Press Release Description

Global Run Flat Tire Market: Surging Manufacturing of Premium & Luxurious Vehicles

The Global Run Flat Tire Market size is valued at around USD480 million in 2022 & is projected to grow at a CAGR of about 4% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The rising manufacturing & sale of luxurious and premium vehicles have been one of the prime factors propelling the market size of the run flat tire across the globe. The integration of advanced technology, exceptional performance, and better driving experience have been contributing to the market growth.

In addition, the expansion in the tourism industry for both business & recreational purposes has necessitated the demand for luxury vehicles. Luxury & premium vehicle is being adopted by various car rental & ride-hailing companies such as Uber, Europcar, Avis Car Rental, etc., which require run-flat tires to provide safety & assurance to the customers. In 2021, Uber launched “Uber Lux” services which consist of luxury vehicles such as an Audi A8, Mercedes S-Class, BMW 7- Series, Tesla Model S & Model X. The outlook of the tourism industry across the globe has also improved owing to the rising government initiatives & investment for the expansion of tourism industry & increase the country’s revenue.

In 2022, the government of Saudi Arabia announced to invest nearly USD6 trillion in the travel & tourism sector through to 2030 to achieve Saudi Vision 2030. Moreover, the government of the countries such as Saudi Arabia, India, the UAE, and many others has been also collaborating with the private sector to boost tourism investments in the coming years, further escalating the demand for run-flat tire in the forecast period.

Furthermore, the surging expenditure by the government of countries across the globe in the defense sector would attribute to the demand for military vehicles such as light utility vehicles, military trucks, etc., which requires run-flat tires in the coming years. Countries such as the US, China, Russia, India, and others have been constantly improving their defense budgets owing to rising geopolitical tensions like the Russia-Ukraine war, Israel-Palestine war, and others which would further be expected to enhance the Global Flat Run Tire market growth.

Military Segment to Witness a Considerable Growth in the Forecast Period.

Based on application, the market is divided into Military, VIP Cars, High-value Cargo Carriers, and Others. The government of countries across the globe has been increasing investment in the defense sector which have led to a surge in the adoption of military vehicles. In 2022, the Indian army announced to purchase of around 300 rough terrain vehicles for the transportation of loads & evacuation of casualties in medium to high-altitude areas. The development comes amid the lingering standoff with the Chinese army along the Line of Actual Control (LAC) in the Ladakh region & tensions spilling over into the eastern sector.

Global Run Flat Tire Market

Run-flat tires allow military vehicles to continue moving, even if they suffer punctures or damage to their tires. This capability is vital for troop transport, reconnaissance missions, and critical operations where immediate tire replacement might not be feasible. Moreover, military vehicles are required to travel in harsh conditions like off-road, desert, mountainous terrain, etc., where the probability of getting vehicles tire punctured is a common phenomenon. Hence, the expansion in defense budgets across the global countries would subsequently enhance the military segment share in the Global Run Flat Tire Market.

North America to Hold a Considerable Share in the Global Run Flat Tire Market

Geographically, North America is estimated to hold a considerable share of the Global Run Flat Tire Market during the forecast period due to the strong presence of vehicle fleets in the defense sector. The integration of run-flat tires while manufacturing vehicles & replacement have been pushing the growth of run-flat tires across North America.

According to the US Department of Defense, the defense sector operates a fleet of more than 250,000 tactical vehicles, which frequently operate in austere conditions. Furthermore, an increase in investment in the defense sector & a surge in the defense budget in regional countries like the US, Canada, and Mexico would beef up the market size of run-flat tires in North America.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Michelin, BMW, Bridgestone, Continental, Dunlop, Goodyear, Pirelli, Kumho, Yokohama, Hankook, and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various countries?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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