Automotive Tubeless Tires Market: Key Players and Production Information analysis
Industrial
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.
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- 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.
- Two-wheeler segment in APEJ is projected to generate the largest demand for tubeless tires and hold over 35% of the market share by the end of 2019.
What are the 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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- With the recognized benefits of the automotive tubeless tires, key players are shifting their focus on amplifying the production capacity of automotive tubeless tires and enhancing their overall competency. As a result, new entrants in the automotive tubeless tires have also made a paradigm shift to match up the pace and survive the competition.
- Increasing utilization of ecommerce portals to facilitate sales is anticipated to influence automotive tubeless tires market with its impressive geographical reach. In addition, offers and discounts provided by these portals ensure a better rate of conversion.