The global specialty tire market size is expected to reach USD 29.28 million in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to a latest report by Reports Data. Market revenue growth is majorly driven by factors such as increasing concerns about automotive tire safety and maintenance, technological advances in tires in terms of durability and strength, and growing demand for specialty tires in the automotive, agriculture, manufacturing, aviation, mining, and other industries.
Specialty tires are aircraft, off-road vehicles, construction machinery, agricultural vehicles, engineering vehicles, and various highly specialized equipment, owing to their excellent design and ability to sustain extreme environmental conditions. These tires are manufactured with high technical expertise and are specifically built to carry heavy loads. Increased government spending on the agricultural sector, rise in agricultural, manufacturing, and construction activities worldwide, rising population worldwide, and rapid industrialization are other important accounting factors for the robust revenue growth of the global specialty tire market over the forecast period. However, rising prices of specialty tires and stringent regulations and laws regarding tire safety are some unfavorable factors hampering the growth of this market.
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Some Key Highlights from the Report:
- Based on type, the global specialty tire market is segmented into radial tires and bias (crossply) tires. The bias (crossply) tires segment is expected to dominate in terms of revenue in the global market over the forecast period owing to favorable factors. Bias tires are specifically designed to carry heavy loads, transport them over long distances, and are capable of running on rough and bumpy terrains with utmost driver's comfort and safety. Extensive usage of these tires in the agriculture sector in tractors and heavy machinery is one of the key factors driving the growth of this segment.
- Based on application, the global specialty tire market is segmented into off-road vehicles, agricultural vehicles, engineering vehicles, and others. Among the application segments, the agricultural vehicles segment accounted for the largest revenue share in the global market in 2020. Growing demand for food, increasing agricultural activities around the world, rising government investments in the agricultural sector, and increasing use of advanced equipment and vehicles for higher agricultural yield and productivity are some of the major factors contributing to the growth of this segment.
- Among regional markets, the Asia Pacific specialty tire market is expected to register the fastest revenue CAGR of 9.1% in the global market over the forecast period. Rise in population - particularly in countries such as China and India - growing demand for food, increasing agricultural activities (mainly in developing economies such as India), and increasing government investments in the agriculture, automotive, aviation, and other industrial sectors are among the major factors boosting the Asia Pacific market revenue growth. Thriving automobile industry in the region, growing consumer demand for autonomous vehicles, rising disposable incomes, and surging demand for green and sustainable tires with improved operational life are other key factors boosting the Asia Pacific market revenue growth.
- The Goodyear Tire Rubber Company, Michelin, Bridgestone Corporation, Continental AG, The Yokohama Rubber Company, Trelleborg AB, MRF (Madras Rubber Factory), Xingyuan, Giti, Xugong, Linglong, Zhongce, Sumitomo Corporation, Cheng Shin, Kumho, Apollo, Nokian, Guizhou Tire, ATG, BKT, Mitas Tires, and Triangle are among the leading companies operating in the global specialty tire market.
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Specialty Tire Market Segmentation:
Product Type Outlook (Revenue, USD Million; 2018 - 2028)
- Radial tires
- Bias (Crossply) tires
Application Outlook (Revenue, USD Million; 2018 - 2028)
- Off-road vehicles
- Agricultural vehicles
- Engineering vehicles
- Others
The report offers a comprehensive analysis of the key geographical regions to provide insights into key factors influencing market growth in the regions. Production and consumption ratio, import / export analysis, supply and demand, consumer behavior and demands, current and emerging trends, regulatory framework, strategic alliances, technological advancements, economic growth, and robust presence of key players in each region. The report also covers an extensive country-wise analysis to provide better understanding of the market growth in each key region of the world and help investors, stakeholders, and clients to capitalize on lucrative growth opportunities.
Regional analysis covers:
- North America (US, Canada, Mexico)
- Europe (UK, Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
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