Automotive Tubeless Tires Market Revenue Growth Predicted by 2017 to 2022
This report provides prognosis and analysis of the automotive tubeless tires market. It offers historical data along with forecast data for 2022.
[USPRwire, Sat Apr 13 2019] FactMR has actively published a new research study titled “Automotive Tubeless Tires Market Revenue Growth Predicted by 2017 to 2022 | Key Players are Apollo Tyres Ltd., Madras Rubber Factory Limited, Pirelli & C. S.p.A, etc.” to its broad online database. This assessment works to discourse the major trends, opportunities and drivers motivating the automotive tubeless tires market during 2017-2022. The insights structured for presenting the target market are procured from both primary research and secondary research, and are utilized for validation that is valuable to investors, manufacturers and new entrants. As per research findings, the global automotive tubeless tires market is expected to showcase impressive growth at 7% CAGR during the period until 2022.
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Low rolling resistance of automotive tubeless tires enables them to cause lesser vibration and support enhanced fuel efficiency – leading to ultimate driving comfort. While consumers continue to opt for automotive tubeless tires as an enduring product, automakers perceive them as a fuel efficiency promoting product, which will contribute significantly to growing sales revenue of automotive tubeless tires market. Passenger vehicles will remain the top vehicle type generating maximum demand for automotive tubeless tires, enabling revenue sales in this segment to expand at a robust CAGR over the next five years. Demand for automotive tubeless tires in two-wheelers will also witness a healthy upsurge through 2022.
Increasing consumer preference for riding comfort will collectively remain the chief factor driving the demand for automotive tubeless tires in the years ahead. Automotive tubeless tires possess the capability of being utilized under low pressure conditions, which is another factor fueling their demand in the automotive tubeless tires market. Superiority of automotive tubeless tires over conventional tires in terms of the prevention of complete tire deflation due to small tire punctures is also expected to continue boosting popularity of automotive tubeless tires among drivers over the next few years. This property is however attributed to the ability of automotive tubeless tires to be used with liquid sealants.
Prominently driven by Chinese and South Korean automakers, Asia Pacific (excluding Japan) will remain the top ranking regional market in the global automotive tubeless tires market. APEJ is presumed to account for more than one-third of the total value of automotive tubeless tires market towards 2022 end. In addition to bolstering sales of passenger cars, fostering sales of two-wheeler vehicles in developing Asian economies will further fuel the demand for automotive tubeless tires in the near future.
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Economic production costs owing to substantial rubber production and relatively cheaper labor charges will also continue to boost automotive tubeless tires landscape in APEJ. Favorable government policies regarding automotive components are expected to play a pivotal role in popularizing automotive tubeless tires in the near future. The Indian government’s recent initiative of ‘no WTO’ bound rates for tubes and tires have released the restrictions on a selective range of raw materials imported by tire manufacturers, which is anticipated to create a favorable scenario for automotive tubeless tires marker growth in years ahead.
A recent study conducted by the authority of the California Energy Commission reveals that automotive tubeless tires, if deployed in all light commercial vehicles for their low rolling resistance, over a billion dollar worth of petrol could be conserved in California alone. While the outcome of this study reaffirms that automotive tubeless tires can potentially support high fuel efficiency and sustainable driving, the automotive tubeless tires market clearly holds promising prospects over the upcoming years. Participants in the automotive tubeless tires market competition are likely to explore attractive opportunities in the commercial vehicles segment in the near future.
A prominently growing trend of vehicle customization within affluent economies in developing regional markets is likely to provide a strong impetus to automotive components sales in the aftermarket segment. Attributed to an expanding purchasing power and growing demand for luxury while driving own vehicles, consumers are more inclined towards vehicle customization, including the type of tires. Tubeless tires, which have been a preferred choice among consumers, will continue to witness healthy sales in aftermarket over the next few years. Although OEMs are extending a promising share towards global automotive tubeless tire sales, automotive tubeless tires sold through aftermarket are believed to hold more than 60% share of the total automotive tubeless tires market value by 2022 end.
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