Global Tubeless Tire Market is projected to reach USD xx billion by 2024 from USD xx billion in 2016, exhibiting a CAGR of 8.2 % during 2016-2024

Tubeless tires function without an inner tube, and the outer surface of the tubeless tire makes an airtight sealing with metal rim, and the air is held in a rim. Tubeless tire contains tread, steel belt, and spiral layer, and assist vehicles in many functions, such as supports vehicle load, transmits traction & breaking force to a road surface, absorbs road shocks, and changes & maintains the direction of travel.

Development in the automotive industry in developing countries and strict vehicular emission & fuel economy norms among different countries enhanced the demand for automotive Global Tubeless Tire Market globally. However, variation in the cost of raw material, such as steel & rubber and vast capital investment required to set up new manufacturing facility is limiting the market growth. Moreover, a rise in average life period of vehicles, and improvement in technology are expected to create numerous opportunities for the Global Tubeless Tire Market growth.

Asia-Pacific(APAC) region is projected to be the major Global Tubeless Tire Market of a tubeless tire during the forecast period. The Asia Pacific has the major automotive tubeless tire market, due to a rise in the automotive industry in countries such as China, Japan, and South Korea. Growth in the penetration level of passenger cars and two-wheelers in the region is increasing the demand for tubeless tires. Increase in sales of the automobiles in the region can be credited to factors such as increasing per capita income, increased infrastructure expenditure, attractive FDI from governments and commercial production cost. Asia Pacific region has plenty number of tire manufacturing plants due to enormous rubber production, low labor cost, and favorable government policies. The Asia Pacific is expected to continue its dominant position in the global tubeless tire market, owing to forecast growth in the region’s vehicle production, sales, and vehicle fleet.

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