Special Trailer Tire Market Size, Share & Industry Analysis, By Trailer Type (Low Boy, Flat Bed, Dry Van, Refrigerated, and Tanker), By Tire Type (Radial and Bias), By Tire Size (Upto 17.5 Inches, 17.6 - 22.5 Inches, and More Than 22.5 Inches), By Material (Rubber Compound, Reinforcing Material, and Others), and Regional Forecast, 2024-2032

The global special trailer tire market size was valued at USD 9.42 billion in 2023. The market is projected to grow from USD 9.70 billion in 2024 to USD 13.09 billion by 2032, exhibiting a CAGR of 3.8% during the forecast period.

Special trailer tires are used for a few trailers, including low boy, flatbed, dry van, refrigerated, and tankers. These trailers transport heavy cargo and are widely popular in the construction, agriculture, mining, and landscaping industries.

The growth of the market is due to the increasing usage of trailers within various industries and applications. As industrial activities increase globally, the need for trailers to transport goods, equipment, and materials also rises. Industries such as construction, logistics, agriculture, and manufacturing heavily rely on trailers for transportation purposes.

In response to issues created by the COVID-19 pandemic, stakeholders in the special trailer tire market implemented various strategies to mitigate risks and capitalize on emerging opportunities. These strategies included enhancing supply chain resilience, diversifying product offerings, investing in digitalization and e-commerce capabilities, and strengthening partnerships across the value chain. The pandemic accelerated long-term structural changes in the transportation and logistics industry, such as adopting digitalization, automation, and sustainable practices. These changes influenced the demand for specialized trailer tires with features such as fuel efficiency, durability, and environmental sustainability.

Special Trailer Tire Market Trends

Advancements in Tire Technology to Boost Market Growth

One of the key ongoing trends in the global special trailer tire market is the increasing demand for tires equipped with advanced technology and features to enhance performance, durability, and safety. Manufacturers are focusing on developing tires that offer improved tread designs, better traction, enhanced load-bearing capacity, and reduced rolling resistance. These advancements help optimize fuel efficiency, minimize wear and tear, and ensure stable performance across diverse road conditions.

Moreover, there is a growing emphasis on developing special trailer tires compatible with emerging trends such as electric and hybrid trailer propulsion systems. As electric and hybrid trailers gain traction due to environmental concerns and regulatory requirements, the demand for tires tailored to these systems is expected to rise.

In September 2022, Continental showcased three tire solutions for sustainable transport over long and short distances. The tire manufacturer debuted a prototype tailored to a pioneering trailer concept integrating a fully electric drive axle. Continental serves as the exclusive development collaborator for this inventive trailer by Trailer Dynamics, aimed at hybridizing truck tractor units through a battery-powered trailer, thereby curtailing their CO2 emissions. Introducing the EfficientPro Gen 3+, the premium tire manufacturer enhanced its EfficientPro long-distance tire, renowned particularly in the original truck equipment sector. Its rolling resistance has undergone specialized optimization, rendering it highly energy-efficient.

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Special Trailer Tire Market Growth Factors

Increasing Demand for Trailers across Various Industries and Applications Thrives Market Demand

The growth of e-commerce and the need for efficient transportation and logistics solutions have fueled the demand for trailers. Special trailer tires play a pivotal role in safeguarding the efficient transportation of goods over long distances. Infrastructure development projects, including road construction, building construction, and energy projects, require the transportation of heavy equipment and materials. Special trailers equipped with durable tires are essential for these tasks.

Moreover, advances in tire manufacturing technology have led to the development of special trailer tires that offer improved durability, load-bearing capacity, fuel efficiency, and performance under various conditions. The advancements make these tires more attractive to consumers. In June 2023, The Goodyear Tire & Rubber Company unveiled an addition to the Cooper WORK Series line: the WORK Series Regional Haul Trailer (RHT) 2. This industrious trailer tire is SmartWay verified and engineered to assist fleet owners in meeting the regional haul requirements for both tandem and spread axle trailer setups. The Cooper WORK Series RHT 2 offers durability to deliver consistent performance and efficiency, regardless of the route demands encountered on the job.

RESTRAINING FACTORS

High Upfront Costs Associated with Special Trailer Tires May Affect Market Growth

Special trailer tires are often designed with specific features to meet the demands of heavy-duty applications, diverse road conditions, and long-distance transportation. As a result, they tend to be priced higher than standard trailer tires.

The high initial cost of these tires deters some consumers, especially small businesses and fleet owners, from investing in them. Budget constraints and the need to prioritize other operational expenses lead buyers to opt for cheaper alternatives or delay tire replacements, impacting the special trailer tire market growth.

Moreover, the perceived higher cost of specialized trailer tires also challenges manufacturers and suppliers in convincing potential customers of their long-term benefits and cost-effectiveness, including improved durability, fuel efficiency, and reduced maintenance costs over their lifespan. Addressing the cost barrier through innovative pricing strategies, technological advancements to optimize tire longevity and performance, and effective communication of the long-term benefits could help mitigate this restraint and stimulate the special trailer tire market growth.

Special Trailer Tire Market Segmentation Analysis

By Trailer Type Analysis

Favorable Trends Associated with Cargo Transportation to Drive Dry Van Segment Growth

Based on trailer type, the market is segmented into lowboy, flatbed, dry van, refrigerated, and tanker.

The dry van segment accounted for the largest trailer-type market share in 2023 due to the high demand for dry cargo and goods transportation orders from various end-users globally. Increasing orders for dry bulk cargo transportation from various industries, such as food, retail, and e-commerce, are further expected to propel market growth.

The flatbed trailer type is likely to grow at the highest CAGR over the forecast period. This is due to the increasing focus from the construction and industrial sectors toward rapid expansion to higher production capacity to meet the rising demand. The segment is expected to witness heavy demand during the forecast period owing to increasing orders of raw materials and large bulk and cargo goods from various sectors.

By Tire Type Analysis

Radial Tires Segment Held the Largest Share in 2023 Owing to Superior Operational Benefits

Based on tire type, the market is subdivided into radial and bias.

The radial tire type segment accounted for the largest market share in 2023. The demand is attributed to the higher preference for radial tires over other tires due to various benefits such as smoother ride, better traction control, and longer tire tread life. Higher road control and drivability of radial tires with improved tire life make them highly suitable for highway roads, driving the demand for special trailers.

By Tire Size Analysis

Improved Maneuverability of Special Trailers Will Propel Market Growth in the Future

By tire size, the market is divided into upto 17.5 inches, 17.6 – 22.5 inches, and more than 22.5 inches.

The 17.6 - 22.5 inches segment accounted for the largest market share in 2023 owing to greater consumer preference for these sizes of tires, making them suitable for truck trailers. Furthermore, the segment is expected to grow at the fastest CAGR over the forecast period. Higher consumer preference for these tire sizes is expected to drive segment growth owing to better drivability and an increasing number of trailers equipped with these tire sizes.

The more than 22.5 inches segment will garner a considerable special trailer tire market share during the forecast timeframe. The segment’s growth can be attributed to the rising demand for heavy-load capacity trailers for which increased tire sizes offer additional driving stability and braking performance. The increasing demand for special trailers with more than two axles for heavy load carrying capacity will positively influence the demand for more than 22.5 inches tires segment.

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By Material Analysis

Superior Operational Characteristics of Rubber will Drive the Segment’s Growth Over the Next Few Years

Based on material, the market is categorized into rubber compound, reinforcing materials, and others.

The rubber compound segment accounted for the largest market share in 2023, owing to higher consumer preference for rubber compound tires for trailers, lower rolling resistance, drivability across corners, and various other features. Higher traction control during driving and longer tread life are some of the prime factors contributing to the growth of this segment.

The reinforcing material segment is expected to grow at the fastest CAGR over the forecast period. This is due to its attributes, such as longer tire lifetime and higher durability over a longer total distance, particularly under intensive use. High investments in R&D associated with tire manufacturing will drive the segment growth over the next few years.

REGIONAL INSIGHTS

Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.

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Asia Pacific accounted for the largest market share in 2023 due to higher demand for trailer tires in the region due to increased freight and cargo transportation activities. Furthermore, higher construction and infrastructure projects emerging in developing nations within Asia are further expected to drive market growth. Asia Pacific is experiencing rapid economic growth, increasing industrialization, infrastructure development, and trade activities. This growth creates the demand for specialized trailers and associated tires to support transportation and logistics networks.

Europe will capture a considerable market share during the forecast period. Europe's thriving transportation and logistics industry, driven by international trade, e-commerce, and infrastructure development, creates a significant demand for specialized trailers and special trailer tires.

North America accounted for the second largest market share due to higher frequency of road freight operations across the U.S., Canada, and Mexico. The rising need for specialized trailers in various industries, such as logistics, construction, agriculture, and transportation, drives the tire demand.

The rest of the world includes Latin America, Africa, and the Middle East. These regions experience diverse climates and terrains, including deserts, mountains, and tropical regions. Special trailer tires must be durable and adaptable to various weather conditions and terrains, driving the demand for specialized tire solutions. As these regions contain harsh terrains and volatile weather conditions, special trailer tires prove to be the perfect choice in various applications.

List of Key Companies in Special Trailer Tire Market

New Product Development and Product Differentiation will Drive Industry Expansion

Key players have adopted various strategies such as product differentiation & development, expansion of production capacity, and diversification of sales & distribution network to gain the competitive advantage. Bridgestone Corporation is a Japanese multinational company specializing in manufacturing and distributing tires and rubber products. The company has emerged as one of the largest tire manufacturers. Bridgestone's product line includes cars, buses, trucks, and motorcycle tires. They also manufacture all-season tires, off-road tires, and snow tires. Additionally, the company produces a range of automotive parts, such as brakes, suspension systems, and other rubber-based components.

Sumitomo Rubber Industries Ltd. (SRI) is a global tire manufacturer headquartered in Kobe, Japan. Sumitomo Rubber Industries Ltd. has grown into a multinational corporation. The company operates its Tire business through its brands, Dunlop and Falken. The company provides tires for construction, agriculture, industrial, passenger, race/rally vehicles, and motorcycles.

LIST OF KEY COMPANIES PROFILED:

• Bridgestone Corp. (Japan)


• The Goodyear Tire & Rubber Company (U.S.)


• Pirelli (Italy)


• Continental AG (Germany)


• Sumitomo Rubber Industries Ltd. (Japan)


• Apollo Tyres Ltd. (India)


• Yokohama (Japan)


• Titan International, Inc. (U.S.)


• Michelin (France)


• Maxam Tire (U.S.)


• Nokian Tires plc (Finland)


• Kumho Tires (South Korea)

KEY INDUSTRY DEVELOPMENTS:

• January 2024 – Continental launched an entry-level digital tire management solution to equip fleets even more quickly and easily. This new sensor makes it possible to obtain data on the condition of the tires in a time-saving, simple, and manufacturer-independent method.


• October 2023 – Apollo Tyres initiated deliveries of the highly-anticipated EnduMile LHT, marking the company’s debut in dedicated Long-Haul Trailer (LHT) tires. This tire boasts exceptional performance across various parameters, notably achieving an A-rating for rolling. Representing the most fuel-efficient truck tire from Apollo Tyres in Europe and globally, the EnduMile LHT surpasses the performance of the market’s best-performing LHT tires. Its 'free-rolling' tread pattern, tailored for trailer axles, features a compact center rib to enhance road holding and ensure efficient operation while maintaining an A-rating for road noise.


• February 2023 – Pirelli expanded its Series 02 tire range by introducing the H02 Pro Trailer. Designed for long-haul articulated trailer use, it replaces the previous ST:01 Neverending Super Single. The available sizes of the product include 435/50R19.5 and 445/45R19.5. The company provided a 20% improvement in wet grip and a 20% reduction in rolling resistance.


• July 2022 – Bridgestone Americas (Bridgestone) launched an addition to the Firestone Classics tire line with a new series of long-haul tires. The Firestone FS509 (steer radial), FD609 (drive radial), and FT409 (trailer radial) tires extend the longstanding tradition of reliable value by merging established tread designs with Bridgestone-engineered casings. These tires offer fleets of extended tread wear and mileage, along with the added advantages of casing durability and retreadability.


• April 2022 – Yokohama Tire launched its commercial product, the 121T, in the U.S. following its debut at the recent TMC trade show. Specifically designed for trailer use, the 121T boasted a severe snow service rating and was introduced in sizes 215/75R17.5 and 235/75R17.5.

REPORT COVERAGE

The special trailer tires market research report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, product types, end-users, design, and technology. Besides this, the report offers an in-depth analysis and insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market growth in recent years.

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