Pune, India, Sept. 08, 2021 (GLOBE NEWSWIRE) -- According to the report, the global Run Flat Tire market size is projected to experience dynamic growth in the forthcoming years owing to the increasing production of passenger cars across the world, finds Fortune Business Insights™ in its report, titled “Run Flat Tire Market, 2021-2028”.
The report provides all-encompassing information about Run Flat Tire market trends and developments. It also delivers a minute evaluation of the market drivers, segments, and restraints, along with a holistic analysis of the regional expansions in the market. Encompassing these factors is an in-depth investigation of the competitive landscape of the market, driven by industry-leading market research.
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The run flat tire is safer to handle than the conventional tires in the occurrence of air loss. There has been an increasing demand for run flat tires across the world owing to the rising production of passenger cars and other vehicles. This is an important factor responsible for the growth of this market. Further, the run flat tires may prove useful during the occurrence of tire puncture as these tires help to avoid accidents and provide support to the vehicle.
This is another major reason responsible for this market’s growth. However, the run flat tires are more expensive than the normal tires, which are projected to hamper the growth of this market.
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On the basis of run flat tire type, this market is divided into self-supporting and support ring system. Based on application type, the market is classified into transportation and logistics, military and defense, agriculture, construction, and others. By vehicle type, the market is categorized into PC, LCV and HCV. In terms of geography, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
Increasing Sale of Automotive across the World to Fuel the Market
There has been a significant growth in the sale of automotive such as sports cars, luxury cars, passenger cars, and others across several regions. Hence, there is an increasing demand for run flat tire market owing to the changing life style of the people and rising population. Thus, this is a crucial factor responsible for this market’s growth.
Asia Pacific region is projected to witness substantial growth in the run flat tire market share on account of the rising population and change in the standard of living of people in this region.
Europe is anticipated to grow rapidly in this market owing to the strict rules and regulations enforced by the government due to increasing number of road accidents in this region.
The leading companies in the run flat tire market are focusing on the increasing production of these tires owing to their high demand from the automotive industry. This has led to an increasing competition among key companies which will help them to expand their product portfolio and widen their business horizons.
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Global Run Flat Tire Market Segmentation:
By Run Flat Tire Type:
- Self-Supporting
- Support Ring System
By Application Type:
- Transportation and Logistics
- Military and Defence
- Agriculture
- Construction
By Vehicle Type:
- PC
- LCV
- HCV
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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