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(Transportation-News.com, October 29, 2019 ) Market Overview:
The tires used on construction machinery, aircraft, another highly specialized equipment must operate under extreme conditions. It demands that the tires be manufactured with high-level technical expertise as they operate at heavy load and uneven terrain. These are manufactured with minimum trade depth which offers better cooling for tires and greater stability while driving.
Natural rubber is a major component used for making specialty tires. Decreasing the commodity price of natural rubber will reduce the overall production costs associated with specialty tire. 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.
Market Dynamics:
Growth in e-commerce sales channels, high demand in end user industries and increasing financial investments and funding are the crucial drivers for the market growth. The Europe Specialty tire Market has witnessed a substantial rise in financial investments and funding in a bid to increase technological innovations and expand production facilities. Europe-based equity firms also invest in overseas companies in an attempt to increase market reach and grow revenue opportunities. For instance, in October 2018, Europe-based Bain Capital Private Equity invested in U.S.-based Dealer Tire, LLC, to accelerate growth and expansion.
The increased demand for tires in various end-user industries has propelled the market growth, with high sales volume recorded for tires used in industrial and construction vehicles.
Adoption of rigid environment laws and regulations and high cost of switching and replacements are the restraints that hampering the growth of the market.
Market Segmentation:
Based on end user segment, the market is divided into industrial vehicles and utility vehicles. Industry vehicles is further divided into dumpers, skid steers, fork lift trucks, small wheel loaders and others. Utility vehicles is again categorized into mowers, municipal service vehicles, compact tractors and others.
In Industrial Vehicles, Small wheel loaders holds the highest market share with 34.78% owing to the growth of manufacturing industries and e-commerce businesses which are deploying forklift trucks, positively influencing the demand for forklift tires in turn. Small wheel loaders provide superior performance and wide versatility, and as such tires used in small wheel loaders offer higher mobility and a wide range of torque output in compact sizes.
The small wheel loader tires are used for various applications, including on soft dirt terrain prone to slippage, on concrete pavements, and grass turf for loading purposes. The development of technological innovation and increase in lift capacity in tight spaces are poised to offer opportunities for growth and expansion of business opportunities, with key market players recognizing such trends and launching new products to remain relevant in the market.
Based on sales channel, the global market for Europe specialty tires broadly segmented as OEM & aftermarket. The Europe Sales Channel Vehicles specialty tires market was worth USD 1591.1 million in 2018 and is forecasted to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. . The aftermarket for specialty tires in Europe is leading by market share owing to the offerings of a wide variety of tire parts and accessories of varying qualities for a range of prices.
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Geographical Analysis:
Europe specialty tires market is segmented into countries like germany, france, United Kingdom, italy, spain, poland, scandivinia and rest of europe. The specialty tire market in Germany is leading market owing to increasing consumer interest and high production volume of utility vehicles in Europe region. The specialty tires in Germany are generally used in industrial vehicles such as forklift vehicles and small wheel loaders for material handling and transportation
United Kingdom Specialty tire Market is expected to witness rapid growth during the forecast period owing to well-organized production facilities of automobiles and assorted accessories that have made the United Kingdom an ideal location for tire manufacturing facilities.
Competitive Analysis:
Some of the key vendors in the market are Global rubber indistries pvt ltd, emrald tires, TVS eurogrip, trellerborg AB, STARCO, dunlop tires ltd, cheng shin rubber ind co ltd, carlisle tires & wheel company, CAMSO and Balakrishna Industries.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
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