Specialty Tires Market is Forecasted to Reach US$55.7 Billion in 2027, Says Stratview Research

The global Specialty Tires market is projected to witness a growth rate of 5.3% annually from 2022 to 2027, with an anticipated size of US$55.7 billion by 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm, has launched a report on the global Specialty Tires market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Market Statistics:

Market Size in 2027: US$55.7 billion
Growth (CAGR): 5.3% during 2022-2027
Leading Application Type: Two-Wheeler
Leading Tire Type: Radial Tires
Leading End-User Type: Aftermarket
Leading Region: Asia-Pacific
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 8
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Specialty Tires Market:

The global Specialty Tires market is segmented based on Application type, Tire type, End-User type, and Region.

Based on the Application type -

- The market is segmented into aircraft, agriculture, construction, material handling, mining, two-wheeler, and others. Two-wheelers are expected to be the dominant application type in the market during the forecast period.
- Because of the increasing demand for two-wheelers for transportation, adventure, sports, and other recreational purposes, manufacturers have been able to design a wider range of tires, which is driving the growth of the market. Asia, particularly India, China, Thailand, and Vietnam are the major markets for two-wheeler tires. Agriculture and material handling are the next largest tire markets. Both markets are likely to grow at a healthy rate in the post-pandemic market developments.

Based on the product type -

- The market is segmented into radial tires and bias tires.
- Radial tires are expected to be the fastest-growing tire type in the market during the forecast period. Radial tires offer several advantages, such as longer service life, increased comfort, better handling & stability, and resistance to damage. The aforesaid factors are expected to boost the growth of the segment during the forecast period.

Which region shows the most promising growth forecast and opportunity?

- In terms of regions, Asia-Pacific is expected to remain the largest market for specialty tires during the forecast period. The market in Asia-Pacific is growing rapidly as the region has a large consumer base for a range of industries, such as construction, mining, and agriculture.
- Furthermore, the region is expected to hold a considerable share of the specialty tires market in the coming years, as it has the largest fleet of tractors, motorcycles, and construction equipment, creating demand for specialty tires.

Specialty Tires Market Drivers:

Some of the key drivers listed in the report are given below.

- Increasing investments in agriculture, significant growth in construction and mining activities, and the continual introduction of new machines and technologies are likely to boost the market demand. Rapid industrialization, rising disposable income, and an explosive increase in population are the other major factors driving the growing demand for specialty tires across regions.
- The specialty tires market is expected to grow on account of the increasing consumer awareness of the benefits and availability of specialized tires. Innovative manufacturing processes, new products, and technologies are in high demand, encouraging the industry to invest heavily in R&D. Furthermore, as a result of the surge in customer demand for online shopping, the rise in e-commerce and retail has led to the development of large warehouses, which is expected to support the market growth during the forecast period.

Competitive Landscape: Top Companies in the Specialty Tires Market:

Most of the major players compete in some of the factors, including price, service offerings, regional presence, etc. The following are the key players in the Specialty Tires Market:

• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• Compagnie Generale Des Etablissements Michelin S.C.A.
• Continental AG
• Goodyear Tire and Rubber Company
• MRF Tyres
• Sumitomo Tires
• Titan International
• Trelleborg AB
• Yokohama Rubber Co. Ltd.

Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Please write to us at sales@stratviewresearch.com

What Unique Insights Does This Report Offer?
This report provides comprehensive insights into the Specialty Tires market, answering critical questions like
- How big is the sales opportunity?
- Which regions offer the best sales opportunities?
- Which are the most attractive market segments?
- Which are the top players and their market positioning?
- How complex is the business environment?
- What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

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This release was published on openPR.