Global Automotive Tubeless Tyre Market 2023-2030

Global Automotive Tubeless Tyre Market 2023-2030

Global Automotive Tubeless Tire Market Size, Share & Trends Analysis Report by Type (Bias Tubeless Tire, and Radial Tubeless Tire), by Pattern Design (Lug, Rib, and Semi Lug), and by Vehicle Type (Passenger Cars, Commercial Vehicles, and Two Wheeler) Forecast Period (2023-2030)

The global automotive tubeless tire market is anticipated to grow at a considerable CAGR of 8.0% during the forecast period. Numerous factors that drive the market growth include the growing adoption of the tubeless tire in response to its advantages. The benefits of tubeless tires over traditional tube-type tires include reduced risk of puncturing, lower rolling resistance, increased speed, comfort, and grip, greater range of pressure adjustment, ability to repair small holes, better traction, and elimination of pinch flats. In addition, the high demand for radial tires in bus and truck vehicles further fueled the market growth. The market players which include Bridgestone, MRF, Ceat Ltd., and others are offering various ranges of tubeless tires for automotive vehicles by adopting various strategies such as partnership, collaboration, funding, and others. For instance, in August 2022 Bridgestone Americas (Bridgestone) announced a major expansion and modernization of its Warren County, Tennessee Truck and Bus Radial (TBR) Tire Plant located in Morrison. The $550 million investment expand the plant's existing footprint by 850,000 square feet to support increased capacity and to accelerate the use of advanced technologies that support cleaner, safer and more efficient commercial truck and bus fleets.

However, tubeless tires are more expensive and require new rims, and fitting is messier and more time-consuming, this factor may restrain the market growth.

Segmental Outlook

The global automotive tubeless tire market is segmented based on its type, pattern design, and vehicle type. Based on the type, the market is segmented into bias tubeless tire and radial tubeless tire. Based on the pattern design, the market is categorized into lug, rib, and semi lug. Further, based on the vehicle type, the market is segmented into passenger cars, commercial vehicles, and two-wheelers. Among the vehicle type segment, commercial vehicles are registered a significant market growth. The surge in the demand for commercial automobiles, stringent vehicular emission and fuel economy rules and regulations globally will drive the segment growth.

The Radial Tubeless Tire Segment Holds a Considerable Share in the Global Automotive Tubeless Tire Market

The radial tubeless tire segment is anticipated to hold a prominent share of the market during the forecast period. Increasing use of radial tubeless tires in heavy vehicles such as excavators, tractors, and others owing to their wider properties is projected to drive the segment growth. Moreover, the market players are offering a radial tubeless tire that is designed to use in lift trucks, automated guided vehicles, container handlers, and cranes. For instance, in April 2023 Bridgestone Americas (Bridgestone) introduced the V-Steel Port Container Straddle (VPCS) radial tire, specially designed for straddle containers used in port terminals and intermodal yards. The new VPCS is engineered with enhanced load capacity, speed rating and durability for more efficient operations and extended service life.

Regional Outlooks

The global automotive tubeless tire market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global automotive tubeless tire market. The rising number of vehicles, and the extensive utilization of tubeless tires especially in Japan, and China region, owing to develop road infrastructure, is projected to accelerate the market growth.

Global Automotive Tubeless Tire Market Growth, by Region 2023-2030

Source: OMR Analysis

North America Region held Considerable Share in the Global Automotive Tubeless Tire Market

Rising automobile registration, an increase in demand for high-performance vehicles, and a consequent increase in automobile production in the North American region will significantly contribute to the expansion of the automobile tubeless tire market. According to the US Department of Energy's Vehicle Technologies Office, in 2022 total electric vehicles vehicle registration in New York was 51,780, in Florida it was 95,640, and in Texas, it was 80, 900. In addition, consistent development and introduction of new products by market players to increase their portfolio will continue to fuel the growth of the market. In January 2022, CADEX announced a new partnership with Team BikeExchange-Jayco. Both the men’s and women’s UCI World Tour squads race on bikes equipped with CADEX Wheel Systems, tubeless tires, saddles and other components. Riders can choose CADEX tubeless tires, including the Race and Classic models, or tubular tires depending on their wheel setups. Select riders are also riding the CADEX Boost saddle and Race handlebars.

Market Players Outlook

The major companies serving the global automotive tubeless tire market include Continental AG, Continental AG, Goodyear Tire & Rubber, MRF Ltd., Apollo Tires Ltd., and among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2023, Continental launched two new GP5000 TT TR and GP5000 AS TR tubeless tires that offer 'All-Season' variant that promises increased wet grip and puncture protection. Both new 'TT' and 'AS' variants are tubeless-ready and hookless compatible (with caveats).

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global automotive tubeless tire market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.