policies will not only result in reducing pollution but will also result in reducing the country’s fuel import bills.
An Adaptive Approach to Modern-day Research Needs
Which Type of Vehicle has the Highest Demand for Tubeless Tires?
Of the vehicles considered, passenger cars hold maximum market share in terms of volume. With continuous advancing demand for cars and SUVs, the market for passenger car tubeless tires is poised to expand at a healthy CAGR of 7% during the forecast period.
Integration of smart sensing technology with passenger cars is gaining traction. For instance, MG Motors India recorded more than 80,000 orders in 2020. The company is ramping up its production capacity to meet ascending demand at the regional level.
Followed by passenger cars, light commercial vehicles (LCVs) capture a significant share of global demand. Light commercial vehicles are expected to account for more than one-fourth of global demand for tubeless tires. This segment is poised to expand at a CAGR of 6% from 2020 to 2030.
How Huge is the Opportunity in the Aftersales Market?
Aftermarket, as a sales channel, captures a governing share of the global tubeless tires market. Increasing number of authorized service centers and advancing sales of new vehicles have resulted in facilitating numerous opportunities for the automotive aftersales services market as a whole.
Popularity of tubeless tires is increasing, and so as their installation by OEMs as well as the aftermarket. Key players in the market are focusing on collaborations with aftermarket service providers. Furthermore, adoption of the push marketing strategy with higher retail margin and aggressive marketing has helped key players in gaining market share.
The aftermarket segment is poised to progress at an impressive CAGR of 7%, and be valued at US$ 12.7 Bn by 2030-end.
Which Region Offers Great Potential for Tubeless Tires?
APEJ dominated global demand for tubeless tires in terms of revenue in 2019, and the trend is projected to grow throughout the forecast period. The APEJ tubeless tires market is the most attractive one, projected to expand at a CAGR of 7% over the forecast period. With recent shift in the dynamics of the market, spike in demand from Europe, especially the U.K., is set to be observed over the coming years.
Fact.MR forecasts the North America tubeless tires market to grow from US$ 2.1 Bn in 2020 to US$ 4 Bn in 2030. This represents a compound annual growth rate (CAGR) of 6.5% from 2020 to 2030.
Technological advancements will continue to change the automotive sector for the better. While fully-autonomous vehicles are still some years away, incremental incorporation of innovative features such as emergency braking, alternative powertrains, Internet connectivity, and hybrid vehicles will be witnessed in the near future.
Key Strategies of Tubeless Tire Manufacturers
Focused R&D activities provide multinational players an edge over other regional and local players. This set of players has a strong R&D arm that focuses on features that appeal to customers and offers a strong marketing advantage.
This also helps in resource optimization, cost reduction, quality assurance, process improvement, process control, and system development.
For instance, Goodyear focuses on developing new manufacturing methods, improving the existing manufacturing processes, new product development, and improving existing products through its two research & development facilities and technical centers, and seven tire proving grounds.
How is COVID-19 Impacting the Tubeless Tires Landscape?
COVID-19 has had a negative impact on the demand and manufacturing of tubeless tires across regions, as the market stepped on the demand brakes over the period of Q2 and Q3 of FY2020.
Resurgence of industries has opened the gates for manufacturers, and has also resulted in mounting demand from OEMs and the aftermarket.
On the other side of the COVID-19 implication coin, tier-2 manufacturers are struggling to manufacture and channel their products in the market, owing to higher marginal loss and partial demand. However, the market is set to resuscitate completely by Q3 of FY2021.
The tubeless tires market is fragmented in terms of the supply pie. Major players such as The Goodyear Tyre & Rubber Company, Bridgestone Corporation, and Continental AG hold a majority of the market share, and are key price controllers of tubeless tires.
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Historical Data Available for
US$ Mn for Value & Units for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Customization & Pricing
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Tubeless Tires Market - Scope of Report
A recent study by Fact.MR on the tubeless tires market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining the growth of the market.
This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of tubeless tires.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period.
A detailed assessment of the value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the tubeless tires market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales in the tubeless tires market across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of tubeless tires during the forecast period. Price point comparison by region with global average price is also considered in the study.
Analysis on Market Size Evaluation
The tubeless tires market has been analyzed for each market segment in terms of volume (Units) and value (US$ Mn).
Market estimates at global and regional levels are available in terms of “US$ Mn” for value and in “Units” for volume. A Y-o-Y growth contrast on prominent tubeless tires market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report.
Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global tubeless tires market.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of tubeless tires market during the forecast period.
Country-specific valuation on demand for tubeless tires has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value and volume for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of tubeless tires, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of tubeless tires has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player.
Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the tubeless tires market.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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