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    Specialty Tires Market Report

    Specialty Tires Market Report
    Report code - SR2008 Published On : Jun,2022 No. of Pages: 150
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    Specialty Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Oppo See more...

    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.

    The specialty tires market is expected to grow on account of the increasing consumer awareness of the benefits and availability of specialized tires. Innovative manufacturing processes, new products, and technologies are in high demand, encouraging the industry to invest heavily in R&D. Furthermore, as a result of the surge in customer demand for online shopping, the rise in e-commerce and retail has led to the development of large warehouses, which is expected to support the market growth during the forecast period.

    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.

    Market Segments' Analysis

    Based on the application type, the specialty tires market is segmented as aircraft, agriculture, construction, material handling, mining, two-wheeler, and others. 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. Asia, particularly India, China, Thailand, and Vietnam are the major markets for two-wheeler tires. Agriculture and material handling are the next largest tire markets. Both markets are likely to grow at a healthy rate in the post-pandemic market developments.

    Based on the tire type, the market is segmented into radial tires and bias tires. 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, the market is segmented as OE and aftermarket. 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.

    In terms of regions, 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

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s specialty tires market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The specialty tires market is segmented into the following categories. 

    Specialty Tires Market, by Application Type

    • Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Agriculture (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Material Handling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Mining (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Two Wheeler (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Specialty Tires Market, by Tire Type

    • Radial Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Bias Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Specialty Tires Market, by End-User Type

    • OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Specialty Tires Market, by Region

    • North America (Country Analysis: USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Turkey, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, South Africa, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    A Bird's Eye View of the Market

    The specialty tires market is estimated to grow at a healthy CAGR of 5.3% over the next five years to reach a value of US$ 55.7 Billion in 2027. 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 for specialty tires.

    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), and SumitomoTires are the leading players in the specialty tires market.

    Asia-Pacific is estimated to remain dominant in the specialty tires market in the foreseeable future as the regions market has a large consumer base for a range of industries, such as construction, mining, and agriculture. The region is the largest market for several applications including agriculture and two-wheeler.

    Asia-Pacific is estimated to grow at the fastest rate in the coming years as the region has the largest fleet of tractors, motorcycles, and construction equipment, creating a huge demand for specialty tires at the aftermarket level.

    Two-wheeler tires are expected to maintain their dominance in the specialty tires market in the next five years, owing to the large fleet of motorcycles and bicycles, paired with the frequent replacement rate of tires.

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