Global tubeless tyre mkt to grow at over 6% in 2017-2022

Global tubeless tyre mkt to grow at over 6% in 2017-2022

The global automotive tubeless tyres market is predicted to grow at  a healthy CAGR of over 6% during the period 2017-2022 due to ‘steady demand’,  says a research report, prepared by Fact.MR.

The report adds that the global automotive tubeless tyres market is also expected surpass US$ 158 Bn in 2019, up from US$ 148 Bn in 2018.

Fact.MR analyses that steady demand for automotive tyres 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 tyres from the manufacturers of commercial vehicles, on the back of safety concerns will hold significant growth opportunities for the automotive tubeless tyres market through 2022.

With fuel efficiency being one of the crucial growth determinants for the automotive industry, manufacturers have been adopting automotive tubeless tyres to optimise the utilisation of fuel, which will influence the automotive tubeless tyres market, opines Fact.MR.

Positive Sales Prospects for Automotive Tubeless Tyres 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 tyres 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 tyres market. In addition, tubeless tyres tend to optimise 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 tyres market.

Stringent Government Policies to Popularise Automotive Tubeless Tyres in APEJ

The study opines that the rising concerns over road mishaps leading to the legislation of stringent laws are expected to popularise the importance of tubeless tyres in the contemporary automotive. For instance, the Indian government’s stringent policy against the use of WTO-incompatible tyres and tubes will translate into a favorable opportunity for the automotive tubeless tyres 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 tyres market in 2019.

The automotive tubeless tyres 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 tyres 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 tyres market. All in all, the study predicts healthy growth for the automotive tubeless tyres market in the APEJ region with a revenue of over US$ 43 Bn by the end of 2019.

 

Market Players Shift to Automotive Tubeless Tyres to Stay at the Top of the ‘Survival’ Game

 

The study opines that increasing inclination of end users towards automotive tubeless tyres over the traditional pneumatic tyres, with safety being a priority, is anticipated to fuel the growth of the global automotive tubeless tyres market. As vehicle manufacturers demand tubeless tyres, the key automakers have begun pioneering the shift from traditional tyres to the automotive tubeless tyres.

 

“Following the footsteps of the significant players, the new entrants in the automotive tubeless tyres 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 tyres 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 tyres market growth,” finds Fact.MR.

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