According to a report published by Fact.MR, industry news & market intelligence company, the Global market for tubeless tires reached $140B in 2017 and is expected to rise strongly at 6.7% Compound Annual Growth Rate (CAGR) to $193B by the end of 2022.
The growth is brought by high-end innovations experienced in the automotive industry and continued adoption of tubeless tires regardless of the vehicle type. The popularity can be credited to their capability for running at low pressures, translating greater stability to the vehicle. Tubeless tires can be termed under sub-type of pneumatic tires which do not comprise of a separate inner tube. This is the reason why tubeless tires are vacuum-packed with the inclusion of liquid sealants applied through the continuous ribs of the tire. Furthermore, low friction and narrow air leaks add to the positive qualities of these tires, boosting the acceptance of tubeless tires on the global scale.
Leading Demand for Radial Tubeless Tires
Since their advent in the 1940s, radial tires have efficiently revolutionized the global world of tires. They are projected to remain dominant in the worldwide market for tubeless tires due to their impressive ability to permit the sidewall and the tire tread to function independently. Additionally, radial tubeless tires are counted stronger and flexible with enhanced shock absorbers. Interestingly, radial tires possess almost three-fourth share on global revenues, sales of radial tubeless tires in the global market will surpass over US$ 150 Bn by 2022-end.
Global Tubeless Tires Market: Competitive Landscape
The key players active in the global tubeless tire market include renowned companies like Bridgestone, Yokohama Rubber, Michelin North America, Goodyear Tyre, Apollo Tyres, Madras Rubber Factory Limited, Sumitomo Rubber Industries, Pirelli, Cheng Shin Rubber Industry Co. and Continental AG. Each of these companies are in firm competition, but are simultaneously contributing to the growth of the tubeless tire market.
The delivered insights are acquired from a market intelligence study on the global tubeless tires market.