Tubeless Tire Market Overview
In 2020, the global Tubeless Tire Market was projected to hold nearly USD 188.42 billion. However, the present market is expected to register approximately USD 241.85 Billion by the end of the year 2027. Further, this global market is accounted to register a CAGR of 7.15% between the analysis period of 2021 to 2027.
The global Tubeless Tire Market is boosting due to the rising number of vehicles on the road and strict vehicular emission norms across various countries.
However, the requirement of high capital to set up a new manufacturing facility is expected to affect the growth of the global market for Tubeless Tire. Also, the fluctuation in raw material costs is another restraint that can hamper the potential growth of the global Tubeless Tire Market during the research period.
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Market segmentation
According to the report of Tubeless Tire Market, the global market has been segmented based on tire type, distribution channels, and vehicle type.
Based on the tire type segment, the market for Tubeless Tire has been segregated into bias and radial. Of these, the radial tires segment was projected to generate the largest market share in the year 2016. This segment is fuelling because it offers more traction between tire & road surface, enhances ride quality, wider footprint, longer tread life, rigid construction, and run cooler. Moreover, the increasing application of radial tires in passenger cars, two-wheelers, and light commercial vehicles is one of the growth driving factors for the expansion of this segment.
On the basis of distribution channel segment, the Tubeless Tire Market has been classified into aftermarket and OEM. In terms of vehicle type segment, the market for Tubeless Tire has been divided into commercial vehicles, two-wheelers, Passenger cars and others.
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Tubeless Tire Market Regional analysis
Geographically, the Tubeless Tire Market has been classified into different locations such as Asia Pacific, North America, Europe, and the rest of the world.
Among all, the Asia-Pacific regional market for Tubeless Tire is anticipated to hold the largest market share in the research timeframe. This region consists of the largest automotive tubeless tire market because of the growing automotive industry in different countries like South Korea, China, and Japan. The demand for tubeless tires is fuelling because of the region's rising penetration level of two-wheelers and passenger cars. Moreover, this regional market is expanding due to the rise in the sales of automobiles due to the attractive FDI from governments, rising per capita income, economic production cost, and rising infrastructure spending in the region. Many tire manufacturing plants are growing in this region due to the low labor cost, huge rubber production, and favorable government policies. Thus, this region is projected to lead the global market during the forecast period because of the rising sales, vehicle production, and vehicle fleet.
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Tubeless Tire Industry news
Presently, the global market for Tubeless Tire is largely contributed by several market players such as Bridgestone Corporation (Japan), Madras Rubber Factory (MRF) Limited (India), and The Goodyear Tyre & Rubber Company (U.S.), Continental Corporation (Germany), CEAT Tyres ltd. (India), Pirelli & C. S.p.An (Italy), Michelin (France), and others. These key players are applying new tactics and strategies to thrive in the current market.
Tubeless Tire Market Key Players:
· 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)
· Cooper Tire & Rubber Company (U.S.).
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