Specialty Tires Market research report by Delvens focuses on primary sections such as – market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity. The market outlook section gives a detailed analysis of market evolution, growth drivers, restraints, opportunities, and challenges, Porter’s 5 Force’s Framework, macroeconomic analysis, value chain analysis and pricing analysis that directly shape the market at present and over the forecasted period. The drivers and restraints cover the internal factors of the market whereas opportunities and challenges are the external factors that are affecting the market. The market outlook section also gives an indication of the trends influencing new business development and investment opportunities.
The global Specialty Tires Market size is projected to reach a CAGR of 4.5% from 2023-2030.
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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 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.
Companies Profiled:
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
Delvens Industry Expert's Standpoint
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.
Key Findings:
· 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.
· 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.
· 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.
· 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.
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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.
Reasons to Acquire
· Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
· Gain authentic and granular data access for Specialty Tires Market to understand the trends and the factors involved in changing market situations.
· Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
· In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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In addition to the market data for Specialty Tires Market, Delvens offers a client-centric report customized according to the company’s specific demand and requirement.
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