Global Tubeless Tire Market Information Report by Tire Type (Radial and Bias), Vehicle Type (Passenger car, Commercial Vehicles, and Others), by Distribution Channel (OEM and Aftermarket), and by Region - Global Forecast to 2023
Market analysis
A tubeless tire alludes to an inflated tire which does not require any inward tube. The tubeless tire has formed an edge which embeds air pressure inside the tire to seal the ribs of the wheel edge. The customary structure of a tire required an inward tube, which did not work for long, yet tubeless tire does not require any internal tube. This makes the tubeless tire more secure than the conventional tire. The tire and the edge in the tubeless tire structure an air-tight seal, which applies weight and does not enable the tire to deflate easily. The growing demand for the radial tires along with the advent of fuel-efficient products is expected to boost the global tubeless tire market growth. However, factors like large capital requirement and fluctuation in the prices of raw material may hamper market growth. The global tubeless tire market is expected to reach USD 211.5 Billion by 2023 moving at a CAGR of 7.15% during the forecast period (2017-2023).
Market segmentation
Based on its tire type, the global tubeless tire market is classified into bias and radial. On the basis of its distribution channel, the market is divided into aftermarket and OEM. On the basis of its vehicle type, the market is divided into the commercial vehicle, passenger car, and others.
Regional analysis
Geographically, the global tubeless tire market is divided into global regions like Europe, North America, Asia- Pacific, Middle East, LATAM, and Africa.
Major players
The major players in the global tubeless tire market include companies like Madras Rubber Factory (MRF) Limited (India), CEAT Tyres Ltd. (India), Bridgestone Corporation (Japan), The Goodyear Tyre & Rubber Company (U.S.), Continental Corporation (Germany), Michelin (France), Cooper Tire & Rubber Company (U.S.), Pirelli & C. S.p.A (Italy), Yokohama Tire Corporation (U.S.), Toyo Tire & Rubber Co., Ltd. (Japan) among others.