advancement in tire industry in terms of materials such as light weight tubeless tires, using advance methodology to utilize rubber to reduce the cost of tire, is expected to drive the global automotive tubeless tire market.
Global automotive tubeless tire industry is expected to grow at a CAGR of 6.2% over the forecast period and reach the valuation of USD 192.8 billion by 2024. Expansion strategies of major players, for instance, Yokohama Rubber, Apollo Tires, and others are looking forward to acquiring tire manufacturing companies to expand their operations in the untapped market tends to boost the growth of automotive tubeless tire market in near future.
Tubeless tires are preferred by the OEMs as compared to the aftermarket because of its high cost over traditional tires. Tubeless tires are basically of two types radial and bias.
Radial tires got an advantage over bias tires in terms stiff construction, better fuel efficiency, and better control override. Rising sales and production of automobiles are the key factors driving the growth of global tubeless tires market.
In aftermarket, tubeless tires expected to witness significant growth due to increased vehicle lifespan.
Advancement in tire industry in terms of materials such as lightweight tubeless tires, using an advanced methodology to utilize rubber to reduce the cost of the tire, is expected to drive this market. Although, volatility in the price of raw materials such as rubber, metal, and others creates pressure on the tubeless tire manufacturers to maintain their profit margin.
This factor is one of the major challenges for the industry players to increase the supply into the global market to meet the demand of automotive tubeless tires.
Global automotive tubeless tire market is segmented on the basis of tire type, vehicle type, and distribution channel. Vehicle type segment is further categorized into the passenger car, commercial vehicles and others, where passenger car and commercial vehicle tends to acquire the market over the forecast period.
Geographically, China dominated the market with a revenue share of 58.5% in 2016 followed by Japan with a market share of 15% in overall Asia-Pacific market. China is the largest automobile market in the region with increase in sales by 4% in 2016.
OEMs segment expected to witness significant growth due to rise in production of vehicles and increasing number of OEMs manufacturing plants in developing countries.
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Major players of this market are Goodyear Tire and Rubber Company, Yokohama Tires, Bridgestone Corporation, Continental AG, Pirelli Tire S.p.A, Sumitomo Rubber Industries, Ltd, Hankook Tire Co. Ltd., Toyo Tire & Rubber Co.
Ltd., MICHELIN, MRF, CEAT, Apollo Tyres, Kumho Tyre, Alliance Tire Group. Some of the global players such as Yokohama Rubber, Apollo Tires and others are looking forward to acquire tire manufacturing companies to expand their operations in untapped market.
These expansion strategies of major players further boost the growth of automotive tubeless tire industry market in near future. As per the data of OICA, more than 60 million of passenger cars were sold in 2016.
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