The specialty tires market is estimated to reach a value of US$ 55.7 Billion in 2027
Stratview Research
Updated 5 min read
Stratview Research
The specialty tires market is estimated to grow at a healthy CAGR of 5.3% during the forecast period to reach a value of US$ 55.7 Billion in 2027; states Stratview Research.
Raipur, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has added a new report titled the specialty tires market to its library, which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
The report has been compiled using a variety of analytical methodologies and contains analysed data on the key players, market scope, and much more. The researchers at Stratview Research have studied the historic and present situation of the top players in the specialty tires market. The report includes highly reliable and vital data that can be beneficial for the key decision-makers and strategists.
This report focuses on key aspects including leading companies, insights into the market trends, impact of COVID-19, etc. The report encompasses several factors that have contributed to the growth of the market in recent years.
Key Features: The report covers –
Market Size and Revenue
Production rate
Covid19 impact on the market
Import/export data
Supply/demand analysis
Market share, CAGR, etc.
Market Highlights
Specialty tires come in a variety of sizes and shapes and are made to fit the needs of the customer. Tires used for industrial and agricultural equipment, trailers, construction and mining vehicles, and other heavy-duty vehicles must be stiffer and more durable.
Increasing investments in agriculture, significant growth in construction and mining activities, and the continual introduction of new machines and technologies are likely to boost the market demand. Rapid industrialization, rising disposable income, and an explosive increase in population are the other major factors driving the growing demand for specialty tires across regions.
In 2020, in order to cope with the COVID-19 pandemic, a number of production units have been temporarily shut down. The market for specialty tires saw a significant decline due to lockdowns, disruptions in the supply chain, unavailability of raw materials, and shortage of manpower. The specialty tires market experienced a decline of -6.5% in 2020.
However, the long-term outlook is positive, with the specialty tires market expected to be driven by the increasing adoption of advanced technologies and the growing demand for heavy-duty tires. The specialty tires market is estimated to grow at a healthy CAGR of 5.3% during the forecast period to reach a value of US$ 55.7 Billion in 2027.
Specialty Tires Market Segmentation:
According to the report, the specialty tires market is segmented by the following ways –
Application Type - Aircraft, Agriculture, Construction, Material Handling, Mining, Two-Wheeler, and Others
Tire Type - Radial Tires and Bias Tires
End-User Type - OE and Aftermarket
Region wise- North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Turkey, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, South Africa, and Others].
The specialty tires market Segment-wise analysis -
Based on the application type, Two-wheelers are expected to be the dominant application type in the market during the forecast period. Because of the increasing demand for two-wheelers for transportation, adventure, sports, and other recreational purposes, manufacturers have been able to design a wider range of tires, which is driving the growth of the market.
Based on the tire type, Radial tires are expected to be the faster-growing tire type in the market during the forecast period. Radial tires offer several advantages, such as longer service life, increased comfort, better handling & stability, and resistance to damage. The aforesaid factors are expected to boost the growth of the segment during the forecast period.
Based on the end-user type, Aftermarket is expected to be the larger as well as the faster-growing end-user type in the market during the forecast period. Due to frequent wear and tear of tires, which requires regular tire replacement, the aftermarket segment accounts for a larger share of the market.
Which Region is expected to remain the largest market?
Asia-Pacific is expected to remain the largest market for specialty tires during the forecast period. The market in Asia-Pacific is growing rapidly as the region has a large consumer base for a range of industries, such as construction, mining, and agriculture.
Furthermore, the region is expected to hold a considerable share of the specialty tires market in the coming years, as it has the largest fleet of tractors, motorcycles, and construction equipment, creating demand for specialty tires.
Key Players
The specialty tires market is fragmented with a large number of players. Most of the major companies are extremely diversified with the presence in several other markets. The following are some of the key players in the specialty tires market.
Compagnie Generale Des Etablissements Michelin S.C.A.
Bridgestone Corporation
Goodyear Tire and Rubber Company
Continental AG
Yokohama Rubber Co. Ltd.
Titan International
Trelleborg AB
MRF Tyres
Balkrishna Industries Limited (BKT)
Sumitomo Tires
Frequently Asked Questions (FAQs) in this report –
What will be the growth of the specialty tires market in the foreseeable years?
Who are the key players in the specialty tires market?
Which region/country is expected to remain the largest in the Market?
What are the factors driving the specialty tires market?
Which aircraft type is expected to remain the growth engine?
What is the supply chain of the specialty tires market comprising?
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