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.
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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.
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.