Global Specialty Tire Market will Reach Nearly USD 29.28 Million, at a CAGR of 6.5% during the Forecast Period of 2028
Market Size – USD 18.85 Million in 2020 Market Growth – CAGR of 6.5%, Market Trends
NEW YORK CITY, NEW YORK, USA, September 26, 2022 /EINPresswire.com/ — The global specialty tire market size is expected to reach USD 29.28 million in 2028 and register a revenue CAGR of 6.5% over the forecast period, according to a latest report by Reports & Data. Market revenue growth is majorly driven by factors such as increasing concerns about automotive tire safety and maintenance, technological advances in tires in terms of durability and strength, and growing demand for specialty tires in the automotive, agriculture, manufacturing, aviation, mining, and other industries.
Specialty tires are aircraft, off-road vehicles, construction machinery, agricultural vehicles, engineering vehicles, and various highly specialized equipment, owing to their excellent design and ability to sustain extreme environmental conditions. These tires are manufactured with high technical expertise and are specifically built to carry heavy loads. Increased government spending on the agricultural sector, rise in agricultural, manufacturing, and construction activities worldwide, rising population worldwide, and rapid industrialization are other important factors accounting for the robust revenue growth of the global specialty tire market over the forecast period. However, rising prices of specialty tires and stringent regulations and laws regarding tire safety are some unfavorable factors hampering the growth of this market.
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Top Profiled in the Specialty Tire Market Report:
• The Goodyear Tire & Rubber Company
• Bridgestone Corporation
• Continental AG
• The Yokohama Rubber Company
• Trelleborg AB
• MRF (Madras Rubber Factory)
• Sumitomo Corporation
• Cheng Shin
• Guizhou Tire
• Mitas Tyre
Product Type Outlook (Revenue, USD Million; 2018 – 2028)
• Radial tires
• Bias (Crossply) tires
Application Outlook (Revenue, USD Million; 2018 – 2028)
• Off-road vehicles
• Agricultural vehicles
• Engineering vehicles
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Key Takeaways of the Specialty Tire Market Report:
• A comprehensive overview of the global Specialty Tire industry.
• Accurate market projections in terms of market size, share, and volume.
• Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
• Deep-dive analysis of the upcoming market trends.
• Qualitative and quantitative analyses of the Specialty Tire Market.
• Elaborate study of the leading regional markets in the Specialty Tire Market.
• Complete overview of the market’s competitive landscape.
• Brief look at the company profiles and portfolios.
Key Regional Markets Covered in the Report:
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o Rest of Middle East & Africa
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About Reports and Data
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