According to Future Market Insights, the global run-flat tire inserts market will be valued at US$ 505.4 million in 2023 and will increase at a CAGR of 5.8% from 2023 to 2033. The top 3 countries are predicted to account for 38 to 40% of the market by the end of 2023, the need for run-flat tire inserts is increasing in a variety of applications, including military and security units for emergency use. Additionally, the growing threat of terrorism has pushed OEMs to install cars with run-flat tire insert systems, especially those designed for essential applications.
| Attributes | Details |
|---|---|
| Market Size 2022A | US$ 476.3 million |
| Market Size 2023E | US$ 505.4 million |
| Market Size 2033F | US$ 888.1 million |
| Value CAGR (2023 to 2033) | 5.8% |
Increased automotive manufacturing, stringent government regulation, and growing concern about fuel efficiency are driving market expansion. Also, technological advancement and a growing concern for safety might be viewed as opportunities for market investment.
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The market analysis for run flat tire inserts from 2018 to 2022 exhibited a historical growth rate of 3.2% CAGR, Manufacturing companies are focusing on product innovation and new product launches for tire technologies to cater to end-users increasing demand, which in turn, increases the market's expansion from 2018 to 2022.
However, according to the most recent FMI analysis, the run-flat tries inserts market is expected to grow at a rate of 5.8% between 2023 and 2033. Due to rising industrialization, the automobile industry has recently grown at a quick pace, resulting in a growth in the sale of commercial vehicles such as tractors, trucks, and trailers. Automobile demand and production have increased in developing countries. For example, India's vehicle sector increased by 9.5% year on year to 4.2 million units, ranking it fourth in the world. As a result, an increase in automotive production is expected to support the growth of the global run flat tries insert market.
In the automobile sector, there is endless potential for research and development of run flat tries inserts technology. One factor assisting the growth of run flat tries inserts technology is the emergence of new military and security divisions in which run flat tries inserts connectivity is becoming a standard feature.
The run flat tries inserts market has evolved over time due to various benefits such as cost-effectiveness, longer automobile life, good reliability, easy servicing, mount and modify facilities and the incorporation of polymers that are light in weight but strong enough to withstand wear and tear while driving on roads.
Additionally, the use of lightweight polymers as run flat tries inserts has helped reduce the weight of cars and trucks, making the automotive sector more cost-effective. In the vehicle sector, run-flat tries insert technology has made human existence more comfortable.
The numerous benefits of run flat try insert technology have propelled it to prominence in the automobile industry. The automotive market is expected to increase fast as a result of advancements in run flat tries inserts technology.
Principal Consultant
The market for run flat tire inserts has expanded over time as a result of the numerous benefits offered by tire inserts, such as increased vehicle life, stress-free servicing, and protection. Additionally, the use of lightweight polymers in the manufacture of inserts has resulted in a reduction in weight and an increase in vehicle fuel efficiency. For instance -, In April 2022, Bridgestone, a tire manufacturer based in the United States, revealed its run flat tire technology, which provides improved performance in all-weather situations even after a puncture.
Run flat tires with inserts have also reduced the need to store a spare tire in the vehicle, which decreases vehicle weight and maximizes the use of available space. These advantages of run-flat tire inserts have enhanced their popularity in several application segments, such as transportation and construction. Other application segments are expected to adopt run-flat tire inserts over the projected period in order to improve operational efficiency.
North America maintained a sizable market share for run flat tyre inserts. This can be linked to developments in military and security forces, as well as large-scale investments in military vehicle equipment. Increased military spending is also expected to drive the commercial vehicle run-flat tyre insert market in the coming years.
In 2022, North America, and Europe will account for over 55 to 60% of the global market. Transportation and logistics, as well as military and defence, are expected to be the market's major application categories in these areas.
Latin America and the Middle East and Africa have a small part of the worldwide market, but they could create the major potential for the industry throughout the projection period. Governments in these regions are raising military spending to strengthen their military and security forces, which is likely to moderately drive the market over the next few years.
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Key players operating in the run flat tire inserts market are TAC Run Flat Tire Systems, RODGARD, National Tyres, and Autocare Ltd, RunFlat International, Pirelli & C. S.p.A, Bulldog Direct Protective Systems Inc., and others.
Key manufacturers are working on extending their regional market and developing a direct presence in local markets through mergers and acquisitions with local suppliers, as well as expanding the dealer network around potential high-demand locales. Also, manufacturers aim to create model-specific items.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.8% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Sales Channel, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | The USA, Canada, Mexico, Brazil, Germany, Italy, France, The United Kingdom, Spain, Benelux, Russia, China, Japan, South Korea, India, ASIAN, ANZ, GCC Countries, Turkey, South Africa, North Africa |
| Key Companies Profiled | TAC Run Flat Tire Systems; RODGARD; National Tyres and Autocare Ltd; RunFlat International; Pirelli & C. S.p.A; Bulldog Direct Protective Systems Inc. |
| Customization & Pricing | Available upon Request |
In 2022, the value of the Run Flat Tire Inserts market reached over US$ 505.4 million.
During the forecast period, the Run Flat Tire Inserts market is estimated to expand at a CAGR of 5.8% from 2023 to 20323.
The Run Flat Tire Inserts market is projected to reach US$ 888.1 Mn by the end of 2033.
The USA is projected to lead the North America Run Flat Tire Inserts market in the forecast period.
The key players operating in the Run Flat Tire Inserts market are TAC Run Flat Tire Systems, RODGARD, National Tyres and Autocare Ltd, RunFlat International and Pirelli & C. S.p.A.
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Run Flat Tire Inserts Market
