Run Flat Tire Market Overview: 2023-28

Base Year: 2022

Historical Years: 2018-21

Forecast Years: 2023-28

The Run Flat Tire Market size was valued at around USD 480 million in 2022 and is projected to grow at a CAGR of about 4% during the forecast period, i.e., 2023-28. The upsurge in the manufacturing of luxury & premium vehicles, including passenger cars, light commercial vehicles, and medium & heavy commercial vehicles, has been the prime factor in enhancing the Flat Run Tire Market outlook. The demand for luxury & premium vehicles is growing worldwide, owing to the rising disposable income among consumers & high demand for VIP cars.

Markntel Advisor’s Run Flat Tire Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Run Flat Tire Market drivers, barriers, Run Flat Tire Market Trends, and Key Players in Run Flat Tire Market.

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Run Flat Tire Market Dynamics: 2023-28

Surging Tourism Industry Across the Globe to Lead the Market Growth - The tourism industry across the globe has been on the rise, further leading to the sale of automobiles as the tourism industry relies heavily on transportation services, including car rentals & bus services. The development of transportation networks, airports, roads, and other facilities has also facilitated the increase in number of tourists across various nations like the UAE, Saudi Arabia, Indonesia, and others. According to the United Nations World Tourism Organization (UNWTO), the number of international tourist arrivals has increased to 102% in 2022 over 2021.

Infrastructure improvements encourage tourism growth by making it easier for tourists to access different destinations. Moreover, the strong support by the government of countries across the globe for developing the tourism sector & increasing the country’s economy would lead to the sale of automobiles in the country, further augmenting the demand for run-flat tires in the forecast period.

The UAE Tourism Strategy 2031, announced in 2022 by the UAE, aims to raise the tourism sector’s contribution to the GDP to around USD122 billion, with an annual increase of nearly USD7.35 billion. Hence, the significant increase in the tourism industry across different countries would improve the Global Run Flat Tire Market outlook in the forecast period.

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Run Flat Tire Market (2023-28): Segmentation Outlook

The market report has segmented the market into the following categories:

·       By Vehicle Type

o   Passenger Cars

o   Light Commercial Vehicle

o   Medium & Heavy Commercial Vehicle

According to report, The Passenger Car segment is estimated to increase the market size of Flat Run Tire in the coming years owing to the rising sale of premium & luxury cars.

·       By Tire Type

o   Self-supporting Type

o   Supporting Ring Type

·       By Rim Size

o   17 inch

o   18 inch

o   19 inch

o   20 inch

o   Others

·       By Demand Type

o   OEM

o   Aftermarket

·       By Application

o   Military

o   VIP Cars

o   High Value Cargo Carriers

o   Others

According to report, The market share of the Military segment would grow at a considerable rate in the coming years due to the rising demand for safe & continuous mobility of vehicles.

·       By Sales Channel

o   Direct Sales

o   Exclusive Outlets

o   Multi-brand Stores

·       By Region

o   North America

o   South America

o   Europe

o   The Middle East & Africa

o   Asia-Pacific

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Top Companies Operating in the Run Flat Tire Market:

  • Michelin
  • BMW
  • Bridgestone
  • Continental
  • Dunlop
  • Goodyear
  • Pirelli
  • Kumho
  • Yokohama
  • Hankook

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