Dublin – The global market for automotive tubeless tires will exceed $158 billion (€150 billion) in 2019, up 6% from $148 billion last year, according to a recent study.
The report, announced 14 April by Dublin-based information supplier Fact.Mr, also forecast demand for grow at a CAGR of over 6% during the period 2017-2022.
Automotive growth, as well as safety and fuel-efficiency concerns will influence the market significantly during the forecast period, the report noted.
Additionally, cheap labour and high-production of rubber in Asia Pacific excluding Japan (APeJ) have led to reduced overall production costs in the region.
The region, the report said, holds “impressive growth potential” with an estimated share of over 32% of the automotive tubeless tires market this year.
Within APeJ, the market is significantly driven by China and South Korea, which are expected to contribute about one-third of the total market share by the end of 2022.
The two-wheeler segment in APEJ is also projected to generate the largest demand for tubeless tires and hold over 35% of the market share by the end of 2019.