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.
Our Clients
WE ACCEPT
