Smooth Rides, Solid Traction: Exploring the Advantages of Tubeless Tires
The tubeless tire market is growing rapidly, mainly due to the continually rising consumer preference for these tires. Besides, the market is driven by increasing vehicle production & sales and strong economic growth worldwide. Spurring rise in the automotive industry, alongside growing numbers of OEMs and increasing aftermarket activities across the globe, creates substantial market demand.
According to Market Research Future (MRFR), the global tubeless tire market is projected to grow at an impressive CAGR during the estimated period (2023–2032). Automotive is among thirteen industries earmarked for extended financial support via the Production-Linked Incentive (PLI) schemes during the next five years.
Tax structure relaxations in the automotive industry in many emerging countries like India foster the middle-class consumer base. Certain recommendations by dealer federations encourage individuals to file IT returns for promoted growth in taxes, allowing income taxpayers to gain the benefits of claiming depreciation on vehicles. Also, the reduction in compensation cess boosts sales of luxury cars and manufacturing.
Rapid Expansion in Automotive Industries Foster Market Size
In addition to the new vehicle production, rising spending on vehicle maintenance also increases the tubeless tire market share. Auto owners are increasingly focusing on improving the aesthetics and performances of vehicles. Advances in technologies and efficacies of these tires are priorities that have already altered the market capitalization. Another prominent industry trends are the proliferation of lightweight vehicles and electric vehicles.
Volatility in Prices and Supply Chains Restrict Market Growth
Fluctuating prices and the demand-supply gap in raw materials required for production are major factors impeding the market's growth. Nevertheless, rising numbers of OEMs, aftermarket, and automotive care services would support the market growth throughout the assessment period.
COVID-19 Impacts
The COVID-19 outbreak severely hit the tubeless tire industry, posing challenges such as a disturbed supply chain. Resultantly, manufacturers faced several problems, from obtaining raw materials to attracting workers from quarantines to delivering end products.
Moreover, strict lockdown mandates halted production facilities and forced several manufacturers to cut their production output. However, the tubeless tire market is rapidly returning to normalcy, witnessing steadily increasing demand. The market demand is also estimated to pick up further in the years to come.
Segmentation
The tubeless tire market is segmented into tire types, vehicle types, distribution channels, and regions. The type segment is sub-segmented into radial and bias. Among these, the radial tires segment holds a sizeable market share.
The vehicle type segment is sub-segmented into passenger cars, commercial vehicles, and others. The distribution channel segment is sub-segmented into OEM and aftermarket. The region segment is sub-segmented into North America, Europe, Asia Pacific, and the-rest-of-the-world.
Regional Analysis
The Asia Pacific region dominates the global tubeless tire market, with the ample availability of key raw materials and cost-competitive workforces. The region houses many rubber production plants and has low-cost labor availability and favorable government policies.
Besides, the increasing preference for these tires and vehicle production, alongside the strong presence of prominent industry players and automakers, boosts the region's tubeless tire market size. Additionally, increase vehicle production, sales, and vehicle fleet in the region create substantial market demand.
APAC countries, such as China, Japan, and South Korea, account for the considerable tubeless tire market shares due to increasing per capita income, massive infrastructure spending, attractive FDI from governments, and economic production costs. Furthermore, the growing number of OEMs and increasing aftermarket activities in the region impact the tubeless tire market growth positively.
Competitive Analysis
The tubeless tire market size witnesses strategic approaches, such as mergers & acquisitions, collaboration, expansion, and technology launch. Key market players also make strategic investments to drive research and development activities and expansion plans.
For instance, on June 01, 2021, YOKOHAMA TIRES launched new off-highway tubeless tires - Alliance Forestar III 643 and 644 forestry tires. Yokohama's new, tubeless versions of Alliance Forestar off-highway tires are proving themselves on cut-to-length (CTL) harvesters and forwarders worldwide,
Besides, these new tires have a more durable sidewall, built-in rim guard, and a reinforced, hexagonal bead bundle, eliminating the requirement of an inner tube to hold the air, and all the hassling that comes with inner tubes, such as breaking valve stems, flaps mess up, and even just waiting for an inner tube.
Key players involved in the market are The Goodyear Tyre & Rubber Company (US), Bridgestone Corporation (Japan), Madras Rubber Factory (MRF) Limited (India), Continental Corporation (Germany), CEAT Tyres ltd. (India), Michelin (France), Yokohama Tire Corporation (US), Pirelli & C SpA (Italy), Cooper Tire & Rubber Company (US), and Toyo Tire & Rubber Co., Ltd. (Japan), among others.
Check our more reports of automobile!
Exhaust Heat Recovery System Market
Semi-Autonomous Vehicle Market
High-performance trucks Market