Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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.
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.
Please Choose One of them.