Zeropressure Tires Market Insights
Zero pressure or run-flat tires are type of tires that can support the weight of a vehicle with no air pressure to allow emergency operation at limited speed for short time. Traditionally, zeropressure tires were used for sports cars which have now become standard in various new vehicles. In the recent years, zeropressure tires are gaining increasing integration in vehicles for their advantages to eliminate the dangers of tire blowout due to unique sidewall construction. They allow continued operation even after the loss of inflation pressure for up to 50-100 miles. Zeropressure tires are known to maintain better control of the vehicle as compared to conventional tires during air loss situation.
Zeropressure tires save significant amount of vehicle weight with the elimination of spare tire and repair tools. Top manufacturers such as Michelin and Goodyear were first to introduce zeropressure tires by modifying the standard tire, constructed with heavier and stiffer tire to support the weight of a car. Today, cars that use zeropressure tires ranges from supercars, sport cars to common vehicles. With increasing application, zeropressure tires market is anticipated to witness a significant growth at the global level.
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Dynamics
Penetration of technological trends in automobile industry along with growing production of premium vehicles is expected to be a key driving factor of zeropressure tires market. Safety benefits, protection in an emergency situation and eliminating the need for immediate tire replacement are the reasons influencing growth of the zeropressure tires market. Zeropressure tires are gaining rising demand for its ability to resist the effects of deflation when punctures which in turn is estimated to boost the market growth. Adoption of advanced technology to improve designs and efficacy of zeropressure tires are likely to create potential growth prospects of the market. In addition, large adoption of zeropressure tires in vehicles that carry governing authorities, politicians, and celebrities for its better security will possibly contribute to the market growth.
Increasing investment on automotive industry coupled with rising disposable income in emerging economies is anticipated to augment the adoption of zeropressure tires in these regions. Further, large scale production of automobiles in various developing countries is expected to translate into the growth of zeropressure tires market. However, challenges associated with high capital cost lined with inability to mass produce the tires are likely to hamper the growth of zeropressure tires market. In addition, these tires have the reputation of offering a harsher ride which is anticipated to be a growth restraining factor of the zeropressure tires market.
Zeropressure Tires Market: Regional Outlook
Global sales of zeropressure tires primarily depend upon the expansion of automotive sector. With increasing production of automobiles couple with mass urbanization in Asia Pacific, significant growth potential in zeropressure tires market is expected in this region. Maximum demand for zeropressure tires in Asia Pacific is likely to be generated from emerging economies such as China and India owing to increasing number of vehicle parc. Due to presence of major companies and high standard of living, North America is anticipated to be lucrative region for zeropressure tires market. Sales of zeropressure tires is further likely to be significant in Europe and Middle East.
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Zeropressure Tires: Key Market Participants
Key players participating in global zeropressure tires market are focusing on the development of innovative products to reduce the high cost and overcome the existing challenges in the market. The products are manufactured with an intention to provide maximum advantages and thereby expand the customer base. Some of the top players identified in zeropressure tires market include:
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