PUBLISHER: Allied Market Research | PRODUCT CODE: 1414980
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414980
"The Specialty Tire Market is expected to experience a significant growth rate of 4.3% from 2023-2032 owing to increase in vehicle production in developing countries and rise in competition among tire manufacturers across the globe." - Allied Market Research.
The development of specialty tires continues to evolve with advancements in technology, materials, and manufacturing processes. Whether conquering challenging terrains, supporting agricultural operations, handling heavy loads in industrial settings, or ensuring the safety of flights, specialty tires exemplify the intersection of precision engineering and specific-use applications in the world of transportation and machinery.
Furthermore, due to rising fuel efficiency norms encouraging the development of alternative energy-driven vehicles; automobile manufacturers are leaning toward electric and alternative fuel automobiles. The increase in commercial and passenger automobile production as well as more advanced technology, creates a demand for specialty tires across the globe.
The specialty tire market is segmented on the basis of type, end user, sales channel, and region. By type, the market is categorized into bias tires and radial tires. As per end user, the market is categorized into agriculture, construction & mining, off-roading, and others. By sales channel, the global market is categorized into original equipment manufacturers (OEMs) and aftermarket. Region wise, the market is divided into North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the study include: CEAT Ltd., Michelin, GRI Tires, Maxam Tire, Specialty Tires of America, Inc., The Carlstar Group, LLC, Bridgestone Corporation, Continental AG, Nokian Tyres plc., and Zhongce Rubber Group Co., Ltd. whose developments creates ample opportunities for the growth of the market across the globe. For instance, in October 2023, Nokian Tyres plc. launched Soil King VF & Float King VF tire that utilize Flexforce VF technology. It is a unique new tire technology that enables more efficient agricultural work by creating an XXL-sized ground contact and by reducing loss of power. In November 2022, GRI Tires launched radial tire for the agricultural industry, Green XLR EARTH 65+ in Paris. The Green XLR EARTH 65+ has been produced using 37.5% sustainable materials & delivers comfort for drivers of vehicles being used both on- and off-road. Furthermore, a curved lug angle at the center of the tread ensures better fuel efficiency and increased off-road traction for longer service life.