Press release
Commercial Vehicle Run-flat Tire Inserts Market Set for Huge Growth in the Near Future
The primary factor driving the global commercial vehicle run-flat tire inserts market is the increasing need to boost the safety of military and border patrol vehicles and the need to prevent them from breaking in adverse and emergency conditions. Furthermore, increasing terrorism threat has compelled OEMs to equip military and security unit vehicles with run-flat tire inserts that add to vehicular safety.
As per a report by Transparency Market Research, the global commercial vehicle run-flat tire inserts market is anticipated to rise at a CAR of 2.1% from 2017 to 2025. If the figure holds true, the market which was worth US$308.1 mn in 2016 is predicted to reach a valuation of US$372.0 mn by 2025.
Advantage of Enhanced Vehicular Safety Leads to Growth of Military and Defense Application Segment
The key type segments of the global commercial vehicle run-flat tire inserts market are 17 inch, 18 inch, 19 inch, 20 inch, 22 inch, 23 inch, 24 inch, and others. The segment of 20 inch type is leading as it has wide application area and is used by majority of military and defense vehicles. The segment is expected to hold on to its lead position over the forecast period.
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Application segments of the global commercial vehicle run-flat tire inserts market include transportation and logistics, military and defense, agricultural, manufacturing, construction, and others. Of them, the segment of military and defense led the commercial vehicle run-flat tire inserts market in 2016 and is expected to hold on to its dominant position over the forecast period. This is mainly because run-flat tire inserts are increasingly being used in military vehicles due to the uninterrupted movement they provide in emergency situations. The strong need to equip vehicles used for military services with run-flat tire inserts is stoking growth of military and defense application segment.
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Advancement of Military and Security Divisions Favor Growth of Asia Pacific Market
By geography, the global commercial vehicle run-flat tire inserts market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. North America led the commercial vehicle run-flat tire inserts market in 2016. The growth drivers of the North America commercial vehicle run-flat tire inserts market include advancements of military and security units and large scale investment for equipping military vehicles in the U.S. with run-flat inserts.
Europe stood as the second-leading regional market for commercial vehicle run-flat tire inserts vis-à-vis revenue in 2016.
Asia Pacific is expected to display rapid growth with a CAGR of 2.7% between 2017 and 2025. This is mainly owing to rapid penetration of run-flat tire inserts in military and defense, manufacturing, and transportation applications. Several governments in the region are increasing their budget or military and security units, which is expected to provide good opportunities to the commercial vehicle run-flat tire inserts market.
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The Middle East and Africa and South America are expected to emerge as key markets for commercial vehicle run-flat tire inserts over the forecast period.
Some key companies in the global commercial vehicle run-flat tire inserts market include Hutchinson Industries Inc., RunFlat International, TAC Run Flat Tire Systems, Bulldog Direct Protective Systems Inc., Briscoe Technologies Lasco International Group, Mas Makina Metal Ltd., Terra Track, and Runflat CBR.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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