What is Global Run-flat Tire Market?
The Global Run-flat Tire Market is a sector that focuses on the production and distribution of run-flat tires. These are a type of automobile tire designed to resist the effects of deflation when punctured, allowing the vehicle to continue to be driven at reduced speeds and for limited distances. The global market for these tires is vast and diverse, encompassing a wide range of manufacturers, distributors, and consumers all over the world. In 2022, the market was valued at a whopping US$ 5187.9 million, and it's projected to grow even further to reach US$ 6308.8 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 2.8% during the forecast period from 2023 to 2029.
Self-Supporting, Support Ring System in the Global Run-flat Tire Market:
The Global Run-flat Tire Market is segmented into two main types: Self-Supporting and Support Ring System. Self-Supporting run-flat tires have reinforced sidewalls that continue to support the vehicle in the event of air loss. This means that in the case of a puncture, the car can continue to drive on the deflated tire without the sidewalls collapsing or the tire coming off the rim. On the other hand, the Support Ring System is a different approach to run-flat technology. In this system, a ring of hard, rubberized plastic is fitted within the tire. If the tire loses pressure, the ring supports the weight of the vehicle. Both these systems have their own advantages and are chosen based on the vehicle type and usage.
Replacement, Original Equipment in the Global Run-flat Tire Market:
The usage of run-flat tires in the Global Run-flat Tire Market can be categorized into two main areas: Replacement and Original Equipment. Replacement refers to the aftermarket purchase of run-flat tires. This means when the original tires on a vehicle wear out or get damaged, they can be replaced with run-flat tires. Original Equipment, on the other hand, refers to run-flat tires that are installed on new vehicles by the manufacturers. Many luxury and high-performance vehicles come equipped with run-flat tires as standard equipment. The choice between replacement and original equipment often depends on the vehicle type, driving conditions, and personal preference of the driver.
Global Run-flat Tire Market Outlook:
The market outlook for the Global Run-flat Tire Market is quite promising. In 2022, the market was valued at a significant US$ 5187.9 million. It is expected to grow at a steady pace, reaching an estimated value of US$ 6308.8 million by 2029. This growth is attributed to a Compound Annual Growth Rate (CAGR) of 2.8% during the forecast period from 2023 to 2029. Europe holds the largest share of the market, accounting for about 39% of the total. North America follows closely behind, with a market share of about 31%. The top three companies in the market hold a combined market share of about 47%, indicating a high level of market concentration.
| Report Metric | Details |
| Report Name | Run-flat Tire Market |
| Accounted market size in 2022 | US$ 5187.9 in million |
| Forecasted market size in 2029 | US$ 6308.8 million |
| CAGR | 2.8% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Bridgestone, Michelin, GoodYear, Continental, Pirelli, Hankook, Sumitomo Rubber, Yokohama, Giti, Kumho, Cheng Shin Rubber |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
