Commercial Vehicle Run-flat Tire Inserts Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 08/07/2017 -- Transparency Market Research observes keen players in the global market for commercial vehicle run-flat tire inserts market are putting constant efforts to offer differentiator products and to add innovative technology to their products. The use of advanced material for the manufacture of run-flat tire inserts leads to stiff competition among these players. The presence of a large number of small unorganized players that offer competitive pricing is also a key factor for competition in the market.
Some prominent participants 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 Makin Metal Ltd., Terra Track, and RunFlat CBR.
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As per estimates by Transparency Market Research, the global commercial vehicle run-flat tire inserts market is expected to expand at a CAGR of 2.1% between 2017 and 2025. Progressing at this pace, the market which stood at US$308.1 mn in 2016 is predicted to be worth US$372.0 mn by 2025.
Military and Defense Application Segment to Remain Dominant through 2025
The global commercial vehicle run-flat tire inserts market has been studied on the basis of type, application, and geography in this report. By type, 20 inch holds dominance in the commercial vehicle run-flat tire inserts market as it has wide application area that is suitable for the majority of defense and military vehicles.
The key application segments of the commercial vehicle run-flat tire inserts market include transportation and logistics, military and defense, agricultural, manufacturing, construction, and others. Military and defense application stood as the leading application segment in 2016, and the segment is predicted to hold on to its dominant position over the forecast period.
North America is the leading regional market for commercial vehicle run-flat tire inserts due to their higher adoption in several application areas, among which military and defense is the key one. Asia Pacific is expected to display the leading CAGR of 2.7% between 2017 and 2025.
Need for Added Safety of Military and Border Patrol Vehicles Boosts Adoption
At the forefront of driving the global commercial vehicle run-flat tire inserts market is the increasing demand for run-flat tire inserts from military and security units for emergency situations. Advancements in military and security units and increasing budgets of governments across the world for military security is displaying the demand for run-flat tire inserts for enhanced vehicular safety in the event of an adverse and emergency condition. Furthermore, increased threat of terrorism has compelled original equipment manufacturers (OEMs) to equip vehicles with run-flat tire insert systems, especially for the ones that are designed for critical applications.
The continual evolution of commercial vehicle run-flat tire inserts is having a positive bearing on this market. The newer inserts provide a solution for flat tires and do not have the risk of an accident even if air pressure inside the tire drops. They also facilitate better performance in situations such as fast moving traffic, poor visibility, bad weather, or criminal activity on the roads.
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In addition, run-flat tire inserts have many advantages over normal tires such as less maintenance, safety and reduced risk of accidents, and safety of internal parts of tires. This is also catalyzing the growth of the commercial vehicle run-flat tire inserts market.
The review presented here is based on the findings of a report by Transparency Market Research, titled "Commercial Vehicle Run-flat Tire Inserts Market (Type - 17 inch, 18 inch, 19 inch, 20 inch, 22 inch, 23 inch, and 24 inch; Application -Transportation & Logistics, Military & Defense, Agricultural, Manufacturing, and Construction) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025