Specialty Tire Market Trends, Business Overview, Industry Growth and Forecast to 2028

The global specialty tire market is anticipated to grow at a CAGR of 4.0% during the forecast period (2022-2028). Specialty tires are defined as tires manufactured for various applications other than the ones made for passenger vehicles in common. These applications include construction equipment, special tires for trailers, and for mining vehicles that require higher stiffness and durability. Thus, based on the utility of the vehicles, the related specialty tire is used accordingly. For instance, for carrying heavy load, certain vehicles demand specialty tires with excellent load bearing capacity and fine quality treads. Moreover, the specialty tires are manufactured with minimum trade depth, which provides better cooling of tires by also providing better stability while driving. Thus, owing to all these key advantages offered by specialty tire along with their growing use in diverse applications, their global market is anticipated to grow during the forecast period.

Further, the market growth is also attributed to the growing focus of entrepreneurs in the agriculture industry, which is anticipated to propel the demand for agriculture specialty tires during the forecast period. As agriculture sector being a constantly growing vertical coupled with the rise in usage of material handling equipment and a surge in the mining activities are projected to be the key drivers for the growth of the global specialty tire market. The continuous change in demand from various users is prompting tire manufacturers to focus on new products that incorporate advanced technology.

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Market Coverage
•The market number available for - 2021-2028
•Base year- 2021
•Forecast period- 2022-2028
•Segment Covered-
•By Tire Type
•By End-Use
•Regions covered-
•North America
•Europe
•Asia-Pacific
•Rest of the World

Competitive Landscape: Michelin Group, Bridgestone Corp., and Goodyear, among others.

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Global Specialty Tire Market Report by Segment
By Tire Type
•Bias Tires
•Radial Tires
By End-Use
•Agriculture
•Construction
•Mining
•Others

Key questions addressed by the report
•What is the market growth rate?
•Which segment and region dominate the market in the base year?
•Which segment and region will project the fastest growth in the market?
•How has COVID-19 impacted the market?
•Deviation from the pre-COVID-19 forecast
•Most affected region and segment
•Who is the leader in the market?
•How players are addressing challenges to sustain growth?
•Where is the investment opportunity?

 

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This release was published on openPR.