Increase in vehicle production in developing countries and rise in competition among tire manufacturers drive the growth of the global specialty tire market.
WILMINGTON, Del., Dec. 15, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Specialty Tire Market by Type (Bias Tires and Radial Tires), End-User (Agriculture, Construction & Mining, Off-Roading and Others), Sales Channel (Original Equipment Manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global specialty tire market was valued at $12,925.0 million in 2022, and is projected to reach $19,383.4 million by 2032, registering a CAGR of 4.3% from 2023 to 2032.
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- 123 - Tables
- 64 - Charts
- 200 - Pages
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Prime determinants of growth
Increase in vehicle production in developing countries and rise in competition among tire manufacturers drive the market toward a positive growth during the forecast period. However, the factors such as increase in demand for tire remolding and volatile prices of raw materials create a barrier hampering the growth of the market across the globe. Moreover, the factors such as advancement in technology and fuel efficiency & safety concerns create numerous opportunities for the growth of the market across the globe.
Report Coverage and Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $12.93 Billion |
Market Size in 2032 | $19.38 Billion |
CAGR | 4.3 % |
No. of Pages in Report | 200 |
Segments covered | Type, End-User, Sales Channel and Region. |
Drivers | Increase in vehicle production in developing countries Rise in competition among tire manufacturers |
Opportunities | Advancement in Technology Fuel efficiency and safety concerns |
Restraints | Increase in demand for tire remolding Volatile prices of raw materials |
The radial tires segment to maintain its leadership status throughout the forecast period
Based on type, the radial tires segment held the highest market share in 2022, accounting for three-fifths of the global specialty tire market revenue, and is estimated to maintain its leadership status throughout the forecast period. Radial tires offer numerous advantages over bias tires which includes some of the key factors such as they improve the fuel efficiency of the vehicle by offering lower rolling resistance, have better heat dissipation which ensures safety of the vehicle at higher speed, and offer better traction & control in wet or slippery conditions. Moreover, radial specialty tires offer comfortable rides and longer tread life which proves to be a factor supplementing the growth of the segment in the global market.
The off-roading segment to maintain its leadership status throughout the forecast period
Based on end-user, the off-roading segment held the highest market share in 2022, accounting for nearly one-fourth of the global specialty tire market. Off-roading specialty tires are designed to provide optimal performance and durability in off-road conditions. These tires differ from regular tires in terms of tread pattern, construction, and rubber compound. Moreover, these tires offer aggressive tread patterns with large, deep lugs. These lugs provide better traction in mud, sand, gravel, and other challenging terrains. In addition, specialty tires used in off-roading offers great traction while the vehicle is in motion. Such factors create immense opportunities for the growth of the segment in the global market.
Key Developments in the Specialty Tire Industry:
- In November 2023, The Carlstar Group, LLC. introduced Carlstar-branded tires at the Agritechnica Expo 2023 in Germany, promoting a brand exclusively dedicated to the specialty tire and wheel space. The showcased tires included Versa Turf, Turf Master, Fairway Pro, Turf Trac R/S, AT 489, and All Trail, enhancing the company's specialty tire offerings.
- In March 2023, Bridgestone Corporation, through its subsidiary Bridgestone Americas, launched the V-Steel Port Container Straddle (VPCS) radial tire. Specifically designed for straddle containers in ports, terminals, and intermodal yards, the VPCS tire features enhanced load capacity, speed rating, and durability, contributing to more efficient operations and extended service life.
- In October 2023, Nokian Tyres plc. introduced the Soil King VF & Float King VF tire, incorporating Flexforce VF technology. This innovative tire technology enhances agricultural efficiency by creating an XXL-sized ground contact and reducing power loss, contributing to improved agricultural operations.
- In June 2023, GRI Tires launched the Green XLR Earth series of tires, made from 78.6% sustainable materials, including sustainably sourced natural rubber from Sri Lankan farmers. This environmentally friendly approach reduces the series' environmental impact, offering performance benefits such as low abrasion loss, improved durability, reduced soil compaction, and decreased rolling resistance for enhanced fuel consumption.
Key Highlights of the Report:
- The report provides a comprehensive analysis of specialty tires in the automotive industry, offering detailed insights into market dynamics, trends, and key players.
- The specialty tire market share has been meticulously examined from 2022 to 2032, providing a thorough understanding of the industry's growth trajectory.
- The research study includes the latest developments in the specialty tire market, keeping stakeholders informed about emerging trends and innovations.
- Top companies operating in the industry have been profiled in the research study, offering a detailed overview of their strategies, market presence, and contributions to the specialty tire sector.
- The research study encompasses various segments and regions, providing a holistic view of the market landscape and helping stakeholders make informed decisions.
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The aftermarket segment to maintain its lead position during the forecast period
Based on sales channel, the aftermarket segment accounted for the largest share in 2022, contributing to nearly three-fifths of the global specialty tire market revenue. The aftermarket service is used for replacement of the damaged part in the vehicle or for the addition of new components in the existing vehicles. The passenger vehicles generally need to change their tires every 3-4 years, depending on the driving condition. Thus, specialty tire has a large aftermarket which creates a wider scope for specialty tires. Moreover, the aftermarket is gaining traction due to the customer inclination toward installation of advanced components in vehicles to improve vehicle appearance and ensure safety while driving. This increased inclination among the customers leads to the growth of aftermarket service, which is expected to eventually lead to the growth of the market in the near future. Furthermore, the contribution of tire manufacturers in the aftermarket segment boosts the growth of the segment.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for two-fifths of the global specialty tire market revenue. The developing countries in the Asia-Pacific region are witnessing rapid development of their economies through industrialization, owing to promotion of the automotive sector because the automotive industry in this region can occupy a noteworthy portion of the economy. In addition, industrialization in the region creates demand for heavy-duty vehicles such as trucks, construction vehicles, & others and helps to boost significant disposable income. These factors impact the rise in demand for commercial as well as passenger vehicles across the region. For instance, in July 2020, demand for commercial trucks and commercial vehicles increased according to data from the China Association of Automobile Manufacturers. Auto sales in China rose 11.6% in June from a year earlier to 2.3 million units.
Moreover, passenger vehicle retail sales in India have witnessed a growth of 62.90% in July 2021 to 261,744 units according to the Federation of Automobile Dealers Association (FADA). Due to increased road infrastructures in countries such as India, China, Japan, and South Korea, there has been an increased demand for spatial tires, which drives the market in the Asia-Pacific region.
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Leading Market Players: -
- CEAT Ltd.
- Michelin
- GRI Tires
- Maxam Tire
- Specialty Tires of America, Inc.
- The Carlstar Group, LLC
- Bridgestone Corporation
- Continental AG
- Nokian Tyres plc.
- Zhongce Rubber Group Co., Ltd.
The report provides a detailed analysis of these key players in the global specialty tire market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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