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The specialty tires market size is estimated to grow by USD 12.19 billion at a CAGR of 4.83% between 2023 and 2028. Specialty tires, also known as off-road tires or industrial tires, are treaded wonders designed for specific applications beyond regular passenger car tires. These tires are engineered to deliver superior performance, safety, and durability for off-road adventures and heavy-duty uses. Off-road tires boast reinforced sidewalls and aggressive tread patterns to handle rocky terrain and sweltering heat. Durable compounds ensure long-lasting use in the agricultural sector, where farm tires are essential for large tractors and other agricultural equipment. Investments in agriculture, construction activities, and mining activities fuel the demand for specialty tires. Construction vehicles, mining vehicles, and trailers require high-performance tires to manage heavy loads and harsh conditions. The agricultural sector and industrial equipment market are significant contributors to the market's growth. New machines and online shopping platforms make it easier for farmers, construction companies, and mining operations to purchase these tires.
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Specialty tires, also known as off-road tires or industrial tires, are treaded wonders designed for specific applications beyond regular passenger car tires. These tires are engineered to deliver superior performance, safety, and durability for off-road adventures and heavy-duty uses. Off-road tires boast reinforced sidewalls and aggressive tread patterns to handle rocky terrain and sweltering heat. Durable compounds ensure long-lasting use in the agricultural sector, where farm tires are essential for large tractors and other agricultural equipment. Investments in agriculture, construction activities, and mining activities fuel the demand for specialty tires. Construction vehicles, mining vehicles, and trailers require high-performance tires to manage heavy loads and harsh conditions. The agricultural sector and industrial equipment market are significant contributors to the market's growth. New machines and online shopping platforms make it easier for farmers, construction companies, and mining operations to purchase these tires. Overall, the market is an essential component of various industries, ensuring productivity and efficiency in off-road applications. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Reducing prices of natural rubber is notably driving market growth. Specialty tires, utilized in various sectors such as ride-sharing, ride-hailing, urban mobility, cargo transportation, service transportation, industrial equipment, agricultural equipment, trailers, construction vehicles, mining vehicles, heavy-duty vehicles, and aircraft, are primarily manufactured using natural rubber. The price decrease of natural rubber, a significant raw material, results in reduced production costs for these tires. However, the global natural rubber market has been impacted by the pandemic, leading to low demand and increased cost margins for producers in countries like India and China, the major exporters.
Moreover, advancements in tire technology include the use of carbon fiber, composites, nanotechnology, and lightweight elastomers and metals/alloys in tire casings and rubber compounds for the production of green tires and rimless tires. Automation in tire remold processes and investments in agriculture, construction activities, and mining activities for the procurement of new machines contribute to the growth of the market. Online shopping, e-commerce, warehouses, and manpower shortage further boost demand for these tires. Additionally, the market includes segments for agriculture tires, construction tires, material handling tires, mining tires, and two-wheeler tires, among others. Radial tires are also gaining popularity due to their superior performance and fuel efficiency. Thus, such factors are driving the growth of the market during the forecast period.
The development of airless tires is the key trend in the market. Airless radial tires, a type of non-pneumatic automotive tires, are gaining attention in the market. These tires, which consist of rubber treads and a compound of rubber and plastic, offer advantages such as reduced carbon emissions due to the absence of air. The tire's structure includes spokes that distribute heat efficiently. Airless radial tires are currently used in limited applications, such as all-terrain vehicles (ATVs) and certain heavy industrial and commercial vehicles. By 2020, the demand for airless radial tires in specialty vehicles, including golf carts, construction vehicles, and agricultural vehicles, is projected to increase.
Furthermore, the development of airless radial tires is still in its infancy. However, advancements in technology, such as the use of lightweight elastomers, metals, alloys, carbon fiber, composites, and nanotechnology, are expected to enhance their performance and expand their applicability. The growing trend towards urban mobility, ride-sharing, and ride-hailing services, as well as investments in agriculture, construction activities, and mining activities, are driving the demand for new machines and vehicles. Online shopping, e-commerce, and the construction of warehouses are also contributing to the growth of the market. The market is expected to experience a manpower shortage, leading to an increased focus on automation and the adoption of advanced technologies such as rimless tires and green tires. Additionally, the demand for specialized tires in various industries, including aircraft tires, agriculture tires, construction tires, material handling tires, mining tires, and two-wheeler tires, is expected to remain strong. Thus, such trends will shape the growth of the market during the forecast period.
The rental market of specialty vehicles is the major challenge that affects the growth of the market. The market is experiencing significant growth due to the increasing demand for specialized vehicles in various industries. Carbon emissions regulations have led tire manufacturers to focus on developing green tires using lightweight elastomers, nanotechnology, and alternative materials such as carbon fiber, composites, and alloys. Tire remold and automation are also key trends in the market, with companies like Bridgestone Tires investing in these technologies to reduce production costs and improve efficiency. Ride-sharing, ride-hailing, and urban mobility are major sectors driving the demand for specialty tires.
In addition, cargo transportation, service transportation, industrial equipment, agricultural equipment, trailers, construction vehicles, mining vehicles, and heavy-duty vehicles also require specialized tires for optimal performance. Investments in agriculture, construction activities, and mining activities are expected to fuel the demand for new machines, leading to increased sales of specialty tires. Online shopping, e-commerce, and the growth of warehouses have led to a manpower shortage, making the use of automation and robotics in material handling increasingly important. Rimless tires and radial tires are gaining popularity in the material handling sector due to their durability and efficiency. The aviation industry also relies heavily on specialty tires for aircraft tires, and the agricultural and construction sectors require specialized tires for tractors and heavy machinery. Overall, the market is expected to continue growing due to the increasing demand for specialized vehicles and equipment across various industries. Companies are investing in research and development to create innovative tire solutions using advanced materials and technologies. Hence, the above factors will impede the growth of the market during the forecast period
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bridgestone Corp. - The company offers specialty tires product brands such as ECOPIA, POTENZA, and DUELER.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the Mining and construction segment will be significant during the forecast period. The market encompasses a wide range of tire applications, including those for ride-sharing and ride-hailing services, urban mobility, cargo and service transportation, industrial equipment, agricultural equipment, trailers, construction vehicles, mining vehicles, and heavy-duty vehicles. These tires come in various forms such as carbon fiber reinforced, rimless, green, and those made of lightweight elastomers and advanced rubber compounds. Automation is a significant trend in the market, with the development of nanotechnology and the use of metals, alloys, and composites in tire manufacturing.
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The Mining and construction segment showed a gradual increase in the market share of USD 14.58 billion in 2018. Carbon emissions are a major concern in the transportation sector, leading to investments in agriculture, construction activities, and mining activities for the production of eco-friendly tires. New machines and online shopping platforms are driving the demand for specialized tires in various industries. The mining industry utilizes specialized tires for heavy-duty mining vehicles, while the construction industry relies on them for construction equipment. The agriculture sector uses agriculture tires, and the material handling industry uses material handling tires. Bridgestone Tires, among others, are leading players in the market. The aviation industry also uses specialized tires for aircraft, and the two-wheeler segment uses radial tires. The market is expected to grow due to the increasing demand for urban mobility, ride-sharing, and ride-hailing services, as well as the need to address manpower shortages in various industries. The use of advanced tire technologies such as tire remold and automation is also expected to drive market growth.
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APAC is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Specialty tires, crafted from advanced rubber compounds, cater to diverse applications beyond standard automotive use. These treaded wonders enable off-road adventures, ensuring superior performance, safety, and durability. Off-road tires boast reinforced sidewalls and aggressive tread patterns for enhanced traction on challenging terrains. In the agricultural sector, farm tires are engineered for soil compaction resistance and optimal field conditions. Industrial applications, such as forklifts, skid steers, and loaders, benefit from these tires' durability and run-flat technology. Vehicle production and tire remolding industries rely on raw materials and technology for manufacturing. The remolding, recap, and re-manufacturing process reduce material costs and minimize landfill waste. Urbanization and industrial activity fuel the demand for specialty tires in manufacturing plants, sedans, SUVs, and heavy commercial vehicles. Labor costs and fuel efficiency are crucial factors influencing market trends. Leading tire manufacturers like Hankook Tire and Kumho Tire continually innovate to meet evolving consumer needs and industry requirements.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
Automotive All-season Tires Market: Automotive All-season Tires Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, Canada, China, Germany, UK - Size and Forecast
Automotive Tire Market: Automotive Tire Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, India, Japan, Germany - Size and Forecast
Passenger Vehicle Tire Market: Passenger Vehicle Tire Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, India, Japan, Germany - Size and Forecast
Specialty tires, a category of rubber creations engineered for specific applications, have been making waves in various industries. From off-road adventures to agricultural sectors, these treaded wonders deliver superior performance, safety, and durability. Off-road tires boast reinforced sidewalls and aggressive tread patterns, while agricultural tires are designed to withstand soil compaction and harsh field conditions. Forklifts, skid steers, and loaders in industrial settings rely on these specialized tires for optimal functionality. Run-flat technology is another innovation, ensuring continued operation even after a puncture.
Furthermore, vehicle production and tire remolding are significant markets for specialty tires, with raw materials and technology playing crucial roles. Fuel efficiency, urbanization, and industrial activity are driving factors in the market. Sedans, SUVs, and heavy commercial vehicles all benefit from these advanced tire solutions. Hankook Tire, Kumho Tire, Century Engineering Industries, and others lead the market, focusing on retreading, remolding, recap, and re-manufacturing processes to minimize material costs and reduce landfill waste.
Market Scope |
|
Report Coverage |
Details |
Page number |
157 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.83% |
Market growth 2024-2028 |
USD 12.19 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.37 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 48% |
Key countries |
China, US, Japan, Germany, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Balkrishna Industries Ltd., Bridgestone Corp., Continental AG, Giti Tire Pte. Ltd., GRI Tires, JK Tyre and Industries Ltd., Kumho Tire Co. Inc., Michelin Group, Nokian Tyres Plc., Pirelli and C S.p.A, 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 market 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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