Automotive Automotive Tubeless Tire Market | Page 2

The global automotive tubeless tire market is segmented into type such as radial
tubeless tire and bias tubeless tire. Among these segments, radial tubeless tire
segment is expected to occupy top position in overall automotive tubeless tire
market during the forecast period. Benefits of radial tubeless tire such as high
road & surface tire traction, better ride experience and tough construction are
driving the growth of the automotive radial tubeless tire market. Further,
increasing demand for radial automotive tubeless tire in light commercial
vehicles and passenger cars is expected to accelerate the growth of radial tubeless
tire market. However, baseless tubeless tire segment is anticipated to foster at a
CAGR of 7.0% during the forecast period.
Global automotive tubeless tire market is expected to flourish at a significant
CAGR of 6.1% during the forecast period. Moreover, the global automotive
tubeless tire market is expected to garner USD 196 Billion by the end of 2024.
Growing automotive industry in developing countries, increasing number of
passenger cars in the world, stringent government regulations, technological
advancements in tubeless tires are some of the key factors driving the growth of
automotive tubeless tire market.
The passenger car segment by vehicle type application is estimated to register a
significant CAGR of 6.3% during the forecast period. Moreover, the passenger car
segment is expected to account for the largest share of revenue across the globe.
Rising sale of passenger car vehicles across the globe is bolstering the growth of
the automotive tubeless tire market.
Growing Demand for Replacement Tires
Increasing replacement demand for tires is predicted to trigger the growth of the
automotive tubeless tire market. This can be attributed to early damages to the
tires cause by poor and inadequate road infrastructures. For instance, in India,
only 1.6% roads are developed and modernized. Substandard road infrastructure
results in early damages to the tires which is raising the demand for tires in the
replacement market.
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Increasing Number of Passenger Vehicles on the Road
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