Technavio expects the global production of specialty tires to surpass 98 million units by 2020

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This market research report includes a detailed segmentation of the global specialty tire market by application (agricultural tires, aircraft tires, HCV and mining tires, and others) and by end market (OEM and aftermarket). It outlines the market shares for key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are Alliance Tire Group, Bridgestone, Continental, Goodyear Tire and Rubber, and Michelin.

Technavio’s market research analysts estimate the global specialty tire market, to grow at a CAGR of about 4% between 2016 and 2020. Growing demand for modern agricultural equipment is boosting the demand for specialty tires. HCV and mining, two-wheeler, and agricultural tires are the major contributors to the global specialty tire market. APAC is the fastest-growing region in the specialty tires market, as most specialty tires manufacturers have set up their base in the region.

The new market research report from Technavio provides a breakdown and analysis of the specialty tire segments by technology.

“The demand for retreads is increasing as fleet managers continue to leverage rethread programs to drive lower operating costs. Retreading can save the trucking industry a significant amount, as it is cheaper than going for a replacement. For instance, premium casings provide multiple life cycles, saving fleet managers up to 50% of what they pay for a new truck tire each time they rethread a casing,” says Siddarth Jaiswal, Lead Analyst, Automotive, Technavio Research.

The others segment that includes tires for two-wheelers, OTR, and industrial handling machines dominated the market during 2015, accounting for 45 million units. The segment is dominated by the two-wheeler tires type because of high demand for two-wheelers across the world. China and India are the major two markets for two-wheeler tires, though Indonesia, Brazil, and Russia also contribute significantly to the market.

The leading players in the global specialty tire market include Alliance Tire Group, Bridgestone, Continental, Goodyear Tire and Rubber, and Michelin. The market is likely to grow at a good pace over the forecast period. The market is highly fragmented and competitive, characterized by the presence of well-diversified international and local vendors. Local vendors provide cost-effective tires with limited quality and durability. However, international players are currently increasing their presence aggressively, and, as a result, local vendors are finding it difficult to compete with them. As the dynamics of the market is changing, manufacturers are building new machines to keep up with the demand

A more detailed analysis is available in the Technavio report, Global Specialty Tire Market 2016-2020.

We can customize reports by other regions and specific segments upon request.

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