Punctures might be trivial in terms of maintenance costs, but their undue incidence can even put heavy logistic operations, public transit facilities, and transportation of goods to a standstill. Regardless of the type of vehicle, the adoption of tubeless tires continues to gain traction across the automotive industry. Their ability to run at low pressures, rendering greater stability to the vehicle, and their lightweight, are serving as proponents for global sales of tubeless tires.
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Low friction, narrow air leaks, and presence of liquid sealants are also observed as key drivers boosting the adoption of tubeless tires. Fact.MR’s recently published projects that the global market for tubeless tire, which is estimated to reach US$ 140 Bn value in 2017, shall soar robustly at 6.7% CAGR to bring in a little over US$ 193 Bn in revenues by the end of 2022. Following key market projections offer a detailed outlook on the future of global tubeless tire market during the forecast period, 2017-2022.
Global Tubeless Tire Market – Key Projections
- With more than three-fourth share, global sales of radial tubeless tires will procure highest revenues in the global tubeless tire market. While the report observes radials as top-selling products in the tubeless tire market, bias tires will also witness a steady growth in terms of demand.
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- China, South Korea and India are among the key countries located in the Asia-Pacific excluding Japan (APEJ) region that are at the forefront of global automobile production. The demand for tubeless tires is anticipated to remain high in the APEJ region owing to the manufacturing presence of majority of leading automakers. The report anticipates that throughout the forecast period, the APEJ region will be observed as the largest market for tubeless tires.
- Sales of tubeless tires in the US and Canada is anticipated to gain traction pertaining to the positive attitudes of car owners towards performance driving. Towards the end of 2022, North America’s tubeless tire market will have soared at the fastest pace, recording a CAGR of 7.3%.
- The tubeless tire market in Europe will also witness steady growth through 2022. Considering the rising demand for performance vehicles across European countries, this region will witness a persistent growth in demand for tubeless tires.
- In 2017, more than two-fifth of revenues procured from global sales of tubeless tires will be accounted by passenger cars. By the end of 2022, over US$ 86 Bn worth of tubeless tires will be sold globally for their use in passenger cars.
- In terms of distribution, aftermarkets for tubeless tires will be observed as the largest distribution network in the global market. Compared to the aftermarket sales of tubeless tire, OEMs will translate lesser revenues. Customization needs of vehicle owners will instrument the dominance of aftermarket sales in global distribution of tubeless tires.
- On the basis of technology, powered tubeless tires will procure a relatively lower revenue share, compared to standard tubeless tires. By the end of 2022, over US$ 38 Bn worth of tubeless tires developed powered air filling will be sold in the global market.
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The report has also profiled key players in the global tubeless tire market, which include companies, namely Bridgestone Corporation, Michelin North America Inc., The Yokohama Rubber Co., Ltd., The Goodyear Tyre & Rubber Company, Madras Rubber Factory Limited, Apollo Tyres Ltd., Pirelli & C. S.p.A., Sumitomo Rubber Industries Ltd., Continental AG, and Cheng Shin Rubber Industry Co.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/04/12/1803392/0/en/Biometric-Driver-Identification-System-Adoption-Growing-with-Shift-toward-Digital-Services-Underway-Fact-MR.html
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