Tubeless tires are pneumatic tires that do not require a separate inner tube. Tubeless tires operate without an inner tube, while the outer casing makes an air tight seal with the rim of the wheel, and air is held in the assembly of casing and rim. The global automotive tubeless tire market was USD 134.98 billion in 2018 and will reach USD 199.24 billion by 2025, growing at a CAGR of 5.72% during the forecast period.
Growth by Region
Asia pacific is expected to retain its lead position and show a profitable growth followed by North America and Europe over the forecast period.
Drivers vs Constraints
Expanding automotive industry in countries like Japan, China, South Korea and India is the major driver for the growth of automotive tubeless tire market. On the other hand, increasing disposable income is the growth factor of the market for countries like North America and Europe.
Moreover, fuel efficiency, rise in demand of better performance vehicles, low cost of tubeless tires, strict automotive emission policy and advanced technological developments such as low weight tubeless tire, environment friendly tubeless tires and advanced raw materials are also the important driving factors of the global automotive tubeless tire market.
Whereas, factors like lack of technological advancement for commercial and off road vehicles, and varying raw material price are the major constraints of the market of this industry.
Industry Trends and Updates
In May 2018, Michelin had finalized the acquisition of Fenner P.L.C. for USD 1.73 billion. This acquisition is intended to provide a comprehensive offering to mining customers