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The specialty tires market size is forecast to increase by USD 12.2 billion at a CAGR of 4.83% between 2023 and 2028. The market is experiencing significant growth due to various factors. One key driver is the increasing production of vehicles, particularly sedans, SUVs, and heavy commercial vehicles. This demand leads to an increased need for specialized tires to meet the unique requirements of these vehicles. Another trend is the development of advanced technologies, such as fuel efficiency and urbanization, which necessitate the use of specialized tires. Moreover, industrial activity and manufacturing plants require heavy-duty tires, contributing to the market's growth. The remolding and retreading process, including recap and re-manufacturing, is also gaining popularity due to cost savings and environmental benefits. Raw materials, particularly natural rubber, are becoming more affordable, further boosting the market. Hankook Tire and Kumho Tire are among the key players in this market, utilizing innovative technologies to meet consumer demands. However, challenges remain, such as rising labor costs and increasing competition.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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