Automotive Tubeless Tire Market was valued at $132 billion in 2016, and is projected to reach $198 billion by 2023, growing at a CAGR of 6.2% from 2017 to 2023. The passenger car segment is expected to maintain its dominance throughout the forecast period. Asia-Pacific accounted for the highest share of 50% in 2016, and is anticipated to maintain this trend.
Tubeless tires operate without an inner tube, and the outer surface of tubeless tire makes an air tight sealing with metal rim, and air is held in the assembly of casing and rim. Growth in automotive industry in developing countries and stringent vehicular emission & fuel economy norms among different countries boosted the demand for automotive tubeless tires in the market. However, fluctuation in cost of raw material, such as steel & rubber and huge capital investment required to set up new manufacturing facility is restraining the market growth. Moreover, rise in average life span of vehicles, and advancement in technology are expected to create numerous opportunities for the market growth.
By type segment, the market is bifurcated into radial and bias tubeless tire. In 2016, radial tubeless tire accounted for the highest revenue, and is expected to maintain its dominance throughout the forecast period. This is due to its advantage over bias tires, such as runs cooler, rigid construction, longer tread life, wider footprint, more traction between tire & road surface, and enhances ride quality. In addition, rise in application of radial tire in two wheelers, passenger cars and light commercial vehicles is driving the market growth. For key study findings read full article here.
News via PRNewsWire.com, by Allied Market Research