Tubeless Tire Market Set To Be Worth $211.5 Billion By 2023 At Growth Rate 7.15% Across The Globe

Press Release   •   Apr 05, 2018 20:17 IST

The existing and new market players in tubeless tire market are coming up with various strategies to stand in the competition. In competitive landscape, the report covers the growth strategies adopted by the companies between 2015 and 2017. The key players adopted various strategies to retain and/or expand their market share.

Bridgestone Corporation is one of the major player, holding the top position in the global tubeless tire market. The company is a multinational auto and parts manufacturer. The major business segments of the company are tires and diversified products. Bridgestone Group has approximately 1,43,616 employees. The company has global presence in the regions of Europe, Americas, Asia/Oceania and Middle east/Africa.

Tubeless Tire Market Companies Analyzed in report:

Bridgestone Corporation (Japan), The Goodyear Tyre & Rubber Company (U.S.), Madras Rubber Factory (MRF) Limited (India), CEAT Tyres ltd. (India), Continental Corporation (Germany), Michelin (France), Pirelli & C. S.p.A (Italy), Yokohama Tire Corporation (U.S.), Toyo Tire & Rubber Co., Ltd. (Japan) and Cooper Tire & Rubber Company (U.S.).

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The Goodyear Tire & Rubber Company is a automotive company, based in U.S. The company develops, manufactures, distributes, and sells tires and related products and services worldwide. They manufacture many speciality tires such as aviation tires, commercial truck tires, off the road tires, racing tires and RV tires. The company offers rubber tires for automobiles, trucks, buses, aircrafts, motorcycles, earthmoving and mining equipment, farm implements, industrial equipment, and various other applications under the Goodyear, Dunlop, Kelly, Debica among others. The company operates 1,100 tire and auto service outlets that offer products for retail sale. The key strategy adopted by the company is product innovation. The innovation in products, facilitates technological advancements, which enables the company to develop and manufacture enhanced products and services that are of high value to the consumers

Madras Rubber Factory (MRF) Limited is headquartered in India and is engaged in the manufacturing of rubber products including tyres, treads, tubes and conveyor belts, paints and toys. The company manufactures various types of tyres for passenger cars, two–wheelers, trucks, buses, tractors, light commercial vehicles and off–the–road tyres. The major strategy of the company is to focus on research and development for using the cutting edge technology for predictive testing and design validation for manufacturing of tubeless tires. The company works closely with global suppliers to utilize the latest developments in materials, across the globe.

Continental Corporation was established in 1871 in Germany. The company has two major business segments namely, automotive group and rubber group. The Tire division works with the objective of maximizing safety through short braking distances and excellent grip and reducing fuel consumption by minimizing rolling resistance. The company has its operations in the regions of Africa, Asia, Australia, Europe, Middle and South America and North America. Continental MTB Tyres are available in a Tubeless Ready version: Trail King, Mud King, Mountain King, X-King and Race King. The tyres are marked with "ProTection" or "Performance" on the product pages.

Market Segmentation:

Based on distribution channel, the market has been segmented as OEM and Aftermarket. The OEM segment is expected to contribute the maximum towards the growth of the tubeless tire market. Original equipment manufacturer (OEM) segment is expected to grow at a high rate as compared to aftermarket, due to rise in production of vehicles and increasing number of manufacturing facility of automotive OEM in the developing regions.

Based on vehicle type, the market has been segmented as passenger cars, commercial vehicle and others. The passenger car segment accounted for the highest market share in the automotive tubeless tire market. In 2016, as per the OICA Car Association, approximately 69 million passenger cars were sold across the globe, which is boosting the demand for tubeless tires in automotive industry. The demand for automotive tubeless tires is also increasing due to factors such as increasing life span of vehicles, and increasing annual average annual miles travel by passenger cars.

Geographic Analysis:

Asia-Pacific region is expected to be the largest market of tubeless tire market during the forecast period. Asia Pacific has the largest automotive tubeless tire market, owing to rise in automotive industry in countries such as China, Japan, and South Korea. The increase in the penetration level of passenger cars and two wheelers in the region, is boosting the demand for tubeless tires. The increase in sales of the automobiles in the region can be attributed to factors such as increasing per capita income, increased infrastructure spending, attractive FDI from governments and economic production cost. Asia Pacific region has ample number of tire manufacturing plants due to huge rubber production, low labor cost and favorable government policies. Asia Pacific is expected to continue its dominance in the global tubeless tire market, owing to projected increase in the region’s vehicle production, sales and vehicle fleet.

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Target Audience of Report:

This report mainly focuses on Tubeless Tire market Manufacturers, Distributer & Supplier companies, and end Users. Investment bankers and consultants with end user for Tubeless Tire market also analyzed. And finally Government and Independent Regulatory Authorities involved with Global Tubeless Tire market studied.

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