Europe specialty tires market is expected to grow at a High CAGR during the forecasting period 2021-2028.

The Europe specialty tires market was worth $YY billion in 2020 and is forecasted to reach $YY billion by 2028, at a CAGR of YY% during the forecast period.

Market Overview

The tires used on construction machinery, aircraft, and other 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 at uneven terrain. These are manufactured with minimum trade depth which offers better cooling for tires and greater stability while driving.

Market Dynamics

Drivers

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. The advent and evolution of online retail stores and high adoption rate regarding companies involved and product offered are boosting the volume of tires sold as companies have the option of connecting directly to the customers without the presence of intermediates. 

The market is evolving at a rapid rate, and to remain relevant in the market, companies are focused on securing financial autonomy in an attempt to launch commercially viable end-products. The regional companies are focusing  on the expansion of business opportunities through the introduction of new products and the opening of manufacturing facilities. 

In October 2018, Bridgestone Corporation announced investments of around 305 USD million into three key European production sites of Burgos (Spain), Poznan and Stargard (Poland).

In September 2018, Netherlands-based tire recycling company Black Bear raised 12.8 USD million as part of company strategy to improve its industrial-scale energy-efficient recycling process and expand processing volume.

Restraints

Major factors hindering the  Europe Specialty tires market are High cost of replacement and switching and adoption of stringent environmental laws and regulations.

Market Segmentation

Europe Specialty tires market is segmented into sales channel and end users. The sales channel includes OEM and Aftermarket and by end use includes Industrial vehicles and Utility vehicles. Industrial vehicles include Dumpers, Skid Steers, Fork Lift Trucks, Small Wheel Loaders and Others, and utility vehicles include movers, municipal service vehicles, compact tractors and others

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 and is thus gaining market traction among consumers who opt for tires from repair facilities.

The specialty tires are prone to extensive wear and tear after long use, and thus the replacement or aftermarket segment is driven by the higher replacement cycle of specialty tires and rising consumer interest in the aftermarket supplier’s scenario.

Country Analysis 

By country the Europe Specialty tires market is segmented into Germany, France, United Kingdom, Italy, Spain, Poland, Scandinavia, and Rest of Europe.

The specialty tire market in Germany is the leading market owing to increasing consumer interest and high production volume of utility vehicles. The specialty tires in Germany are used in industrial vehicles such as forklift vehicles and small vehicle loaders for material handling and transportation. 

In November 2017, Trelleborg AB finalized the acquisition of Germany-based White Baumaschinenreifen GmbH, which specializes in the service, fitting and repair of pneumatic and solid tires for vehicles in Germany.

Competitive Analysis

The Europe Specialty tires Market is fairly consolidated and highly competitive, owing to the strong regional presence of global market players coupled with the existence of a vast network of key local vendors. The regional market is expected to witness stable growth during the forecast period owing to the continued development and enhancement of end-products by companies who aim to remain commercially relevant in the ever-evolving market scenario.

In December 2018, Michelin Corporation completed the acquisition of Camso, which deals in rubber tracks for farm equipment and snowmobiles, and in solid and bias tires for material handling equipment.

In September 2018, John Deere introduced its new ZTrak 900 Series commercial zero-turn rotary mowers, using the new Michelin X Tweel Turf airless radial tire. The new Z994R model equipped with X Tweel Turf tires will be available in the UK & Ireland.

In July 2018, Trelleborg AG introduced its new European logistics hub for material handling and construction tires and its new Benelux commercial office in Evergem, Belgium, from which it serves its European warehouses and key customers in the region on a ‘Just in Time’ basis.

In November 2017, Trelleborg AB finalized the acquisition of Germany-based White Baumaschinenreifen GmbH, which specializes in the service, fitting and repair of pneumatic and solid tires for vehicles in Germany.

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