Seven Out of Every Ten Tires Sold in Passenger Car Aftermarket is Likely to be Tubeless Tires by 2031
DUBAI--(Korea Newswire) September 03, 2021 -- Sales of automotive tubeless tires will increase at an accelerated pace in Asia Pacific. Increasing adoption of tubeless tires by leading automotive manufacturers present in countries such as Japan, China, South Korea, and others is facilitating the growth of the automotive tubeless tires market in Asia Pacific.
As per the latest Fact.MR survey, the demand for automotive tubeless tires is dictated by a plethora of factors. From unpredictable challenges witnessed in the automotive industry to government initiatives undertaken to improve road safety, the demand for automotive tubeless tires remains fairly influenced.
Considering everything, Fact.MR has projected the market for automotive tubeless tires in Asia Pacific to showcase growth at the highest pace over the course of the forecast period, from 2021 to 2031.
Increasing sales of two-wheelers, passenger cars, and commercial vehicles are anticipated to remain a chief growth driver. According to a study by the International Energy Agency, in 2019, more than 88 million units of passenger cars were sold in across the globe, where, China alone accounted for over 28% of the overall share, selling nearly 25 million passenger cars in the country.
Sales of tries are directly proportional to the number of automotive vehicles sold in the given year. Thus, with mounting sales of passenger cars, demand for tubeless tries from the original equipment manufacturer (OEM) is expected to skyrocket.
Despite slow growth in sales in 2020, recovery is on cards as Fact.MR forecasts the global demand for automotive tubeless tires increase by 6% CAGR through 2030.
“Increasing inclination toward adoption of greener technology will positively impact the growth of the market, backed by rising sales of next-generation vehicles such as electric and hybrid cars,” says the FMI analyst.
China to Lead the Automotive Tubeless Tires Market in Asia Pacific
As per a study by Fact.MR, the market for automotive tubeless tries in China is estimated to account for the highest revenue share in the Asia Pacific. This can be attributed to the presence of some of the leading tire manufacturers such as Sailun Jinyu, Shandong Ling long Tires, Xing Yuan Tires, Aeolus Tire, and GuizhouTyres among others.
China is extensively investing in the construction of massive infrastructure projects such as the world’s largest wind power base, which is propelling the sales of 16-wheelers and 18-wheeler heavy-duty trucks.
To avoid the risk of tire puncture since these trucks might have to work around sharp nails and metal rods near construction sites, heavy-duty truck manufacturers are increasingly using tubeless tires to avoid disruption of operations.
Companies operating in China are adopting various expansion strategies to gain a competitive edge. For instance, Shandong Linglong, a leading tire manufacturing group, announced launching its new brand in Europe named, HUBTRAC, offering Truck and Bus Radial Tires on 15th October 2020. Such developments will largely contribute to the overall growth of automotive tubeless tires sales in the country.
The Fact.MR study also profiles leading players in the automotive tubeless tires market are:-
· Bridgestone Corporation
· Michelin North America Inc
· The Goodyear Tyre & Rubber Company
· The Yokohama Rubber Co., Ltd.
· Madras Rubber Factory Limited
· Apollo Tyres Ltd
· Sumitomo Rubber Industries Ltd
· Continental AG
· Pirelli & C. S.p.A.
· Cheng Shin Rubber Industry Co.
Key Questions Answered by the Report
· What is the automotive tubeless tires market size?
· How will demand for automotive tubeless tires grow in Asia?
· Who are the leading automotive tubeless tires manufacturers and what is their strategy?
· Which countries in the Asia Pacific are ideal for investment?
· How will COVID-19 affect the automotive tubeless tires market?
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Read Automotive Tubeless Tires Market Survey Report: http://www.factmr.com/report/103/automotive-tubele
For more insights into the Market, Request a Sample of this Report: http://www.factmr.com/connectus/sample?flag=S&rep_
Retread Tire Market Survey Report: http://www.factmr.com/report/890/retread-tire-mark
Truck and Bus Radial Tire Market : http://www.factmr.com/report/5246/truck-and-bus-ra
Tire and Rubber Lubricants Market: http://www.factmr.com/report/2530/tire-and-rubber-
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