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The specialty tires market size is forecast to increase by USD 12.2 billion at a CAGR of 4.83% between 2023 and 2028. The market is experiencing significant growth due to various factors. One key driver is the increasing production of vehicles, particularly sedans, SUVs, and heavy commercial vehicles. This demand leads to an increased need for specialized tires to meet the unique requirements of these vehicles. Another trend is the development of advanced technologies, such as fuel efficiency and urbanization, which necessitate the use of specialized tires. Moreover, industrial activity and manufacturing plants require heavy-duty tires, contributing to the market's growth. The remolding and retreading process, including recap and re-manufacturing, is also gaining popularity due to cost savings and environmental benefits. Raw materials, particularly natural rubber, are becoming more affordable, further boosting the market. Hankook Tire and Kumho Tire are among the key players in this market, utilizing innovative technologies to meet consumer demands. However, challenges remain, such as rising labor costs and increasing competition.
High-Performance Needs Specialty tires, crafted from rubber, are essential components for various industries and off-road enthusiasts. These tires, designed with unique features, cater to specific requirements in sectors such as agriculture, construction, mining, and off-road adventures. Performance, safety, and durability are the cornerstones of specialty tires. Off-road tires, for instance, boast reinforced sidewalls and aggressive tread patterns to handle rocky terrain and sweltering heat. They ensure safety by providing excellent traction and stability, while their durability comes from the use of robust compounds that can withstand heavy loads and harsh conditions.
The agricultural sector relies on farm tires to support investments in modern farming equipment. These tires, engineered for large tractors and heavy machinery, are crucial for maintaining productivity during construction activities and mining activities. The industrial sector also depends on specialty tires for its equipment, such as trailers and construction vehicles. Mining vehicles, in particular, require tires with exceptional durability to handle the heavy loads and rough conditions typical of mining sites. Investments in agriculture, construction, and mining activities continue to grow, leading to the increasing demand for high-performance tires. New machines, designed to optimize productivity and efficiency, require tires that can keep up with their capabilities.
Online shopping platforms have made it easier for businesses and individuals to purchase these tires, ensuring they have the right tires for their specific needs. Off-road adventures seekers also benefit from specialty tires. Tires with aggressive tread patterns and durable compounds enable them to explore diverse terrains with confidence. These tires not only provide superior traction but also ensure safety, allowing off-road enthusiasts to enjoy their adventures without worrying about tire failure. Specialty tires are more than just rubber; they are treaded wonders that cater to the unique needs of various industries and off-road enthusiasts. Their performance, safety, and durability make them indispensable for agriculture, construction, mining, and off-road adventures.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The mining and construction segment is estimated to witness significant growth during the forecast period.The market caters to the unique tire requirements of various industries, including cargo and service transportation, industrial equipment, agricultural equipment, trailers, construction vehicles, mining vehicles, and heavy-duty vehicles. In the US, the mining sector primarily focuses on extracting natural resources from the earth, utilizing vehicles such as track-type tractors, loaders, scrapers, motor graders, wheel loaders, and dump trucks. The construction industry, on the other hand, deals with land preparation, repair, and alteration of structures, buildings, and real estate, employing loaders, excavators, backhoes, bulldozers, dump trucks, cement mixers, and cranes. Coal mining is a significant segment within the global mining industry, with countries like the US, China, Australia, Canada, India, Russia, Germany, Poland, Kazakhstan, and Indonesia leading the charge due to increasing energy demands.
Agriculture is another crucial sector, with investments in modern farming equipment and technology driving the demand for specialized tires for tractors, trailers, and other agricultural machinery. Construction activities and mining activities continue to expand, leading to increased demand for new machines and replacement tires. Online shopping, e-commerce, and the growth of warehouses have also contributed to the demand for specialized tires for material handling equipment and forklifts. Manpower shortages in these industries further emphasize the importance of efficient and reliable tire solutions. Additionally, the aviation industry requires specialized tires for aircraft, while agriculture and construction industries utilize agriculture tires and construction tires, respectively.
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The Mining and construction segment accounted for USD 14581.80 million in 2018 and showed a gradual increase during the forecast period.
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.
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In the Asia Pacific (APAC) region, the market for specialty tires is projected to experience significant growth due to the expanding utilization of off-road vehicles in various sectors. These sectors include agriculture, construction, and mining. The agricultural industry holds a substantial economic role in countries such as China, India, Indonesia, Thailand, and South Korea. Governments in these countries are promoting agricultural advancements through enhancements in irrigation systems, storage facilities, and transportation infrastructure, as well as providing subsidies to boost farming output for export-oriented production. Moreover, the construction sector in APAC is witnessing a surge in demand for heavy machinery such as excavators, bulldozers, and cranes.
In the mining sector, mining trucks and mining equipment are extensively used. The military and aviation industries also require specialized tires for their unique applications. In addition, the racing and autonomous cars sectors are emerging markets for high-performance specialty tires. However, the market growth may face challenges due to supply chain interruptions and the lack of standardization in the specialty tires industry. Furthermore, environmental concerns and the high price of specialty tires may impact market demand. Off-road vehicles, sports cars, and military vehicles are other applications for specialty tires. Despite these challenges, the APAC market is anticipated to grow at a steady pace due to the increasing demand for specialty tires in various industries.
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 the key driver of the market. Specialty tires, utilized primarily in the aviation industry for aeroplanes' landing gear, rely heavily on natural rubber as a primary constituent. The recent downturn in natural rubber prices can significantly decrease the production costs for specialty tires. This price reduction is primarily attributed to the decreased global demand for natural rubber, particularly in the automobile sector. Due to a shortage of semiconductor chips, the automobile industry has experienced a decline in production, leading to a surplus of natural rubber in the market. Major exporters of natural rubber, such as India and China, have been affected by various pandemic-related issues, including low demand and increased cost margins, further contributing to the price decrease.
Development of airless tires is the upcoming trend in the market. Specialty tires, specifically automotive airless radial tires, are a developing type of non-pneumatic tires for specialized vehicles. These tires consist of rubber treads and a compound of rubber and plastic, with spokes to distribute heat. While they offer benefits such as durability and eliminating the need for air pressure maintenance, their operational efficiency is currently limited. As a result, they are primarily used in select applications, such as all-terrain vehicles (ATVs) and certain heavy industrial and commercial vehicles. The market for automotive airless radial tires is expected to expand in the coming years, particularly for off-highway commercial vehicles like golf carts, construction vehicles, and agricultural vehicles.
Additionally, mainstream commercial vehicles may also adopt these tires. According to industry reports, The market is anticipated to grow significantly by 2020, driven by factors such as urbanization, industrial activity, and the need for fuel efficiency. Manufacturing plants of leading tire companies, such as Hankook Tire and Kumho Tire, are investing in research and development to improve the technology and expand the applications of automotive airless radial tires. Century Engineering Industries is one of the pioneers in tire retreading, remolding, recap, and re-manufacturing processes, which can contribute to the cost-effectiveness and sustainability of airless radial tires. In conclusion, the market for automotive airless radial tires is poised for growth, with potential applications in various industries and vehicle segments.
Companies are investing in research and development to improve the technology and expand the market. Urbanization, industrial activity, and the need for fuel efficiency are key drivers of this growth.
Rental market of specialty vehicles is a key challenge affecting the market growth. Specialty tires, crafted from rubber, cater to unique applications beyond standard automobile use. These treaded wonders enable off-road adventures, enhancing performance, safety, and durability. Off-road tires boast reinforced sidewalls and aggressive tread patterns, while durable compounds ensure longevity. The agricultural sector heavily relies on specialty tires, with farm tires designed for soil compaction and optimal field conditions. In industries, forklifts, skid steers, and loaders utilize these tires for heavy-duty applications. Run-flat technology is a modern advancement, ensuring continued operation even with punctures. Rental services offering specialty vehicles on rent have emerged as an economical alternative to purchasing these vehicles. The demand for flexible and cost-effective usage of heavy equipment and specialty vehicles, especially in seasonal industries, has attracted rental companies.
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.
Balkrishna Industries Ltd. - The company provides a range of specialized tire offerings under the brands ECOPIA, POTENZA, and DUELER in the tire market. These brands cater to various customer needs, ensuring superior performance and durability. With a focus on innovation and quality, the company's specialty tires deliver exceptional value to consumers in the US market. The tire offerings cater to diverse sectors, including passenger cars, light trucks, and SUVs, among others. By providing top-tier specialty tires, the company aims to enhance road safety and performance for its customers. Keywords: specialty tires, tire market, ECOPIA, POTENZA, DUELER, performance, durability, innovation, quality, consumer needs, US market, road safety.
The market research and growth report 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.
Specialty tires, crafted from advanced rubber compounds, are treaded wonders designed for specific applications. Off-road adventures and performance seekers rely on these tires for their durability and aggressive tread patterns. In the agricultural sector, farm tires are essential for combating soil compaction and navigating field conditions. Industrial activity and urbanization have led to an increased demand for tires in manufacturing plants, construction sites, and vehicle production. Forklifts, skid steers, and loaders require robust tires for optimal performance and safety. Run-flat technology ensures continued operation in case of punctures. Tire remolding and retreading processes reduce material costs and minimize landfill waste, while automation and advanced technology enhance efficiency.
Fuel efficiency is a critical factor in the tire market, with urban mobility, cargo transportation, and service transportation industries driving demand. The rise of ride-sharing and ride-hailing services has further increased the need for high-quality tires. Industrial equipment and agricultural equipment, including tractors and harvesters, also require specialized tires for optimal performance. The tire industry invests in research and development, incorporating raw materials like lightweight elastomers, metals, alloys, carbon fiber, and composites into tire production. Nanotechnology and other advanced technologies are also being explored to improve tire performance and reduce carbon emissions. The market for specialty tires includes a diverse range of applications, from sedans and SUVs to heavy commercial vehicles and off-road vehicles. The high price of these tires and supply chain interruptions can pose challenges, but the growing demand for specialized tires in various industries ensures continued growth in this market.
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 12196.2 million |
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, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market 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 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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