The global run flat tire market to gain momentum from the increasing production of commercial and passenger vehicles. Fortune Business Insights™ provided this information in a recent report, titled, “Run Flat Tire Market Size, Share & Industry Analysis, By Run Flat Tire Type (Self Supporting, Support Ring System), By Application Type (Transportation and Logistics, Military and Defence, Agriculture, Construction, Others), By Vehicle Type (PC, LCV, HCV) Others and Regional Forecast, 2019-2026.” Besides, these tires enable drivers to travel to the nearest service center safely, even if there is persistent loss of air from the tires. With the help of these tires, cars can be driven up to around 80km at an average speed.
What Does This Report Contain?
- Forecast and analysis of the market size and growth drivers.
- Identification of the opportunities and challenges.
- List of all the segments.
- Profiles of the most prominent organizations operating in the market.
- Details about competitive developments, such as mergers and acquisitions, novel product launches, agreements, contracts, collaborations, and investments.
- Pricing analysis of the market.
- Extensive analysis of the run flat tire market trends and hindrances.
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Driver & Restraint-
Expensive Nature of Run Flat Tire May Obstruct Growth
One of the major factors that is expected to drive the run flat tire market growth in the coming years is the increasing production and sales of vehicles worldwide. The economic conditions of a specific country are directly dependent on the sale of passenger cars.
It is caused because of the changes in government policies, fluctuations in exchange rates, and GDP growth. However, standard tires are cost-effective, unlike the run flat tires. It may obstruct the growth of the market in the coming years.
Self-supporting Segment to Lead Backed by Rising Sales of Passenger Vehicles
Based on technology type, the market is bifurcated into support ring system and self-supporting. Out of these, the self-supporting segment is projected to dominate in terms of run flat tire market share during the forthcoming years. These tires are used more in passenger vehicles on account of the urgent demand from those consumers who often travel long distances. It is coupled with the increasing sales of passenger vehicles.
Asia Pacific to Remain at the Forefront Stoked by Rising Population
In terms of region, the market is segregated into Latin America, the Middle East and Africa, North America, Europe, and Asia Pacific. Out of these, Asia Pacific is set to hold the highest run flat tire market revenue during the forecast period. This growth is attributable to the evolving standards, ever-increasing population, and rising domestic consumption.
India is likely to contribute to the maximum growth because of the high investments in the tire sector. Europe, on the other hand, is anticipated to experience steady growth backed by stringent government norms and regulations, as well as a reduction in the number of road accidents. This region would remain in the second position, followed by Asia Pacific.
Key Players Focus on Launching State-of-the-art Tires to Increase Sales
The market consists of numerous big, small, and medium enterprises, such as Bridgestone, Continental, and Kumho, that are striving to increase product portfolio by launching brand new tires equipped with unique features. Below are two of the latest industry developments:
- October 2018: Yokohama Rubber Co. Ltd., a tire company, based in Japan, unveiled its latest run-flat model called iceGuard 6 ZPS tire. This was launched under the company’s iceGuard 6 range of studless winter tires, mainly for passenger cars. The tire’s sidewall consists of the zero pressure system (ZPS) mark.
- February 2018: Bridgestone Americas, Inc. introduced Blizzak LT tire for SUVs and heavy-duty pickup trucks. It will help the company in broadening its premium winter tire line. The latest product is specially designed to offer drivers with enhanced control and handling during the winter season from icy and snowy to wet conditions.
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Fortune Business Insights™ lists out some of the most reputed organizations present in the global run flat tire market. They are as follows:
- Cooper Tire & Rubber Co., Ltd.
- Bridgestone Corporation
- Nexen Tire Corporation
- Continental AG
- Toyo Tire & Rubber Co., Ltd.
- The Goodyear Tire & Rubber Company
- JK Tire & Industries Ltd.
- Yokohoma Tire Corporation
- CEAT Ltd.
- Qingdao Fullrun Tire Corp., Ltd.
- Pirelli & C.S.p.A.
- Kumho Tire Co., Inc.
- Sumitomo Rubber Industries, Ltd.
- Nokian Tires plc
- Apollo Tires Ltd.
- Hangzhou Zhongce Rubber Co., Ltd.
- China National Tire & Rubber Co., Ltd.
- Hankook Tire
- Giti Tire
- Other key market players
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