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The rising production of passenger and commercial vehicles globally are anticipated to propel the automotive tire market. Asia Pacific is anticipated to dominate the market owing to the presence of major key players in this region. China is anticipated to hold a massive share in the Asia Pacific region amid high sales of advanced run-flat tires. A run-flat tire is designed to work even when the tire is punctured. With the help of a run-flat tire, cars can be driven up to 80km at an average speed. These tires give safety to the vehicles, as they allow consumers to drive safely to the nearest service center even if there is continuous loss of air from the tire. The high cost of run-flat tires is anticipated to hinder the growth of the market as these tires are three times costlier than standard tires.
Key Market Driver -
Rising automotive sales globally will drive the growth of the market
Key Market Restraint -
High cost as compared to normal tires is expected to be hindrance to the growth of the market.
Increasing production and sales of vehicles is anticipated to boost the automotive run-flat tire market during the forecast period. The sale of passenger cars is directly depended on economic conditions owing to fluctuation in GDP growth, exchange rates, and changes in government policies. The high cost of run-flat tires compared to standard tires of the vehicles is expected to hamper the growth of the automotive run-flat tire market over the forecast period.
Some of the major companies that are present in the automotive run-flat tire market include Bridgestone Corporation, Continental AG, Michelin, The Goodyear Tire & Rubber Company, Pirelli & C.S.p.A., Apollo Tires Ltd., CEAT Ltd., China National Tire & Rubber Co., Ltd., Cooper Tire & Rubber Co., Ltd., Giti Tire, Hangzhou Zhongce Rubber Co., Ltd., Hankook Tire, JK Tire & Industries Ltd., Kumho Tire Co., Inc., Nexen Tire Corporation, Nokian Tires plc, Qingdao Fullrun Tire Corp., Ltd., Sumitomo Rubber Industries, Ltd., Toyo Tire & Rubber Co., Ltd., and Yokohoma Tire Corporation among the other players.
The global automotive run-flat tire market has been segmented into run-flat tire type, application type, vehicle type, and region. By technology type, the global automotive run-flat tire market is segmented into a self-supporting and support ring system. A self-supporting run-flat tire segment is anticipated to dominate the market during the forecast period owing to rising sales of passenger vehicles. The self-supporting tire is mostly used in passenger vehicles owing to the rising need for run-flat tire among the consumers who travel a long distance. By application type, the global automotive run-flat tire market is segmented into transportation & logistics, military & defense, agriculture, construction, and others. The military & defense segment is anticipated to hold the largest market share during the forecast period. Defense vehicles need to travel and respond quickly in an emergency. Flat tire of defense vehicle may cause a huge problem in case of emergencies. Transportation and logistics segments are anticipated to show steady growth in the market owing to rising requirements to deliver goods on scheduled time. Mostly chemical carrying vehicles are expected to adopt run-flat tires that help to give stability to vehicles even at the time of continuous loss air from the tire.
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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 significant market share amid rapidly growing domestic consumption, large population, and evolving standards. India is expected to dominate the region owing to the enormous investment in the tire industry. Europe is expected to witness good growth in the global automotive run-flat tire market. Europe currently holds the second-largest position market in the automotive run-flat tire market. To reduce the number of road fatalities, governments have imposed stringent regulations in this region, and this is expected to drive the automotive run-flat tire market. North America is also estimated to show steady growth in the automotive run-flat tire market over the forecast period.
By Run Flat Tire Type
By Application Type
By Vehicle Type
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