Automotive Tubeless Tire Market Trends

Growth Drivers

• Increased Safety and Reliability of Tubeless Tires– According to the data by the World Health Organization, between 20 and 50 million more people suffer non-fatal injuries in road accidents. Tires are the only contacts that are responsible for grip, balance, and traffic safety. The tubeless tires with liquid sealant across the ribs are useful to hold the desired air pressure levels. The improved technology has made the tires detect or monitor the interaction with the road and inform the driver about altering the road surface. The tubeless tires provide you time to handle the situation of puncture before an incident happens. The tubeless tire doesn’t get flat immediately after puncture as the other tires.
   
• Rise of Expenditure on Vehicle Maintenance – The expenditure on maintaining a vehicle raised to more than USD 2,000 in 2019 from 1000 in 1997 i.e., about 85% with a 3% growth per year.
   
• Growing Import and Export of Tires- Developing countries like China, Vietnam, Thailand and India are the top exporters of rubber tubes and tires. According to the International Trade Center, in 2021, the total export value of tires of rubber amounted to USD 2,652,628.
   
• Growing Demand for Electric Vehicles– Electric vehicles, including the newly introduced electric bikes, are trending in the market. The sales share of new electric cars grew from 1% in 2015 to 14% in 2020.
   
• Improved Fuel Efficiency provided by Tubeless Tires–Properly inflated tires help to conserve fuel, by lowering fuel consumption of the vehicle. It is estimated that use of tubeless tires will decrease fuel consumption by 0.2% for four tires for one pound of pressure decrease. Even milage can be increased by an average of 0.6% up to 3%.

Challenges

• High Prices of Raw Materials –The cost of natural rubber increased by 6% and synthetic rubber increased by more than 25% in 2021.
• Shortage of Labor in Developed Countries
• Stringent Regulations on Use of Rubber in Some Countries