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Automotive Tubeless Tire Market Analysis by Type (Radical, and Bias); by Vehicle Type (Two Wheelers, Passenger Cars, and Commercial Vehicles); by Technology (Standard, Powered, and Heated); and by Distribution Channel (Original Equipment Manufacturer (OEM), and Aftermarket) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • The Goodyear Tire & Rubber Company set a goal to create 100% sustainable tire material. To achieve the goal, they started a demonstration tire of 70% sustainable material with three carbon blacks, unique silica, and soyabean oil.
  • Yokohama Tire Corporation launched a new tubeless version of Alliance 643 and 644. These tires eliminate the challenges of normal tires and increase the durability of side walls with an inbuilt rim guard and reinforced hexagonal bead bundle.

Global Automotive Tubeless Tire Market Size, Forecast, and Trend Highlights Over 2022 - 2031
 

Automotive-Tubeless-Tire-Market

The global automotive tubeless tire market is estimated to garner a revenue of USD 240 billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 190 billion in the year 2021. The prominent decline of flat tires and repair facilities, increased raise of two-wheelers, high safety, and reliability, increased production of vehicles, and increased accidents are estimated to boost the market growth during the forecast period. Most of the fitness centres in the United States are closed temporarily during COVID-19, so many Americans started cycling outdoors to stay physically active. This boosted the growth of bike sales and lead to a shortage of bikes. U.S manufacturers shipped USD 300 million of bicycles and USD 780 million of bike parts in 2019.

Automotive-Tubeless-Tire-Market-Scope

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The ride comfort and advantage to use under low air pressure are major factors that contribute to the growth of the global automotive tubeless tire market size. The rise of two-wheelers, increase in the cost of spare parts, and increase in disposable income is estimated to drive the growth of the market. The disposable personal income in June 2022 was USD 110 billion, increased from 0.5% to 0.6% compared to the previous month.

Global Automotive Tubeless Tire Market: Growth Drivers and Challenges

Growth Drivers

  • Increased Safety and Reliability of Tubeless TiresAccording to the data by the World Health Organization, between 20 and 50 million more people suffer non-fatal injuries in road accidents. Tires are the only contacts that are responsible for grip, balance, and traffic safety. The tubeless tires with liquid sealant across the ribs are useful to hold the desired air pressure levels. The improved technology has made the tires detect or monitor the interaction with the road and inform the driver about altering the road surface. The tubeless tires provide you time to handle the situation of puncture before an incident happens. The tubeless tire doesn’t get flat immediately after puncture as the other tires.

  • Rise of Expenditure on Vehicle Maintenance The expenditure on maintaining a vehicle raised to more than USD 2,000 in 2019 from 1000 in 1997 i.e., about 85% with a 3% growth per year.
  • Growing Import and Export of Tires- Developing countries like China, Vietnam, Thailand and India are the top exporters of rubber tubes and tires. According to the International Trade Center, in 2021, the total export value of tires of rubber amounted to USD 2,652,628.
  • Growing Demand for Electric Vehicles– Electric vehicles, including the newly introduced electric bikes, are trending in the market. The sales share of new electric cars grew from 1% in 2015 to 14% in 2020.
  • Improved Fuel Efficiency provided by Tubeless Tires–Properly inflated tires help to conserve fuel, by lowering fuel consumption of the vehicle. It is estimated that use of tubeless tires will decrease fuel consumption by 0.2% for four tires for one pound of pressure decrease. Even milage can be increased by an average of 0.6% up to 3%.

Challenges

  • High Prices of Raw MaterialsThe cost of natural rubber increased by 6% and synthetic rubber increased by more than 25% in 2021.

  • Shortage of Labor in Developed Countries
  • Stringent Regulations on Use of Rubber in Some Countries

The global automotive tubeless tire market is segmented and analysed for demand and supply by vehicle type into two wheelers, passenger cars, and commercial vehicles. Out of which passenger car segment is accounted for is anticipated to hold the largest market size by the end of 2031.  Globally, the passenger car sales raised 4% that is, 20 million units in 2021. Sales of passenger cars in China raised 170% with 3 million new energy passenger cars in 2021 which is estimated to boost the growth of the automotive tubeless tire market size and trends during the forecast period.

Major Macro-Economic Indicators Impacting the Market Growth

Phenolic-Boards-Trends-Market-share-during

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Automotive Tubeless Tire Market Regional Synopsis

Regionally, the global automotive tubeless tire market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 owing to the growth of automotive market in the regions of China, Japan, and South Korea. 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 global automotive tubeless tire market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive tubeless tire market includes the following segments:

By Type

  • Radical
  • Bias

By Vehicle Type

  • Two Wheelers
  • Passenger Cars
  • Commercial Vehicles

By Technology

  • Standard
  • Powered
  • Heated

By Distribution Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket
 

Top Featured Companies Dominating the Global Automotive Tubeless Tire Market

  • The Goodyear Tyre & Rubber Company

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • 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

 

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