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Specialty Tire Market to Reach $19.38 Billion, Globally, by 2032 at 4.3% CAGR: Allied Market Research
(We are providing specialty tire industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
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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.
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.
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.
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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.
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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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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