Tubeless Tires Market Projected to Reach US$ 153.6 Bn by 2031: Growing Demand Driven by Safety Regulations and Vehicle Performance Emphasis: TMR Report
The growing production of vehicles and significant growth in the automotive sector in developing nations are the major factors driving the tubeless tire market growth
Wilmington, Delaware, United States, Aug. 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global tubeless tire market is projected to flourish at a CAGR of 4.4% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 153.6 billion is anticipated for the market in 2031. As of 2023, the market for powder coatings is expected to close at US$ 108.4 billion.
Rising disposable incomes and urbanization have led to an increase in vehicle ownership, boosting the demand for tubeless tires in passenger cars, commercial vehicles, and two-wheelers.
The rapid growth of the automotive industry, especially in emerging economies, has led to increased demand for tubeless tires as original equipment for new vehicles and as replacements for older vehicles. Improved traction, stability, and handling, particularly in high-performance vehicles and off-road applications, are boosting market progress.
The growing adoption of tubeless tires in passenger cars and the development towards producing cheaper and sustainable green tires to reduce carbon emissions will catapult the growth of the global tubeless tire market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 103.8 Bn | |
| Estimated Value | US$ 153.6 Bn | |
| Growth Rate – CAGR | 4.4% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 205 Pages | |
| Market Segmentation | By Tire Type, Rim Size, Vehicle Type, End-use Industry, Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Apollo Tyres Ltd., Michelin, Trelleborg AB, Bridgestone Corp., Goodyear Tire & Rubber Company, Madras Rubber Factory, Yokohama Rubber CO. Ltd., CEAT Tyres Ltd., Continental AG, Toyo Tire & Rubber Company, Cooper Tire & Rubber Company, KUMHO Tire Co., Inc., Hankook Tire & Technology Co. Ltd., Sumitomo Rubber Industries Ltd. | |
Key Takeaways from the Market Study
- As of 2022, the tubeless tires market was valued at US$ 103.8 billion
- By vehicle type, passenger vehicles segment to enjoy high demand, accumulating a high revenue share during the forecast period
- Based on the end-use industry, the automotive segment accounts for the highest market share
- By tire type, the radial tubeless tire segment is expected to generate high revenue during the forecast period.
Tubeless Tires Market: Key Trends and Opportunistic Frontiers
- Increasing advancements in tire manufacturing technology have made tubeless tires more cost-effective and easier to produce, leading to higher availability and affordability for consumers.
- Tubeless tires contribute to reduced fuel consumption, leading to lower greenhouse gas emissions and a positive impact on the environment. Favorable regulations mandating the use of tubeless tires in vehicles due to their safety and environmental benefits, further drive market growth.
- Tubeless tires generally have lower rolling resistance compared to tubed tires, leading to improved fuel efficiency for vehicles. The reduced friction results in less energy consumption, contributing to cost savings and environmental benefits.
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Tubeless Tire Market – Regional Landscape
- North America is the key region for the tubeless tires market. The presence of a well-developed automotive industry and a high adoption rate of tubeless tires across various vehicle types, including passenger cars, commercial vehicles, and motorcycles. The United States and Canada are the major markets for tubeless tires in the region.
- The Asia-Pacific region is a significant market for tubeless tires, rapidly growing automotive industry, increasing vehicle sales, and infrastructure development have boosted the demand for tubeless tires. The increasing vehicle production, and rising consumer awareness about the benefits of tubeless tires, in the region, drive the market demand. The rapid economic growth and increased disposable income in countries like China, India, Japan, South Korea, and Thailand drive the market demand.
Competitive Landscape
The tubeless tire is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global tubeless tire market report:
- Apollo Tyres Ltd.
- Michelin
- Trelleborg AB
- Bridgestone Corp.
- Goodyear Tire & Rubber Company
- Madras Rubber Factory
- Yokohama Rubber CO. Ltd.
- CEAT Tyres Ltd.
- Continental AG
- Toyo Tire & Rubber Company
- Cooper Tire & Rubber Company
- KUMHO Tire Co., Inc.
- Hankook Tire & Technology Co. Ltd.
- Sumitomo Rubber Industries Ltd.
Key Developments in Global Tubeless Tires Market
- Goodyear has been leveraging innovative tire manufacturing processes to improve tubeless tire performance. The company has introduced tubeless tires with enhanced sidewall stiffness and bead designs to enhance cornering stability and steering response.
- Hankook Tire & Technology Co., Ltd. has been expanding its tubeless tire product portfolio to cater to various vehicle segments. The company has introduced all-season and winter tubeless tires with advanced tread designs to provide optimal performance in different driving conditions.
- In March 2023 – Sumitomo Rubber Industries, Ltd. announce the launching FALKEN ZIEX” as a new line of replacement tires for electric vehicles (EV) in Europe.
- In July 2023 – The Yokohama Rubber Co., Ltd. announce the introduction of the ADVAN Sport EV, a new ultra-high performance summer tire for electric vehicles (EVs), to overseas markets including Europe from this autumn.
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Tubeless Tire Market – Key Segments
Tire Type
- Radial Tubeless Tires
- Bias Tubeless Tires
Rim Size
- Below 15 Inches
- 15-17 Inches
- 18-20 Inches
- Above 20 Inches
Vehicle Type
- Two / Three Wheelers
- Passenger Vehicles
- Hatchbacks
- Sedans
- SUVs
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- Off-road Vehicles
End-use Industry
- Automotive
- Construction
- Agriculture
- Mining
- Others
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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