Tubeless Tires: Introduction
- A tubeless tire refers to an inflated tire that does not require an inner tube. The tubeless tire has a molded rim that maintains air pressure inside the tire and seals the flanges of the wheel rim. The automotive industry is evolving continuously and various technical, structural, and manufacturing developments are being witnessed globally. OEMs have started adopting new technologies to manufacture tires and various other parts of vehicles for the last few years. Tubeless tires do not have an extra internal tire/tube, unlike the earlier generation of tires. Tubeless tires possess low thickness and hence, tire manufacturers have developed advanced tubeless tires in which the rate of air loss is considerably low as compared to earlier generation tires. These tires are more durable. Presently, majority of vehicles are fitted with tubeless tires. The cost of a tubeless tire is high; however, its maintenance cost is very low as compared to that of a tube tire.
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Key Drivers of Global Tubeless Tires Market:
- Tubeless tires have managed to replace traditional pneumatic tires owing to the increased safety and reliability they offer. It is relatively safer to drive vehicle fitted with tubeless tires at a higher speed in case of a high speed puncture. Moreover, they have longer lives as compared to their pneumatic counterparts. Longer operational life, low maintenance, and easy repair are anticipated to fuel the tubeless tire market during the forecast period.
- Tubeless tires provide ride comfort and can be used under low air pressure for better adhesion. Moreover, they can be utilized with liquid tire sealant to stop complete deflation in case of small punctures.
- Tubeless tires do not require an inner tube, which produces excess heat or a puncture. In a tubeless tire, the rim of the wheel and the tire form an airtight seal; the valve being directly ascended on the rim. In case such a tire develops a puncture, air escapes through the hole, resulting in deflation. These factors propel the tubeless tires market across the globe.
- Tubeless tires due to their characteristic of producing low rolling resistance results in improved fuel efficiency, less vibrations, less heat generations, and better comfort. These features of tubeless tires make it an ideal choice for the consumer as well as manufacturers. Tubeless tires lasts longer and provide comfort while driving. Furthermore, these features fuel the tubeless tires market across the globe.
- Use of tubeless tires provides better control over the vehicle and offers comfort while driving, thereby resulting in reduced number of road accidents. These key benefits are expected to drive the tubeless tire market during the forecast period.
Passenger Vehicle Segment to Offer Attractive Opportunities:
- The passenger vehicle segment is likely to hold a significant share of the market by end of forecast period. This is attributed to a rise in the demand for utility vehicles in highly populated countries such as China, India, and Brazil.
- Demand for e-class, crossovers, SUVs, and hatchbacks is considerably high. Rise in preference for private transport and buying power of consumers is driving the passenger vehicle segment of the market.
- Presently, consumers are increasingly preferring tubeless tires owing to the advantages they provide over traditional ones. Fuel efficiency is a key factors that the consumer as well as the manufacturer tries to attain in the vehicle they possess or manufacture. Tubeless tires improve the rolling efficiency of the tires, hence improving the vehicle’s fuel efficiency.
COVID–19 Pandemic to hamper market:
- The COVID-19 crisis is affecting economies and industries in various countries due to lockdowns, travel bans and business lockdowns. The global materials industry is suffering serious disruptions such as supply chain breaks, office shutdowns, and others. For instance, China is global manufacturing hub and raw material supplier of various industries; and it is also one of the worst affected countries. The lockdown of various plants and factories in china is restricting the global supply chains and disrupting manufacturing, delivery schedules, and various material sales. Various companies announced possible delays in product deliveries and slump in future sales of their products. All these factors are anticipated to hamper the global tubeless tires market across the globe.
Asia Pacific to Hold Significant Share of Global Tubeless Tires Market:
- Asia Pacific comprises rapidly expanding economies, including India and those in ASEAN, which is likely to witness higher demand for vehicles and consequently, boost the tubeless tires market during the forecast period.
- Asia Pacific held a leading share of the global tubeless tires market due to higher volume of vehicles produced in prominent countries, including China and Japan, and lower manufacturing and labor cost across the region. Moreover, availability of inexpensive labor and raw material in the region coupled with increasing number of local manufacturers is likely to propel the market in Asia Pacific during the forecast period.
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Key Players Operating in Global Market:
The global tubeless tires market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global tubeless tires market are:
- MICHELIN
- Apollo Tyres Ltd.
- The Goodyear Tire & Rubber Company
- Bridgestone Corp
- Trelleborg AB
- THE YOKOHAMA RUBBER CO. LTD.
- Madras Rubber Factory (MRF) Limited
- CEAT Tyres ltd.
- Continental AG
- Pirelli & C. S.p.A
- Toyo Tire & Rubber Co., Ltd.
- Cooper Tire & Rubber Company
- Hankook Tire & Technology Co., Ltd.
- Sumitomo Rubber Industries, Ltd.
- KUMHO TIRE CO., INC.
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