Run Flat Tire Market Outlook
A run flat tire is an automobile tire designed and developed to continue functioning even after being punctured. These tires are essential as they allow the vehicle to be driven to a safe location for replacement in the event of a flat tire. However, the distance a vehicle can travel with a punctured tire depends on the type of run flat tire installed. Run flat tires enhance safety by enabling better control of the car during adverse and emergency situations, allowing consumers to drive safely even as the air pressure in the tires drops. They perform well in extreme weather conditions, such as heavy rain, hot and humid days, or snowy and cold nights. In case of a puncture, the self-supporting run flat tire inserts come to the rescue, eliminating the immediate need for replacement. These run flat tires are reinforced with plated armored sidewalls, making them a preferred choice for vehicles carrying politicians, government authorities, and celebrities. They are also gaining popularity in the defense industry.
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Top Impacting Factors
- The market growth is driven by an increase in automobile production, stringent government regulations, and a growing concern for fuel efficiency.
- The high cost compared to normal tires and fluctuating raw material prices are expected to hinder market growth.
- Technological advancements and increasing safety concerns present opportunities for market investments.
Geographically, the automotive run-flat tire market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is anticipated to hold a significant market share due to rapidly growing domestic consumption, a large population, and evolving standards. India is expected to dominate the region, driven by substantial investments in the tire industry. Europe is also expected to witness good growth in the global automotive run-flat tire market. Stringent government regulations aimed at reducing road fatalities are likely to drive the demand for run-flat tires in this region. North America is estimated to show steady growth in the automotive run-flat tire market over the forecast period.
Run Flat Tire Market Trends
Fluctuating Price of Raw Material
The global run flat tire market growth has been affected by fluctuations in raw material prices, mainly due to insufficient supply of natural rubber and increased input costs related to oil prices. Almost all raw materials used are derived from crude oil, making them susceptible to changes in crude oil prices. Synthetic and natural rubber, the key raw materials for run flat tire production, account for approximately 75% of the production cost. Recent increases in global crude oil prices have led to higher costs for synthetic rubber and other crude derivatives used in tire production, potentially slowing down the growth of the global run flat tires market.
Increase in Automobile Production
The automotive industry has experienced substantial growth in recent years, especially in countries like China, the United States, Japan, India, Germany, and the United Kingdom. While the automotive industry was initially concentrated in developed countries such as Japan, the U.S., and Germany, it has now expanded to developing countries like China, Thailand, and India. The rapid industrialization in developing countries has resulted in increased demand and production of commercial vehicles such as trucks, tractors, and trailers. India, for instance, has become the fourth-largest automobile industry in the world with a sales increase of 9.5% year-on-year, reaching 4.2 million units. The surge in automobile production is expected to drive the growth of the global run flat tires market.
The major players in the run flat tire market include Michelin, Goodyear Tire and Rubber Company, Pirelli, Continental AG, Dunlop, Bridgestone, Kumho, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co. Ltd., Hankook, and others. These companies are adopting various competitive strategies, such as developing advanced technologies, launching new services, and engaging in mergers and acquisitions, to maintain their competitiveness in the market.
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Report Scope:
In this report, global run flat tire market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Run Flat Tire Market, By Vehicle Type:
- Passenger Cars
- LCV
- HCV
- Global Run Flat Tire Market, By Tire Type:
- Self-Supporting Type
- Support Ring Type
- Global Run Flat Tire Market, By Rim Size:
- 17 Inch
- 18 Inch
- 19 Inch
- 20 Inch
- 23 Inch
- 24 Inch
- Others
- Global Run Flat Tire Market, By Sales Channel:
- OEM
- Aftermarket
- Global Run Flat Tire Market, By Application:
- Military
- VIP Cars
- High Value Cargo Carriers
- Others
- Global Run Flat Tire Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- South America
- Brazil
- Argentina
- Colombia
- North America
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