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A run flat tire is an automobile tire that is designed and developed to work even after the tire is punctured. These tires are relevant because in the event of a flat tire, they allow the car to be driven to a safe position where it can be replaced. However, when the tire is punctured and can only travel a certain distance depending on the type of flat tire installed in the vehicle. Run flat tires improve safety because they can better control the car in adverse and emergency situations, and consumers can drive safely and correctly even if the air pressure in the tires continues to drop. Run flat tires work well in extreme and severe climatic conditions such as pouring rains, hot and humid day or snowy and cold night. In the case of a puncture, the self-supporting run flat tire inserts will save your day, and you won’t have to bother about a replacement immediately. The run flat tires are made of plated armored sidewalls. Run flat tire are becoming more and more widely used in safety, and they have become a necessity for vehicles carrying politicians, government authorities and celebrities. They are also becoming more and more popular in the defense industry.
COVID-19 Impact analysis
At the beginning of 2020, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and run-flat tires industries have also been greatly affected. The vendors in run-flat tires industry across the globe is being affected severely due to the restrictions on producers as well as the declared lockdowns which in turn is affecting the seat belt system manufacturers worldwide. As the governments all over the world have declared lockdowns over the past few months, the demand and supply cycle of many run-flat tires manufacturers is vulnerable. The pandemic has had a negative impact on the run-flat tires market size for the year 2020, a major deviation is noticed in the growth of seat belt system manufacturers due to coronavirus. Majority of run-flat tires manufacturers are facing major issues such as closure of factories and unavailability of workforce due to the lockdowns which further affects the production of vehicle as well.
Top Impacting Factors
The run flat tire market trends are as follows:
Fluctuating price of raw material
Due to the insufficient supply of natural rubber and the increase in input costs due to oil prices, fluctuations in raw material prices have inhibited the growth of the global run flat tire market. In addition, almost all raw materials are crude derivatives therefore linked to crude oil prices. Further, raw material used to produce run flat tires accounts for almost 75% of the production cost with synthetic and natural rubber being the key raw materials. In recent years, global crude oil prices have risen. Hence, prices of synthetic rubber and other crude derivatives used in the production of tires are expected to increase in the coming years. This in turn is expected to decrease the growth of the global run flat tires market.
Increase in automobile production
The automotive industry has seen strong growth in the past decade, mainly in countries such as China, United States, Japan, India, Germany, and the United Kingdom. The global automotive industry, in its early stage, was only concentrated in developed countries such as Japan, the U.S., and Germany. As the automotive industry standardizes, manufacturing facilities will shift their focus to developing countries such as China, Thailand, and India. Recently, the automobile industry has been growing at a rapid pace owing to speedy industrialization, which has led to an increase in the sale of commercial vehicles such as trucks, tractors, and trailers. Developing countries have witnessed an increase in automobile demand and production. For instance, India became the fourth largest automobile industry in the world with increase in sales of 9.5% year-on-year to 4.2 million units. Thus, upsurge in automobile production is anticipated to boost the growth of the global run flat tires market.
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