According to a recently published report by Fact.MR, the global automotive tubeless tires market is predicted to surpass US$ 158 Bn in 2019, up from US$ 148 Bn in 2018 and register a healthy CAGR of over 6% during the period 2020-2030. Fact.MR analyses that steady demand for automotive tires will be upheld by their competency to operate efficiently at low temperature, pressure, and adverse environmental conditions. The study finds that escalating demand for high quality automotive tubeless tires from the manufacturers of commercial vehicles, on the back of safety concerns will hold significant growth opportunities for the automotive tubeless tires market through 2022.
With fuel efficiency being one of the crucial growth determinants for the automotive industry, manufacturers have been adopting automotive tubeless tires to optimize the utilization of fuel, which will influence the automotive tubeless tires market, opines Fact.MR. As per Fact.MR’s report, the global tubeless tires market is anticipated to progress at a steady 6% CAGR through 2030.
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Positive Sales Prospects for Automotive Tubeless Tires as Comfort Remains the Priority in Consumers’ Purchase Book
As per the report, rising affinity of consumers towards comfortable riding has proliferated the adoption rate of automotive tubeless tires that offer low rolling resistance. Impressive growth in manufacturing and sales of automotive coupled with the technological innovations offering features, like lightweight, are predicted to lend lucrative growth opportunities to the automotive tubeless tires market. In addition, tubeless tires tend to optimize fuel efficiency and cause lesser vibration, thereby, enhancing the driving experience for end users. Analyzing the aforementioned factors, the study foresees promising growth for the global automotive tubeless tires market.
Stringent Government Policies to Popularize Automotive Tubeless Tires in APEJ
The study opines that the rising concerns over road mishaps leading to the legislation of stringent laws are expected to popularize the importance of tubeless tires in the contemporary automotive. For instance, the Indian government’s stringent policy against the use of WTO-incompatible tires and tubes will translate into a favorable opportunity for the automotive tubeless tires market in the APEJ region. Cheap labor charges and high-production of rubber leading to reduced overall production costs in APEJ holds impressive growth potential with an estimated share of over 32% of the automotive tubeless tires market in 2019.
The automotive tubeless tires market of APEJ is significantly driven by China and South Korea. These regions are expected to contribute about one-third of the total automotive tubeless tires market share to this region by the end of 2022. In addition, growing sales of two-wheeler vehicles in the Asian economies are further expected to record over 35% to the total revenue share of the automotive tubeless tires market. All in all, the study predicts healthy growth for the automotive tubeless tires market in the APEJ region with a revenue of over US$ 43 Bn by the end of 2019.
Market Players Shift to Automotive Tubeless Tires to Stay at the Top of the ‘Survival’ Game
The study opines that increasing inclination of end users towards automotive tubeless tires over the traditional pneumatic tires, with safety being a priority, is anticipated to fuel the growth of the global automotive tubeless tires market. As vehicle manufacturers demand tubeless tires, the key automakers have begun pioneering the shift from traditional tires to the automotive tubeless tires.
“Following the footsteps of the significant players, the new entrants in the automotive tubeless tires market are recognizing the prominence of this shift and diving into this manufacturing trend to survive the competition. As a result of which, low maintenance cost, uncomplicated repair, and longer lifespan of automotive tubeless tires are expected to generate promising growth prospects for the overall market. However, volatility in raw material prices and hefty capital investments required for initial manufacturing set up remain crucial deterrents for the global automotive tubeless tires market growth,” finds Fact.MR.
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