Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Automotive Tubeless Tires Overview
Tubeless tires, as the name suggests, runs without a separate inner tire. Dissimilar to pneumatic tires which operate with a different inward tube, tubeless tires has persistent ribs configured into the bead of the tire. So, they are constrained by the force of inside air to seal the rims of wheel. Tubeless tire is made up of tread, spiral layers and steel belt. Tread is used to give frame support of the vehicle and better traction resulting in better transfer of breaking stress to road. Tubeless tires offer various advantages over the pneumatic tires such as fuel efficiency, less balance weight required, easy repair and better safety. Also, it is cost saving as no tube is required. Further, tubeless tires offer better heat dissipation which increases the overall life of the tire. Tubeless tires have become most attractive product in the tire industry due to its various advantages over other tires.
Based on type, automotive tubeless tire is divided into radial tires and bias tires. Further, automotive radial tubeless tires has got an edge over bias tires in the terms of solid construction, wider tires, better ride experience and longer life. The passenger automobile division held the largest market share of automotive tubeless tires in 2016. According to the OICA Car association, roughly 68 million passenger automobiles were sold globally which additionally anticipated the automotive tubeless tires market. Further, enormous expansion of automotive industry is expected to raise the demand over the forecast period. The few factors bolstering the marketing of automotive tubeless tires market are better fuel efficiency and increased life of vehicles.
Market Size and Forecast
The automotive tubeless tires market is anticipated to witness a CAGR of 6.13% during the forecast period and estimated to showcase a revenue to USD 196 billion by 2024.
At present, Asia- Pacific is holding the largest market share of automotive tubeless tires accounting for more than 50% and is anticipated to have its dominance over the forecast period. Further, Asia-Pacific is anticipated to witness a CAGR of 6.4 %.
The major factor for the growth of automotive tubeless tires market in Asia-Pacific is the expanding automotive industry in countries like Japan, China, South Korea & India. Thus, Asia-Pacific is expected to showcase a lucrative growth over the forecast period. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Asia-Pacific is expected to maintain its supremacy over the forecast period followed by North- America and Europe. Increasing disposable income is the major growth factor for automotive tubeless tires in European countries and North America.
Market Segmentation
Based on market survey, global automotive tubeless tires market is segmented into following segments:
By Type
By Vehicle Type
By Distribution Channel
By Region
Global Plywood Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Increasing demand, production and sales of automobiles, technological advancements in automotive tubeless tire industry and rise in disposable income are some of the key drivers bolstering the global automotive tubeless tires market. Further, fuel efficiency, rise in demand of better performance vehicles and low cost of tubeless tires is driving the global automotive tubeless tires market.
Moreover, strict automotive emission policy and advanced technological developments such as low weight tubeless tire, environment friendly tubeless tires and advanced raw materials are the factors driving the global automotive tubeless tires market.
However, varying raw material price and lack of technological advancement for commercial and off road vehicles are the key challenges hampering the growth of automotive tubeless tires market.
Key players
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