Increasing green technology initiatives to enhance uptake of fuel-less and hybrid automobiles, thereby generating lucrative revenue pools for manufacturers in the long-run
ROCKVILLE, MD / ACCESSWIRE / February 12, 2021 / Fact.MR's detailed study on the global tubeless tires market forecasts a moderate yet positive growth trajectory for 2021, as the global automotive industry recovers from a COVID-19 induced trough. The market experienced a significant deceleration in 2020, experiencing an over 5% decline in Q2 and a 3.4% downswing in the third quarter. Despite this, long-term prospects until 2031 appear optimistic, with a projected CAGR exceeding 6%.
According to Fact.MR, the market has made credible gains across the historical period, primarily fueled by the increasing need for achieving vehicular performance efficiency with respect to fuel consumption, enhanced road grip, and reduced maintenance. Future growth outlook is especially dependent upon the growing popularity of electric vehicles.
Statistics suggest an increase in hybrid electric vehicles ownership, with a staggering 14% increase predicted for the domain in forthcoming years. CleanTechnica observes that while Europe is likely to experience a 15% annual growth in EV adoption, the figure amounts to nearly 7 out of 10 sales for the US in 2021. Similarly, India is likely to hit over 6.3 million unit sales by 2027. Such trends are expected to enhance tubeless tire adoption in the future.
"Manufacturers are devising long-term expansion plans, particularly in the green energy segment, as their penetration is anticipated to prolong. In the interim, demand is expected to remain sustained by heightened uptake across the conventional automotive segment," says the Fact.MR analyst.
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Key Takeaways from Fact.MR's Tubeless Tires Market Study
- Radial tubeless tires to remain highly preferred, owing to high wear and tear resistance
- Passenger cars tubeless tires to expand at a robust 7% CAGR, followed by LCVs, expected to generate over 1/4th revenue
- Aftermarket sales to account for a major chunk of the market, attributed to regular maintenance requirements
- US to capture a substantial amount of revenue, driven by increasing passenger vehicles ownership
- UK to witness steady growth amid increasing popularity of biking for recreational and official purposes
- Rising EV sales to pivot sales across Germany and France through 2031
- China to remain the market hegemon, owing to the presence of a large automotive industry; India to receive tailwinds
Tubeless Tires Market- Prominent Drivers
- Stringent fuel efficiency standards imposed by governments to enhance tubeless tires uptake, attributed to their lightweight, which reduces engine pressure
- Increasing bicycle ownership to usher in a spike in global tubeless tire sales, with increased emphasis on superior road grip
- Manufacturers are capitalizing on the OEM market to widen their revenue prospects
Tubeless Tires Market- Key Restraints
- Tubeless tires market is facing stiff competition from airless tires, which are touted to be more effective in terms of grip orientation and fuel efficiency
- Ongoing recovery stages from the COVID-19 induced recession to temporarily render growth sluggish
Discover more about the tubeless tires market with 87 figures and 111 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/103/automotive-tubeless-tires-market
Bridgestone Corporation, Michelin North America Inc., Goodyear Tire & Rubber Company, Yokohama Rubber Co. Ltd., Madras Rubber Factory Limited, Apollo Tires Ltd., Sumitomo Rubber Industries Ltd., and Continental AG are amongst the prominent tubeless tire manufacturers profiled in Fact.MR's report.
Bridgestone Corporation, a prominent tubeless tire manufacturer, produces the V-Steel Smooth Tread MS (VSMS) 2 off-the-road tires, which offer a 30% reduction in sidewall cut frequency, which extends total life, offers superb casing durability, reducing operation downtime and delivering greater productivity.
In February 2021, Michelin North America Inc. introduced its CrossClimate® 2 tire series, which fits over three-quarters of best-selling cars and crossovers. The phase two launch of the series has increased the size availability from 25 to 55. It offers wet stopping, dry grip, longevity, and snow performance, respectively.
More Valuable Insights on Tubeless Tires Market
Fact.MR, in its new offering, presents an unbiased analysis of the global tubeless tires market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the market on the basis of product type (radial and bias), vehicle type (two-wheelers, passenger cars, LCVs, and HCVs), distribution channel (OEM and aftermarket), and technology (standard, powered, heated, and powered & heated), across six major regions of the world (North America, Latin America, Europe, Japan, Asia Pacific excl. Japan, and the Middle East & Africa).
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