Specialty Tires Market is segmented by Application Type (Aircraft, Agriculture, Construction, Material Handling, Mining, Two Wheeler, and Others), by Tire Type (Radial Tires and Bias Tires), byEnd-User Type (OE and Aftermarket), and by Region (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]).
Specialty Tires Market is segmented by Application Type...
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.
Market Dynamics
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.
Specialty Tires Market Features
Market Size in 2027
US$ 55.7 Billion
Market Growth (2022-2027)
5.3% CAGR
Base Year of Study
2021
Trend Period
2016-2020
Forecast Period
2022-2027
Covid-19 Impact
In 2020, to cope with the COVID-19 pandemic, several 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.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Application-Type Analysis
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.
Tire-Type Analysis
Radial Tires and Bias Tires
Radial tires are expected to be the fastest-growing tire type in the market during the forecast period.
End-User-Type Analysis
OE and Aftermarket
Aftermarket is expected to be the largest as well as the fastest-growing end-user type in the market during the forecast period.
Regional Analysis
North America, Europe, Asia-Pacific, and Rest of the World
Asia-Pacific is expected to remain the largest market for specialty tires during the forecast period.
By 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.
By Tire Type
The market is segmented into radial tires and bias tires. Radial tires are expected to be the fastest-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.
By End-User Type
The market is segmented as OE and aftermarket. Aftermarket is expected to be the largest as well as the fastest-growing end-user type in the market during the forecast period. Due to the frequent wear and tear of tires, which requires regular tire replacement, the aftermarket segment accounts for a larger share of the market.
Regional Analysis
In terms of regions, Asia-Pacific is expected to remain the largest market for specialty tiresduring 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.
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Key Players
The specialty tires market is fragmented with a large number of players. Most of the major companies are extremely diversified with a 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
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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.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Specialty Tires Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirement?
10% free customization
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
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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.
Asia-Pacific is estimated to remain dominant in the specialty tires market in the foreseeable future as the region’s 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.
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.
