The global automotive run-flat tires market is expected to post a CAGR of more than 3% during the period 2019-2023, according to the latest market research report by Technavio.
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Run-flat tires provide advantages such as enhanced safety and convenience, which increases the value proposition of these tires. These tires also reduce the risk of on-road collision or accidents as they stabilize the vehicle from losing its intended path due to a deflated tire. Such advantages associated with these tires are expected to stimulate their demand, thereby, driving market growth during the forecast period.
As per Technavio, the emergence of smart tires will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive run-flat tires market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Run-Flat Tires Market: Emergence of Smart Tires
Vendors in the automotive run-flat tires market are using advanced materials, technologies, and processes to increase the value proposition of their tires. In recent times, several companies have launched several new tire technologies that are aimed at providing a greater level of comfort and safety. Advanced sensors are being used to send electric signals to a receiver unit in the vehicle. These sensors within the tire monitor tire temperature and depth on a real-time base and alert the driver when the readings go above a predefined limit. Such advances are expected to fuel the growth of the market during the forecast period.
“Apart from the emergence of smart tires, other factors such as the increase in the number of run-flat tire launches, and the growing use of advanced technology in tire processing will have a significant impact on the growth of the automotive run-flat tires market value during the forecast period,” says a senior analyst at Technavio.
Global Automotive Run-Flat Tires Market: Segmentation Analysis
This market research report segments the global automotive run-flat tires market by end-user (OEM, and aftermarket), and geographic regions (Europe, North America, APAC, South America, and MEA).
The European region led the automotive run-flat tires market in 2018, followed by North America, APAC, South America, and MEA respectively. The market dominance of Europe can be attributed to factors such as the high sales of luxury and sports cars and the standard fitment of run-flat tires in vehicles.
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Five Forces Analysis
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