Tubeless Tire Market | Size, Growth, Top Manufacturers, Business Development and Forecast by 2030
Tubeless Tire Market Overview
Tubeless Tire Market is projected to be worth USD 241.85 Billion by 2027, registering a CAGR of 7.15% during the forecast period (2021 - 2027), The market was valued at USD USD 188.42 billion in 2020.
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.
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.
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The Key Companies Profiled in the Tubeless Tire Market Research Report are:
The Goodyear Tyre Rubber Company (US), Bridgestone Corporation (Japan), Madras Rubber Factory (MRF) , imited (India), Continental Corporation (Germany), CEAT Tyres ltd. (India), Michelin (France), Yokohama Tire Corporation (US), Pirelli C SpA (Italy), Cooper Tire Rubber Company (US), Toyo Tire Rubber Co. Ltd. (Japan)
The tubeless tire market 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.
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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.
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TABLE OF CONTENTS
1 Executive Summary
2 Introduction
2.1 Definition 13
2.2 Scope Of The Study 13
2.3 Assumptions 13
2.4 Market Structure 14
3 Research Methodology
3.1 Research Process 15
3.2 Primary Research 16
3.3 Secondary Research 16
3.4 Market Size Estimation 16
3.5 Forecast Model 18
4 Market Dynamics
4.1 Drivers 20
4.1.1 Growth In Automotive Industry In Developing Countries 20
4.1.2 Implementation Of Stringent Vehicular Emission Fuel Economy Norms 20
4.1.3 Increase In Production Of Vehicles 21
4.1.4 Rising Demand For Radial Tyres 21
4.2 Restraints 22
4.2.1 Fluctuation In Raw Material Cost 22
4.2.2 Huge Capital Requirement To Set Up New Manufacturing Facility 22
4.3 Opportunities 22
4.3.1 Rise In Average Life Span Of Vehicles 22
4.4 Challenges 23
4.4.1 Increasing Pricing Pressures 23
5 Market Factor Analysis
5.1 Porter's 5 Forces Analysis 24
5.1.1 Threat Of New Entrants 24
5.1.2 Bargaining Power Of Suppliers 25
5.1.3 Bargaining Power Of Buyers 25
Continued………
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