The global tubeless tires market is expected to grow at a CAGR of over 10% over the forecast period. Increasing demand across commercial and passenger automotive segment is anticipated to propel the demand for such automotive components.
Tubeless tires have managed to replace the traditional pneumatic tires owing to the increased safety and reliability it offers. It is relatively safer to drive vehicle at a higher speed in case of a high speed puncture. Moreover, they have longer lives as compared to the pneumatic counterparts. Longer operational life, low maintenance, and easy repair are anticipated to fuel the tubeless tire market demand over the forecast period.
These tires provide riding comfort and have the ability to be used under low air pressure for better adhesion. Moreover, they can be used with liquid tire sealant to stop complete deflation in case of small punctures.
Tubeless tires break away with the requirement of 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 of such tires getting punctured, air escapes through hole, resulting in deflation.
The tubeless tires due to its 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 the manufacturers. The consumers see it as a product, which lasts longer and provides comfort while driving.
Increasing number of passenger vehicles on road is expected to drive the market over the coming years. Consumers these days increasingly prefer such tires owing to the advantages it provides over the traditional ones.
The tires can be classified on the basis of Carcass material, application, and pattern design. The carcass material can be further segmented into nylon, steel belted, all steel, polyester, and rayons. Based on application, tubeless tires are used in light truck, truck/bus, passenger car, 2/3 wheelers, agricultural, aero, specialty, and bicycle. The pattern designs can be bifurcated into lug, rib, semi lug.
Fuel efficiency is one of the 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.
As per a study conducted by the California Energy Commission, if all the light truck tires were converted to low-rolling resistance tires, 300 million gallons of petrol, approximately USD 1 billion could be saved in California. Sustainable development being the major concern, it is expected that the industry is going to gain and the competitors may get the first mover advantage in the business.
The Government of India has initiated no WTO bound rates for tires and tubes, removal of restrictions on the import of all raw materials required for tire manufacture except for carbon black, which has been placed in the restricted list. The increasing push on the development of road infrastructure represents good growth in the market over the next seven years.
Use of tubeless tires helps in gaining control over the vehicle as well as induces comfort in driving thus resulting in reduced number of road accidents. Such key benefits are expected to drive the tubeless tire market over the forecast period. However, increasing raw material prices and expensive damage repairs can challenge the industry growth over the forecast period.
Michelin, the world’s leading tire technology leader, has declared that the passenger car tires would be available on Snapdeal, one of the leading online market platforms in India. Apollo Tires has designed and developed the two wheeler tires, the Acti series. The major competitors in the industry are Michelin, Bridgestone Corp, The Goodyear Tire and Rubber Co, Compagnie Generale des Etablissements Michelin SCA, Continental AG.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.