What is Run Flat Tires - Global Market?
Run Flat Tires, also known as self-supporting tires, are a type of pneumatic vehicle tire that is designed to resist the effects of deflation when punctured. This allows the vehicle to continue to be driven at reduced speeds - under 56 mph (90 km/h) - for limited distances - generally between 10 mi (16 km) to 50 mi (80 km), depending on the type of tire. The global market for Run Flat Tires is a dynamic one, with a variety of manufacturers and types available. The two main types of Run Flat Tires are Self-Supporting and Support Ring System based. Self-Supporting Run Flat Tires have stiffer and tougher rubber, which can temporarily carry the weight of the vehicle under lower tire pressure. If a puncture occurs, the tire can support the vehicle’s weight and continue to function. On the other hand, Support Ring System based Run Flat Tires have a ring of hard rubber or another structure that can support the vehicle’s weight in case of a puncture.
Self-Supporting, Support Ring System in the Run Flat Tires - Global Market:
The usage of Run Flat Tires in the global market can be categorized into two main areas: Replacement and Original Equipment. Replacement refers to the aftermarket purchase of Run Flat Tires by consumers to replace their existing tires. This could be due to wear and tear, punctures, or the desire for an upgrade. Original Equipment, on the other hand, refers to the tires that are originally fitted on a new vehicle by the manufacturer. Many luxury and high-performance vehicles are now being equipped with Run Flat Tires as standard equipment. This is due to their safety benefits, as they reduce the risk of a blowout and allow the driver to maintain control of the vehicle if a puncture occurs. However, they are also more expensive than traditional tires, which can be a deterrent for some consumers.
Replacement, Original Equipment in the Run Flat Tires - Global Market:
The global Run Flat Tires market is a significant one, with a value of US$ 5169.8 million in 2022. It is expected to grow to US$ 6286.8 million by 2029, with a Compound Annual Growth Rate (CAGR) of 2.8% during the forecast period of 2023-2029. The market is dominated by a few key players, namely Bridgestone, Michelin, Goodyear, Continental, and Pirelli. These top 3 manufacturers account for approximately 40% of the market. The market is geographically diverse, with Europe being the largest market, accounting for about 30% of the total. North America follows closely behind with a market share of about 25%. The growth of the Run Flat Tires market can be attributed to their safety benefits, as well as the increasing demand for luxury and high-performance vehicles.
| Report Metric | Details |
| Report Name | Run Flat Tires - Market |
| Forecasted market size in 2029 | US$ 6286.8 million |
| CAGR | 2.8% |
| Forecasted years | 2023 - 2029 |
| Global Run Flat Tires market, by region: |
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| Global Run Flat Tires market, Segment by Type: |
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| Global Run Flat Tires market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
