Automotive tubeless tires have propelled the performance by doing away with the added mass of an inner rubber tube. Besides, the lower rolling resistance vis-à-vis pneumatic tires has enhanced the efficiency of the engine and has helped in receding noise, vibration and harshness (NVH) levels within the cabin.
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Automotive tubeless tires, if used in all-light commercial vehicles for their low rolling resistance, more than a billion dollar worth of fuel could be conserved in California, deduced authority of the California Energy Commission in the latest study. This study has undergirded the capability of tubeless tires supporting sustainable driving and high fuel efficiency, which presents a sanguine picture of automotive tubeless tires market
According to the study, increasing number of vehicles on road resulting in traffic congestion is expected to fuel the demand for passenger cars. As a result, the passenger cars are expected to hold a considerable share of automotive tubeless tires market with a healthy CAGR of 7% during the period 2017-2022.
Significant Drivers Underpinning the Growth of Automotive Tubeless Tires Market
- Increasing concerns pertaining to accidents have hard-pressed the government to frame stringent regulations against the use of poor quality tires. As a result, policies have been legislated against the utilization of WTO-incompatible tires. Such initiatives by the government are expected to drive promising growth to automotive tubeless tires.
- Convergence of technology and automotive tires industry is fueling innovations in automotive tubeless tires market by offering benefits such as lightweight, aftermarket sales opportunities, and manufacturing with advanced metals and rubbers, which has enhanced fuel efficiency and lifespan of vehicles. As a subsequence, technological advancements are predicted to unfold favorable growth prospects for automotive tubeless tires market.
- Underlying issues with pneumatic tires are expected to bring lucrative growth to the automotive tubeless tires market. As compared to the pneumatic tires, automotive tubeless tires can survive a puncture and still operate for days. They exhibit better fuel efficiency, quicker repair, and are lighter in weight, which has fueled the demand for the automotive tubeless tires.
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Automotive Tubeless Tires Market – Key Insights
- The global automotive tubeless tires market registered a CAGR of over 5% during the period 2012-2016.
- Sales of automotive tubeless tires generated revenues worth US$ 148 Bn in 2018 and are anticipated to exceed US$ 158 Bn by the end of 2019.
- APEJ is predicted to remain the largest automotive tubeless tires market with a revenue of US$ 43 Bn by 2019 end. Advancements in automotive industry, driven by innovation in China and South Korea, are estimated to influence the growth of automotive tubeless tires market in this region. In addition, cheap labor costs and high production of rubber is expected to create favorable conditions for the growth of automotive tubeless tires market.
Automotive Tubeless Tires Market: Competitive Landscape
Key competitors operating in automotive tubeless tires market include Cheng Shin Rubber Industry Co., Continental AG, Sumitomo Rubber Industries Ltd, Pirelli & C. S.p.A., Madras Rubber Factory Limited, Apollo Tyres Ltd., The Goodyear Tyre & Rubber Company, The Yokohama Rubber Co., Ltd., and Michelin North America Inc.
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