Specialty tires are widely used in various industries, such as aircraft, construction machinery, highly specialized equipment, etc. Specialty tires usually have very different specifications, manufactured for purpose of the desired application. Therefore, all of these vehicles are typically built to carry heavy loads. Therefore, special tires play a very important role in these vehicles. In addition, specialty tires are manufactured with a minimum commercial depth, which provides better tire cooling and better driving stability. To withstand harsh and extreme conditions in construction machinery and industrial sectors, tires must be manufactured with exceptional technical knowledge. They are specially made for the transport of heavy loads and therefore mainly used in areas such as mining, trailers, agriculture, construction machinery, etc.
The Specialty Tire Market size was significantly robust in 2020 and is expected to register a steady revenue CAGR over the forecast period. Key factors providing impetus to market revenue growth is the increased interest of entrepreneurs in the agricultural industry should stimulate demand for specialty tires. The expansion of the agricultural sector, an increase in the use of material handling equipment, and an increase in mining activities are key factors that will likely drive the growth of the specialty tire market during the forecast period.
Major Factors Driving Growth of The Global Specialty Tire Market:
Major factors driving the growth of the Global Specialty Tire Market are an expansion of material handling, supply chain, and logistics sectors, and increased sales of ATVs. In addition, special tires are resistant to chemicals and are often used in factories in the chemical industry. Furthermore, increased user awareness of the benefits and availability of specialty tires is expected to drive the growth of the specialty tire market. Additionally, the rise in e-commerce and retail stores has led to the emergence of department stores due to higher consumer preference for online shopping, which is expected to drive market growth over the forecast period.
Factors Restraining Growth of The Global Specialty Tire Market:
Factors inhibiting the growth of the Global Specialty Tire Market are concerns for sustainabthe le development in ensuring social security through security-oriented interventions. In addition, volatile prices and the passage of strict laws are some of the biggest obstacles to growth in this industry. Eventually, increasing negative environmental impacts will hamper the global specialty tire market.
Opportunities For Players Operating in The Market:
The ever-changing demand from various users makes tire manufacturers focus on new products incorporating advanced technologies. Furthermore, increasing industrialization and a high rate of urbanization are expected to offer strong growth opportunities for specialty tire market in the forecast period. In addition, increased use of computer modeling and simulation in tire development, as well as increased industrial production and a strong focus of farmers on efficient agricultural techniques, will create more opportunities for players in this market.
Product Type Segment:
The Specialty Tire Market is segmented into product types by bias tires and radial tires. The bias tire segment currently has a large market share and is expected to maintain its share of the specialty tire market due to its cost advantage over radial tires. Due to the unique manufacturing process, radial tires are highly resistant to cuts and penetrations in the tread area. When a radial tire is damaged, only a small area of the tire is affected. In addition, radial tires offer several benefits, such as more comfort, better handling, longer life, lower fuel consumption, good traction, and less compaction. The factors will drive the radial tire segment of the market during the forecast period.
Leading End-user Type Segment:
The Global Specialty Tire Market is segmented into end-user types by, construction, mining, and others. A growing number of entrepreneurs concentrating on the agricultural sector and modernization of agricultural machinery should lead the agricultural sector to dominate the specialty market in the forecast period. The use of heavy vehicles in the construction and mining industries is also expected to give the market a significant boost in the forecast period. Agricultural vehicles had the largest share of world industry due to increased investments in agriculture and the use of machines to increase productivity. Additionally, impressive growth is expected for the engineering vehicles division in the forecast period.