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.
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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.