LONDON--(BUSINESS WIRE)--The global specialty tires market is expected to post a CAGR of nearly 4% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the reducing prices of natural rubber. Natural rubber is a major component used for making specialty tires. The overall production costs associated with specialty tires will reduce with the decrease in commodity prices of natural rubber. Throughout 2017, the price of natural rubber was fluctuating. However, the price had shifted downwards by the end of 2017.
This market research report on the global specialty tires market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the development of airless tires as one of the key emerging trends in the global specialty tires market:
Global specialty tires market: Development of airless tires
Automotive airless tires are non-pneumatic automotive tires made of rubber treads and filled with a compound of rubber and plastic. The tire consists of spokes that help distribute heat. However, the operational efficiency of these airless tires is highly limited. Hence, they can only be used in a limited range of vehicles like ATVs and certain heavy industrial and commercial vehicles.
“By 2020, airless racial tires for specialty vehicles such as off-highway commercial vehicles such as golf carts, construction vehicles, agricultural vehicles, and mainstream commercial vehicles is expected to gain traction. Automotive airless radial tires are still in its initial stage of development. Since 2016, the major tire manufacturers have been developing prototypes of airless tires for ATVs,” says a senior analyst at Technavio for research on wheels and tires.
Global specialty tires market: Segmentation analysis
This market research report segments the global specialty tires market by application (agriculture, aircraft, and mining and construction), end-user (OEM and aftermarket) and geographical regions (APAC, EMEA, and the Americas).
The mining and construction segment held the largest market share in 2017, accounting for over 40% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of over 45%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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