Specialty Tire Market: Structure and Overview of Key Market Forces Propelling Market
Specialty tires have different specification and are manufactured according to the desired application. Special tires for trailers, construction equipment, and mining vehicles require higher stiffness and durability than the tires utilized for passenger vehicles. All these vehicles are typically manufactured to carry heavy load; and hence, specialty tires play a very crucial role in such vehicles. Specialty tires are manufactured with minimum trade depth, which provides better cooling of tires and offers better stability while driving.
Increasing focus by entrepreneurs on the agriculture industry is likely to fuel the demand for specialty tires during the forecast period. Continuous change in demand from end-users is prompting tire manufacturers to focus on new products that incorporate advanced technology. Expansion of the agriculture sector, increase in mining activities, and rise in usage of material handling equipment are key factors that are likely to drive the specialty tire market during the forecast period.
The specialty tire market can be segmented based on types of tire, end-use industry, sales channel, and region. Based on tire type, the specialty tire market can be classified into bias tires and radial tires. Currently, the bias tires segment holds a major share of the market, and it is expected to maintain its share of the specialty tire market owing its cost advantage over radial tires. Radial tires are highly resistant to cuts and penetration in the tread area, owing to their unique manufacturing process.
If a radial tire gets damaged, only a minor area of the tire gets affected. Furthermore, radial tires offer several benefits such as offers greater comfort, improved handling, longer service life, lower fuel consumption, good traction, and less soil compaction and damage. The factors mentioned above are likely to boost the radial tire segment of the specialty tire market during the forecast period.
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Based on end-use industry, the specialty tire market can be classified into agriculture, construction, mining, and others. Rising number of entrepreneurs focusing on the agriculture sector and modernization of agricultural equipment are likely to cause the agricultural sector to dominate the specialty market during the forecast period. Usage of heavy capacity vehicles in construction and mining industries is also likely to boost the market at a significant pace during the forecast period.
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 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.
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Based on region, the global specialty tire market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. The market in Asia Pacific is expanding at a rapid pace owing to a significant customer base for different industries such as automotive and agriculture in the region. The market in Asia Pacific is likely to hold a major share in the specialty tire market during the forecast period owing to government subsidies, availability of raw material, low labor cost, and high demand for specialty tires in the region.
Key players operating in the global specialty tire market include Alliance Tire Group (ATG), Bridgestone Corporation, Continental Ag, The Goodyear Tire & Rubber Company, MICHELIN, and GRI Tires.