Specialty Tires Market Size, Forecast 2023-2030: Rising demand for off-road vehicles, and the emergence of new applications such as electric vehicles

The market for specialty tires is the area of the tire industry that is devoted to creating tires for unique uses or specialized vehicles, such as off-road vehicles, agricultural and forestry equipment, industrial gear, motorbikes, bicycles, aircraft, and others. When compared to tires for regular passenger or commercial vehicles, these tires frequently offer unique features and characteristics. These tires are created to specifically fulfill the needs of numerous industries and types of vehicles that operate in difficult or specialized settings.

The global Specialty Tires Market size is projected to reach a CAGR of 4.5% from 2023-2030. Specialty Tires Market by Types of Tires (Bias tires, Radial tires), Sales Channel (OEMs and aftermarket), End-User (Agriculture, Construction, Mining, Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

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Top Players covered in Specialty Tires Market report: Balkrishna Industries Ltd., Bridgestone Corp, Continental AG, Giti Tire Pte. Ltd., GRI Tires Pvt. Ltd., JK Tyre and Industries Ltd., Kumho Tire Co. Inc., Michelin Group, Nokian Tyres Plc, Pirelli Tyre Spa

Recent Developments

On April 25, 2023, Bridgestone Americas (Bridgestone) unveiled the brand-new Greatec M847 wide-base radial tire for urban use. The new all-position tire, which was created with enduring strength and lifespan in mind, is intended to offer fleets unmatched durability, increased fuel efficiency, and lower total cost of ownership.

In 2021, Michelin announced the launch of its "Airless" tire technology, called Uptis (Unique Puncture-proof Tire System), for passenger vehicles. This innovation eliminates the risk of flats and blowouts, enhancing safety and reducing waste from discarded tires.

The specialty tires market has experienced significant growth in recent years due to increasing demand from various sectors. Factors driving this growth include expanding industrial and construction activities, growing agriculture and forestry sectors, rising demand for off-road vehicles, and the emergence of new applications such as electric vehicles.

The specialized tire industry has issues with pricing pressures, the cost of raw materials, compliance with regulations, and market fragmentation. The creation of specialized tires must be balanced by manufacturers with cost-effectiveness and adherence to industry norms.

A number of production facilities have been temporarily shut down in 2020 in order to deal with the COVID-19 epidemic. Lockdowns, supply chain hiccups, a lack of raw materials, and a labor shortage all contributed to a major fall in the market for specialty tires. In 2020, the market for specialized tires shrank by 6.5%.

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Scope of the Specialty Tires Market Research Report:

The specialty tire industry can be divided into bias tires and radial tires based on tire type. Due to its cost advantage over radial tires, the bias tire segment currently accounts for a significant portion of the market and is predicted to keep growing. Due to the distinctive manufacturing technique used for radial tires, they have a strong resistance to cuts and penetration in the tread area.

The specialty tire market can be divided into agriculture, construction, mining, and other end-use industries. During the projected period, the agricultural sector is expected to dominate the specialty market due to an increase in entrepreneurs focusing on the industry and the modernization of agricultural equipment. Heavy capacity vehicle use in the mining and construction sectors is also anticipated to significantly accelerate market growth throughout the anticipated timeframe.

Based on sales channel, the specialty tire market can be split into OEMs and aftermarket. The OEM segment accounts for a larger share of the market than the aftermarket segment owing to a lower rate of replacement of tires due to longer lifespan. Consumer preference toward OEM manufacturers and good service provided by OEMs are likely to drive the specialty tire market during the forecast period.

The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. During the forecast period, Asia-Pacific is anticipated to continue to be the region with the largest specialty tire market. Because the Asia-Pacific area has a sizable consumer base for a variety of industries, including construction, mining, and agriculture, the market there is expanding quickly. Due to its vast fleet of tractors, motorbikes, and construction equipment, the region is anticipated to account for a sizeable portion of the specialty tires industry in the years to come.

Regional Analysis

Asia-Pacific to Dominate the Market

Asia-Pacific dominates the global Specialty Tires market and is anticipated to maintain its lead during the forecast period.

The growth is majorly attributed to the sizable consumer base for a variety of industries, including construction, mining, and agriculture, the market there is expanding quickly.

The specialty tires market is a rapidly growing sector within the tire industry, driven by the increasing demand for specialized tires in various applications and industries. With a focus on meeting the unique requirements of off-road vehicles, agriculture and forestry equipment, industrial machinery, and other niche vehicles, manufacturers are investing in tire technology and innovation to enhance performance, durability, and sustainability. Despite challenges such as pricing pressures and regulatory requirements, the market is poised for continued growth, fueled by factors such as the rise of electric and autonomous vehicles, expanding off-road recreational activities, and a growing emphasis on customized solutions. As industries evolve and consumer preferences evolve, the specialty tires market is set to play a crucial role in meeting the diverse needs of specialized vehicles and applications.

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