(MENAFN- America News Hour) Research Nester published a report titled “ automotive tubeless tires market : Global Demand Analysis & Opportunity Outlook 2031 ” which delivers detailed overview of the global automotive tubeless tires marketin terms of market segmentation by type, vehicle type, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global automotive tubeless tires market is anticipated to grow with a CAGR of 6% over the forecast period, i.e., 2022 – 2031. The market is segmented by vehicle type into two wheelers, passenger cars, and commercial vehicles. Out of this, passenger car segment is anticipated to garner significant revenue in the coming years on account of the adoption of electric vehicles, an increase in the number of passenger cars in developing countries, and an increase in per capita income. In the U.S. economy from 1870 to 2018, the GDP per person has grown at ~2% per year with very short deviations. By selling 3 million new passenger cars, China boosted its sales to 170% in 2021.
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The global automotive tubeless tires market is estimated to garner a revenue of USD 240 Billion by the end of 2031, up from a revenue of USD 190 million in the year 2021. Increased raise of two-wheelers, a prominent decline of flat tires with decreased repair facilities, increased production of vehicles with tubeless tires are some major factors anticipated to drive the growth of market size in the forecast period.
Geographically, the global automotive tubeless tires market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, The Asia Pacific region is projected to garner significant revenue by the end of 2031. The sales of passenger cars in the Asia Pacific and Middle East were estimated to be 33 million cars in 2021 with 20 million cars from China.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Surge in Advancements of Technology for Safety and Reliability to Drive Market Growth
Electric vehicles are on boost with electric bikes and cars trending in the market with the advancement of electric batteries in place of fuel. The sales share of new electric cars grew from 1% in 2015 to 14% in 2020. The advancement of this technology in the tire manufacturing industry is estimated to drive the growth opportunities of the market. These tubeless tires are turned into intelligent tires with eco-friendly, and safer with more shelf life. The new advancement includes a self-sealing option where the puncture closes on its own with a squirt of liquid. This helps to reduce fuel costs and expenses in the market and aids in the conservation of fuel reserves. The consumption of fuel is reduced by 0.2% for four tires for one pound of pressure decrease. And milage can be increased by an average of 0.6% up to 3%.
However, high price of raw materials, shortage of supply, and ban of import and export which are expected to operate as key restraint to the growth of global automotive tubeless tires market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global automotive tubeless tires market which includes company profiling of The Goodyear Tyre & Rubber Company, Bridgestone Corporation, Continental AG, MICHELIN Group, MRF (Madras Rubber Factory), Pirelli Tyre & C.S.p.A, Copper Tire & Rubber Company, CEAT Ltd., Yokohama Tire Corporation, Toyo Tire Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive tubeless tires market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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