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Specialty Tires Market (Types - Radial Tires, and Bias (Crossply) Tires; End User - Construction and Mining, Agriculture, Aircraft, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2020

  • Rep Id : AT00211

  • Category : Automotive, Aerospace & Defence

  • Status : Published

A recent report published by Infinium Global Research on the specialty tires market provides an in-depth analysis of segments and sub-segments in the global as well as regional specialty tires market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional specialty tires market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global specialty tires market. According to the report, the global specialty tires market is projected to grow at a CAGR of 3.80% over the forecast period of 2020-2026.

 

Market Insight

Specialty tires are used in aircraft, two-wheelers, OTR vehicles, and agricultural, mining, construction, earthmoving, and industrial equipment. The demand for specialty tires is increasing significantly mainly because of the rise in industrial output, especially from emerging countries; the revival of construction activities in the US and Latin America; and the strong focus on efficient farming techniques among farmers, which require advanced tires. The specialty tires market is dependent on factors such as the increased use of heavy commercial vehicles (HCVs) as a means of transport and the overall health of the automotive, transportation, mining, construction, agriculture, and end-user industries. However, besides the environmental impacts of fossil fuel consumption, tires are the next biggest source of pollution. Tires are hazardous to the environment; when they reach the end of their life cycle; they are discarded and become waste. Tires can be harmful to human health and the environment, as they are generally not stored properly. A growing adverse effect on the environment by using tire and concern regarding reducing the impact of used tires is further affecting the growth of the market. Moreover, as R&D and manufacturing intersect, the greater use of computer modeling and simulation will speed up tire development, and the accelerated introduction of new materials and formulations. Advances in the speed and affordability of computing provide a significant growth opportunity for the market.

 

The reduced traffic and sales at retail tire dealerships and auto repair shops due to coronavirus outbreak have negatively impacted a large number of tire wholesale businesses. Tire brands that have manufacturing in China or source their proprietary brands from certain parts of Asia are significantly impacted by the disruption in production, distribution, and shipping COVID-19 has had on Asian economies. During the short term and long term, wholesalers could witness reduce delivery frequency and sideline drivers or vehicles to rationalize routes, which could lead to permanent changes in the industry. Commercial and OTR dealers will selectively find success since trucks, agricultural equipment, government agencies, and municipal fleets operating for “essential”. A fall-off could occur in construction, industrial, and certain OTR sales and service during and after the crisis. However, numerous infrastructure bills and government stimulus could boost this sector post-crisis as well as support the pricing of specialty tire shortages at a certain point.

 

Among the geographies, Asia Pacific generated the highest revenue in the global specialty tires market. The demand for vehicles is increasing in Asian countries compared to developed regions such as the Americas and Europe. Furthermore, vendors in the global specialty tires market are shifting their base to countries that have access to labor, raw materials, and other facilities at a low cost. This is contributing to the growth of the market in the Asia Pacific region. Moreover, Asia is the focal point of the world’s rubber industry. Hence, specialty tire manufacturers will focus on making Asia the hub for tires, as the biggest rubber producing countries are Asian countries.

 

Segment Covered

The report on the global specialty tires market covers segments such as types, and end user. On the basis of types, the sub-markets include radial tires, and bias (crossply) tires. On the basis of end user, the sub-markets include construction and mining, agriculture, aircraft, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Alliance Tire Group (ATG), Continental Ag, The Goodyear Tire & Rubber Company, MICHELIN, GRI Tires, JK TYRE & INDUSTRIES, TOYO TIRE & RUBBER., MRF Limited, Apollo Tyres Ltd, and others.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of specialty tires market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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