A run-flat tire is a special type of tire that is designed to be able to resist the effects of deflation when punctured. It enable the vehicle to continue to be driven at reduced speed for a limited distance. This type of tires typically contain a reinforced sidewall and a rubber compound to help them resist punctures.
Factors such as increasing automobile sales and production, growing demand for luxury vehicles, and rising demand for safety-oriented tires are driving the market growth. Run-flat tire allow drivers to drive at limited speeds even after experiencing a puncture, as this is designed to support the weight of the vehicle for a certain distance. This feature is increasingly gaining importance among consumers, which is driving the growth of the market. In addition, the run-flat tire is gaining traction in military and defense industry as the defense vehicle need to respond quickly in case of emergency. Moreover, these tires are also used in government vehicles, which are used to carry government officials.
However, high cost associated with run-flat tires and the availability of alternatives such as conventional tires are some of the major factors restraining the market growth. Moreover, the lack of awareness about the advantages of run-flat tires in the emerging countries is also hindering the market growth.
Technological Advancements in Run-Flat Tires
With the growing awareness about the advantages of run-flat tires, the demand for run-flat tires is expected to flourish during the forecast period. Hence, the automobile manufacturers such as BMW, Mercedes Benz are providing them as standard in new vehicles. To fulfil the increasing demand for run-flat tires, companies are investing in new technologies like tire pressure monitoring system, that provides real-time information of tire pressure.
Segment Overview
By tire type: The run-flat tires market is categorized by tire type: self supporting and support ring system. A self-supporting tire does not require a rim to provide structural integrity. This type of tire is generally made from a very strong, flexible material such as rubber or plastic, and is designed to fit directly onto the wheel hub or axle of a vehicle. Self-supporting tires are often used in industrial or off-road applications, where a conventional tire and rim combination may not be suitable. Whereas support ring system tire employs a ring of hard rubber or another structure that can support the vehicle’s weight in an air loss condition.
By rim size: The run-flat tires market is segmented by rim size namely, 17 to 19 inches, 20 to 22 inches, and greater than 22 inches.
By vehicle type: The run-flat tires market is divided by vehicle type: passenger cars, light commercial vehicles, and heavy commercial vehicles.
By sales channel: The run-flat tires market is divided by sales channel: OEM and aftermarket.
Regional Overview
Asia-Pacific has a significant market share in run-flat tire market, due to the increasing demand for personal vehicles and the presence of emerging economies such as China, India, Indonesia, Malaysia, and others. As per India Brand Equity Foundation, Indian automobile industry is among the leading employment provider industry and contributes 6%-7% in Indian GDP. In addition, the total motor vehicle production in Japan reached 7.5 million units in 2021 with leading brands such as Toyota and Suzuki. Hence it is the most opportunistic region for stakeholders to enhance their product portfolio and geographical presence. For instance, in February 2023, Bridgestone India announced to invest more than $70 million to enhance production capacity of passenger car tires. Moreover, Asia-Pacific is the leading natural rubber manufacturer in the global , where Thailand being the largest rubber producing country in the global produced 4.70 million metric ton of natural rubber in 2020.
Competitive Analysis
Competitive analysis and profiles of the major players in run-flat tires market, such as Bridgestone Corporation, CEAT Ltd., Continental AG, Goodyear Tire and Rubber Company, Hankook Tire & Technology, Michelin, MRF Tyres, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., and The Yokohama Rubber Company are included in the report. This section includes the key financial metrics, operating segmentation, business description, geographical coverage, and recent developments by the company in the area of run-flat tires market. There are some other important players in the market, such as Apollo Tires Ltd., China National Tire & Rubber Co. Ltd., Cooper Tire & Rubber Co. Ltd., Giti Tire, Hangzhou Zhongce Rubber Co. Ltd., Kumho Tire Co. Inc., Nexen Tire Co., Nokian Tires plc, Qingdao Fullrun Tire Co. Ltd., Toyo Tire & Rubber Co. Ltd., and others.
The run-flat tire market is highly competitive with the presence of numerous players competing in the market. These companies are well-established and have significant brand-recognition. Due to the presence of regional and small players, the companies are competing on various grounds like price, geographical presence, automation, innovation and others. For instance, in April 2022, Bridgestone Corporation launched the all-new DriveGuard Plus premium touring tire, that allows drivers to continue their journey up to 80.6 km at up to 129km/hour following a puncture.
Factors such as increasing automobile sales and production, growing demand for luxury vehicles, and rising demand for safety-oriented tires are driving the market growth. Run-flat tire allow drivers to drive at limited speeds even after experiencing a puncture, as this is designed to support the weight of the vehicle for a certain distance. This feature is increasingly gaining importance among consumers, which is driving the growth of the market. In addition, the run-flat tire is gaining traction in military and defense industry as the defense vehicle need to respond quickly in case of emergency. Moreover, these tires are also used in government vehicles, which are used to carry government officials.
However, high cost associated with run-flat tires and the availability of alternatives such as conventional tires are some of the major factors restraining the market growth. Moreover, the lack of awareness about the advantages of run-flat tires in the emerging countries is also hindering the market growth.
Technological Advancements in Run-Flat Tires
With the growing awareness about the advantages of run-flat tires, the demand for run-flat tires is expected to flourish during the forecast period. Hence, the automobile manufacturers such as BMW, Mercedes Benz are providing them as standard in new vehicles. To fulfil the increasing demand for run-flat tires, companies are investing in new technologies like tire pressure monitoring system, that provides real-time information of tire pressure.
Segment Overview
By tire type: The run-flat tires market is categorized by tire type: self supporting and support ring system. A self-supporting tire does not require a rim to provide structural integrity. This type of tire is generally made from a very strong, flexible material such as rubber or plastic, and is designed to fit directly onto the wheel hub or axle of a vehicle. Self-supporting tires are often used in industrial or off-road applications, where a conventional tire and rim combination may not be suitable. Whereas support ring system tire employs a ring of hard rubber or another structure that can support the vehicle’s weight in an air loss condition.
By rim size: The run-flat tires market is segmented by rim size namely, 17 to 19 inches, 20 to 22 inches, and greater than 22 inches.
By vehicle type: The run-flat tires market is divided by vehicle type: passenger cars, light commercial vehicles, and heavy commercial vehicles.
By sales channel: The run-flat tires market is divided by sales channel: OEM and aftermarket.
Regional Overview
Asia-Pacific has a significant market share in run-flat tire market, due to the increasing demand for personal vehicles and the presence of emerging economies such as China, India, Indonesia, Malaysia, and others. As per India Brand Equity Foundation, Indian automobile industry is among the leading employment provider industry and contributes 6%-7% in Indian GDP. In addition, the total motor vehicle production in Japan reached 7.5 million units in 2021 with leading brands such as Toyota and Suzuki. Hence it is the most opportunistic region for stakeholders to enhance their product portfolio and geographical presence. For instance, in February 2023, Bridgestone India announced to invest more than $70 million to enhance production capacity of passenger car tires. Moreover, Asia-Pacific is the leading natural rubber manufacturer in the global , where Thailand being the largest rubber producing country in the global produced 4.70 million metric ton of natural rubber in 2020.
Competitive Analysis
Competitive analysis and profiles of the major players in run-flat tires market, such as Bridgestone Corporation, CEAT Ltd., Continental AG, Goodyear Tire and Rubber Company, Hankook Tire & Technology, Michelin, MRF Tyres, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., and The Yokohama Rubber Company are included in the report. This section includes the key financial metrics, operating segmentation, business description, geographical coverage, and recent developments by the company in the area of run-flat tires market. There are some other important players in the market, such as Apollo Tires Ltd., China National Tire & Rubber Co. Ltd., Cooper Tire & Rubber Co. Ltd., Giti Tire, Hangzhou Zhongce Rubber Co. Ltd., Kumho Tire Co. Inc., Nexen Tire Co., Nokian Tires plc, Qingdao Fullrun Tire Co. Ltd., Toyo Tire & Rubber Co. Ltd., and others.
The run-flat tire market is highly competitive with the presence of numerous players competing in the market. These companies are well-established and have significant brand-recognition. Due to the presence of regional and small players, the companies are competing on various grounds like price, geographical presence, automation, innovation and others. For instance, in April 2022, Bridgestone Corporation launched the all-new DriveGuard Plus premium touring tire, that allows drivers to continue their journey up to 80.6 km at up to 129km/hour following a puncture.
Run-Flat Tyres Market Report Highlights
| Aspects | Details |
 By Tire Type |
|
 By Rim Size |
|
 By Vehicle Type |
|
 By Sales Channel |
|
 By Region |
|
 Key Market Players | Goodyear Tire and Rubber Company, Pirelli & C. S.p.A., Hankook Tire & Technology, Sumitomo Rubber Industries, Ltd, CEAT Limited, The Yokohama Rubber Company, Michelin, MRF Tyres, Continental AG, Bridgestone Corporation |
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