New York, United States , Aug. 09, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Tubeless Tire Market Size is to Grow from USD 171.41 Billion in 2023 to USD 341.10 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.12% during the projected period.
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Tubeless tires, as the name implies, are without a tube. The tire is intended to hold air by itself. The inner tire is lined with halo or chloro-butyl, which is airtight. The membrane, together with the airtight connection between the tire and the wheel, creates a container for storing the tire's air. When traveling at high speeds, the temperature inside the tire rises significantly. This increases the pressure on the tire tube. In such situations, the ordinary tire is extremely fragile. Tubeless tires prevent this from arising. They keep air better than a much thinner tube. To increase output and meet rising demand, producers in the vehicle tubeless tire market are automating the tire manufacturing process. The automotive tubeless tire industry is predicted to be fuelled by rising automobile production and increased demand for passenger vehicles. Furthermore, one of the barriers to the growth of the automotive tubeless tire market is their relatively high initial cost. Some customers and businesses may find this frustrating, influencing their decision to purchase tires.
Browse key industry insights spread across 230 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Tubeless Tire Market Size, Share, and COVID-19 Impact Analysis, By Type (Radial and Bias), By Application (Two- Wheeler, Passenger Car, and Commercial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The radial segment accounted for the largest revenue share of the automotive tubeless tire market during the projected timeframe.
Based on the type, the automotive tubeless tire market is divided into radial and bias. Among these, the radial segment accounted for the largest revenue share of the automotive tubeless tire market during the projected timeframe. The increasing demand for radial tires in the bus and truck sectors of the automotive industry, together with the introduction of fuel-efficient materials and the improvement of road infrastructure, is driving market growth. Radial tires give more stability and grip on the road since their string layers are perpendicular to the direction of travel. They are quickly gaining popularity in the automotive sector as the preferred choice for both manufacturers and buyers.
The passenger car segment dominates the market with the highest market share in the automotive tubeless tire market during the projected timeframe.
Based on the formulation, the automotive tubeless tire market is divided into two- wheeler, passenger car, and commercial vehicle. Among these, the passenger car segment dominates the market with the highest market share in the automotive tubeless tire market during the projected timeframe. The passenger car tubeless tire industry encourages innovation to improve sustainability, safety, and performance. Manufacturers are developing innovative materials and tread designs to improve traction, durability, and fuel efficiency.
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North America is expected to hold the largest share of the automotive tubeless tire market over the forecast period.
North America is expected to hold the largest share of the automotive tubeless tire market over the forecast period. North America leads the market for tubeless tires, owing to increased electric vehicle sales and the highly advanced development of self-driving cars. This has increased the demand for tubeless tires on motor vehicles in the area. Furthermore, rising demand for pickup trucks and other light commercial vehicles, together with increased manufacturing, would contribute to regional market growth. In North America, most compact trucks and cars come standard with tubeless tires. They are widely appreciated for their security, resistance to punctures, and improved fuel efficiency. Tubeless tires for bicycles and motorcycles are also becoming a growing trend.
Europe is predicted to grow at the fastest pace in the automotive tubeless tire market during the projected timeframe. This is owing to the rising popularity of electric vehicles and advances in automotive technology. Furthermore, the European market for tubeless tires was expanding fast in the United Kingdom, with Germany holding the highest market share. This is due to the growing number of electric vehicles and technological advancements in the automobile industry. Furthermore, the German automotive tubeless tire market had the largest market share, while the UK tubeless tire market was the fastest growing in the European region.
The Asia-Pacific automotive tubeless tire market has the second-highest revenue due to the existence of the largest automotive tubeless tire market and the increasing penetration of passenger automobiles and two-wheelers in the region as consumer per capita capital rises. The Asia Pacific region has a large number of tire manufacturing factories due to high rubber output, low labor costs, and favorable government policies. Furthermore, India had the fastest-growing tubeless tire sector in Asia-Pacific, with China still holding the highest market share.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the automotive tubeless tire market are Sumitomo Rubber Industries Ltd., Cheng Shin Rubber Industry Co., The Goodyear Tyre & Rubber Company, Apollo Tires, Bridgestone Corporation, Maxxis International, Cooper Tire & Rubber Company, Continental Corporation, Madras Rubber Factory Limited, Toyo Tire & Rubber Co. Ltd., CEAT Ltd., MRF Limited, Yokohama Tire Corporation, Kumho Tire Co., Inc., and others.
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Recent Developments
- In October 2023, CEAT, an Indian tire manufacturer, launched a new line of Milaze Tubeless tires, according to a press release. The tyre suits the needs of the country's scooter market. Milaze Tubeless Tyre is designed primarily to fulfill the needs of the business community who use scooters on a daily basis.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive tubeless tire market based on the below-mentioned segments:
Global Automotive Tubeless Tire Market, By Type
- Radial
- Bias
Global Automotive Tubeless Tire Market, By Application
- Two- Wheeler
- Passenger Car
- Commercial Vehicle
Global Automotive Tubeless Tire Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Global Automotive Tubeless Tire Market Size, Share, and COVID-19 Impact Analysis, By Type (Radial, and Bias), By Application (Two- Wheeler, Passenger Car, and Commercial Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
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