The increasing need for boosting the safety and mobility in commercial vehicles has led to the demand for advanced materials in run-flat tire inserts and systems for vehicles. These are pneumatic automobile tires having numerous applications in several end-use industries including transportation and logistics, manufacturing, construction, and agriculture. In recent years, commercial vehicle run-flat tire inserts are gaining traction in the military and defense sector. The development of these tires using advanced materials to meet a variety of specialized applications across vehicles of armed forces in various developing and developed nations is a key factor catalyzing the market.
The market is fiercely competitive with manufacturers constantly in the need to offer innovative or high-end products to differentiate themselves and gain a competitive edge over others. The need for developing vehicle run-flat tire inserts for specialized and critical commercial applications is expected to unlock exciting opportunities for original equipment manufacturers (OEMs) in the coming years. Expanding at a CAGR of 2.1% from 2017 to 2025, the market for commercial vehicle run-flat tire inserts is projected to reach US$372.0 mn by the end of the forecast period.
Which application segments are expected to offer lucrative growth avenues for vendors?
The major application segments of the commercial vehicle run-flat tire inserts market comprise transportation and logistics, manufacturing, construction, agriculture, healthcare and municipal, and military and defense. Of these, military and defense application was the dominant segment in 2016 and is expected to retain its lead throughout the forecast period. The substantial application of commercial vehicle run-flat tire inserts in armored vehicles is attributed to their specialized functionalities in facilitating mobility of vehicles in difficult terrain and various emergency situations.
Their adoption in making tires of military vehicles is largely driven by the potential capabilities of providing enlarged mobility in difficult terrain in a variety of situations such as poor visibility and adverse environmental conditions. In addition, a number of critical conditions such as tire blast, deflated, or damaged tires may arise due to armor pricing rounds or other warfare situations, which has bolstered the uptake.
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Tyron Inc., a prominent global provider of run-flat tire inserts for military vehicles, has in February 2017 launched an advanced run-flat tire inserts made of carbon fiber rubber, which has caused a weight reduction of 50%. The commercial run-flat tire inserts has a carbon fiber core instead of an iron one and is believed to have the performance and strength. The reduction in weight with the help of design innovation is highly sought-after feature in a number of armored vehicles. These tire inserts are expected to augment its mobility and improve fuel economy. Indeed, according to the manufacturer, these tire inserts can run at speeds over 50kmph and said to exceed the renowned FINABEL standards for run-flat tires. Such product developments bode well for the market.
Which regions are projected to witness substantial demand for commercial vehicle run-flat tire inserts?
Based on geography, the commercial vehicle run-flat tire inserts market is led by North America and the regional market held the major share in 2016. The dominance of the region is attributed to the wide application in several end-use industries, most notably in the military and defense sector. Large spending on defense budget focusing on modernizing warfare and recent advancements of security units in country such as U.S. are key factors bolstering the uptake of commercial vehicle run-flat tire inserts in the region.
Meanwhile, the Asia Pacific market is expected to exhibit spectacular growth over the forecast period, rising at a CAGR of 2.7% from 2017 to 2025. The surge in opportunities in the regional market is driven by the soaring demand for advanced tires with specialized functionalities in application areas such as manufacturing, construction, transportation, and defense. These vehicle run-flat tire inserts offer enhanced security of vehicles, reduces maintenance cost of tires, and significantly minimizes the risk of accidents. The burgeoning spending on defense and security by several governments in the region is further expected to bolster the uptake of these tires in coming years.