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The specialty tires market size is expected to increase by USD 10.86 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.36%.
This specialty tires market research report extensively covers market segmentations by the following:
This specialty tires industry report further provides detailed data on several market vendors, including Balkrishna Industries Ltd., Bridgestone Corp., Continental AG, Giti Tire Pte. Ltd., GRI Tires Pvt. Ltd., JK Tyre and Industries Ltd., Kumho Tire Co. Inc., Michelin Group, Nokian Tyres Plc, Pirelli Tyre Spa, Polymer Enterprises Inc., Shandong Linglong Tyre Co. Ltd., The Carlstar Group LLC, The Goodyear Tire and Rubber Co., Toyo Tire Corp., Trelleborg AB, Triangle Tire USA, Xuzhou Construction Machinery Group Co. Ltd., Yokohama Rubber Co. Ltd., and Zhongce Rubber Group Co. Ltd. among others. One of the key highlights of this report is the post COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the future.
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The reducing prices of natural rubber is notably driving the specialty tires market growth, although factors such as rental market of specialty vehicles may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the specialty tires industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Specialty Tires Market Driver
One of the key factors driving the global specialty tires industry growth is the reducing prices of natural rubber, as it will reduce the overall production costs. For instance, in 2021, the natural rubber prices declined due to low trading in the global markets owing to the low demand for natural rubber in the automobile sector wherein the automobile industry faced a shortage of semiconductor chips. Countries such as India and China are the major exporter of natural rubber. However, due to the pandemic, the producers too faced issues such as low demand and high-cost margins. Therefore, producers with lower costs will be able to supply more products at a given price than those with higher costs, which be pushing the growth of the global specialty tires market during the forecast period.
Key Specialty Tires Market Trend
Development of airless tires for specialty vehicles and mainstream commercial vehicles is one of the key specialty tires market trends that is expected to impact the industry positively in the forecast period. The major tire manufacturers have been developing prototypes of airless tires for ATVs since 2016. For instance, in 2018, Crocodile Tyres launched 50-510-900Mk1 airless tires for heavy industrial vehicles. Michelin introduced Unique Puncture-proof Tire System (Uptis) back in 2019 in partnership with General Motors. The Michelin Uptis is said to be an alternative to the conventional pneumatic tires, offering better durability and less prone to mishaps. Thus, the development of these technologically advanced tires will further support the market growth in the coming years.
Key Specialty Tires Market Challenge
One of the key challenges to the global specialty tires industry growth is the rental market of specialty vehicles as rental services offer an economical alternative to owning a specialty vehicle. For instance, Enterprise Holdings Inc., a major heavy-duty truck and equipment renting company based out in the US, has increased its number of business units in the US by 300% since 2007. These include new Enterprise Truck Rental offices in Virginia, Texas, Tennessee, Ohio, Nevada, Kentucky, Kansas, Illinois, Georgia, Florida, and California by 2017. These companies also offer customized equipment packages, including specialty vehicles and additional machinery, thereby extending the convenience of having all the needed vehicles and equipment at a fraction of its actual cost. This will adversely affect the demand for specialty tires during the forecast period.
This specialty tires market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global specialty tires market as a part of the global tires and rubber market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the specialty tires market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the specialty tires market encompasses successful business strategies deployed by the key vendors. The specialty tires market is fragmented and the growth strategies deployed by vendors to compete in the market are:
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The specialty tires market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the specialty tires market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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39% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for specialty tires in APAC. Market growth in this region will be faster than the growth of the market in Middle East and Africa.
The progressing usage of off-highway agriculture vehicles, construction vehicles, construction and mining machinery, and two-wheelers will facilitate the specialty tires market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID 19 pandemic severely impacted countries such as India in early 2020, with negative GDP growth and a surge in unemployment. As of March 25, 2022, the number of COVID-19 cases reported in India was over 43.01 million and 516,785 deaths. From March 2020 to the first half of May 2020, India imposed a nationwide lockdown to prevent the community spread of the disease, which hampered the market growth. However, vaccination drive by the governments to curb the spread of COVID-19, recovering economy of the region, and restoration in the supply chain will help the market to stabilize during the forecast period.
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The specialty tires market share growth by the mining and construction segment will be significant during the forecast period. Increased demand for public infrastructures such as shopping and recreational centers; demand for housing and residential properties; and progressing rate of urbanization are expected to drive the global construction industry in the coming years, which, in turn, will drive the growth of the specialty tires market. The high demand for off-highway vehicles such as track-type tractors, track loaders, scrapers, motor graders, wheel loaders, and dump trucks from the mining industry will further support the market growth.
This report provides an accurate prediction of the contribution of all the segments to the growth of the specialty tires market size and actionable market insights on post COVID-19 impact on each segment.
Specialty Tires Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.36% |
Market growth 2022-2026 |
$ 10.86 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.21 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 39% |
Key consumer countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Balkrishna Industries Ltd., Bridgestone Corp., Continental AG, Giti Tire Pte. Ltd., GRI Tires Pvt. Ltd., JK Tyre and Industries Ltd., Kumho Tire Co. Inc., Michelin Group, Nokian Tyres Plc, Pirelli Tyre Spa, Polymer Enterprises Inc., Shandong Linglong Tyre Co. Ltd., The Carlstar Group LLC, The Goodyear Tire and Rubber Co., Toyo Tire Corp., Trelleborg AB, Triangle Tire USA, Xuzhou Construction Machinery Group Co. Ltd., Yokohama Rubber Co. Ltd., and Zhongce Rubber Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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