Specialty Tire Market Manufacturing Cost, Analysis and Capacity Forecast by 2017-2022

The global Specialty Tire market is likely to display a robust growth in the near future, the reason being augmentation in the applications and widening up of scope around the world. Specialty tires are those tires that are designed for particular weather situations as well as for specific automobiles. They may include OTR Tires, or agriculture tires.

It has been observed that the manufacturers are taking up various steps to advance the product so that they can be put to various other uses. In addition, they are offering cost effective tires along with limited quality as well as robustness. Novel and advanced machines are being built up to cope up with the rising demands and to keep up with the demand and competition around the globe. Due to their varied usage, the tires are gaining huge popularity across various sectors.

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The key drivers that are playing a vital role in raising the share of the Specialty Tire market are recognized as industrialization, technological enhancements, constant innovations, rapid growth of various sectors, rising applications, developing automobile industries across the globe, rise in the investments by the leading manufacturers. Additionally, factors such as rising demands for agricultural equipment from developing nations, robust growth of agriculture sector, and developing market for retreading of tires are also contributing to a great extent.

Specialty Tire market is categorized by type as Radial Tires, Bias (Crossply) Tires, and others. The market is segmented by application as HCV, Mining Tires, Agricultural Vehicles, Engineering Vehicles, Aircraft Tires, and others. Others may include Industrial Handling Machines, Two-wheelers, and OTR.

Specialty Tire market is divided by end user as Aftermarkets, OEM, and others. Among all the end users, it has been found that the segment of OEM is attaining a larger share in the market as compared to the Aftermarkets segment. This industry is segregated by geography as North America, Europe, China, Japan, Southeast Asia, and India.

Geographically, it has been observed that Asia Pacific is displaying a robust growth in the Specialty Tire industry and it is simultaneously registering for the largest share in the market. The factors that can be attributed to the market growth may include robust automobile manufacturing, easy availability of raw materials, government incentives, low cost labor, wider manufacturer base, and augmented investments by the leading companies.

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Conversely, Europe and North America are also witnessing a considerable growth in the Specialty Tire market owing to wider customer base, augmentation in the applications, and rise in the prerequisites among various sectors. The prominent players contributing in the development of the Specialty Tire industry are recognized as Guizhou Tire, Xingyuan, Continental, BKT, ATG, Yokohama, Trelleborg, Mitas, Chemchina, Triangle, Giti, Xugong, Linglong, Zhongce, Michelin, Bridgestone, Goodyear, Titan, Pirelli, and Sumitomo.