Run Flat Tyre Market Outlook
According to the report by Expert Market Research (EMR), the global run flat tyre market is projected to grow at a CAGR of 4.50% between 2023 and 2028. Aided by the rising sales of commercial and passenger cars and the rising need for run flat tyres in high-performance vehicles, the market is expected to grow significantly by 2028.
Run-flat tyres are specialised tyres designed to resist the effects of deflation when punctured, allowing the vehicle to continue to be driven at a reduced speed and for limited distances. These tyres provide significant advantages in terms of safety and convenience, reducing the need for immediate roadside tyre changes and decreasing the risks associated with tyre blowouts.
The growing consumer preference for vehicles equipped with advanced safety features is driving the global run flat tyre market share. As consumers become more safety-conscious, there is an increasing demand for vehicles equipped with technologies that can help prevent accidents and enhance the safety of the vehicle’s occupants. Run-flat tyres are part of this broader trend, offering drivers the peace of mind that they can continue driving even in the event of a puncture.
Moreover, the increasing popularity of high-performance and luxury vehicles has also contributed to the run flat tyre market expansion. These vehicle categories frequently come equipped with run-flat tyres as standard, given their safety advantages and the convenience they offer to drivers. As demand for these vehicle categories grows, so too does the market for run-flat tyres.
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The broadening applications of run-flat tyres across various vehicle types also significantly contribute to the run flat tyre market demand. Originally designed for high-performance and luxury vehicles, run-flat tyres are increasingly being used in other vehicle categories, including SUVs and light trucks, spurred by the rising demand for vehicles that offer a combination of performance, safety, and convenience.
Additionally, technological advancements in run-flat tyre design and manufacturing have led to improvements in their performance and reliability, further boosting their appeal to consumers. Newer designs offer better ride comfort and longer post-puncture driving ranges, increasing their utility and convenience.
Lastly, the run flat tyre market is being propelled by the growing global automotive industry, particularly in emerging economies, where increasing disposable incomes are driving demand for vehicles equipped with advanced safety features, including run-flat tyres.
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Run Flat Tyre Market Segmentation
The market can be divided based on tyre type, vehicle type, RIM size, and region.
Market Breakup by Tyre Type
- Self-Supporting Type
- Support Ring Type
Market Breakup by Vehicle Type
- Passengers Cars
- LCV
- HCV
Market Breakup by RIM Size
- 17 Inch
- 18 Inch
- 19 Inch
- 20 Inch
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global run flat tyre companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- The Michelin Group
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire & Rubber Company
- Pirelli & C. S.p.A.
- Yokohama Tire Corporation
- Hankook Tire & Technology Co., Ltd.
- Zhongce Rubber Group Co., Ltd.
- Maxxis International
- Toyo Tire Corporation
- Others
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