The report provides an overview of the “Heavy-duty Tire Market” industry including definitions, division, key vendors, key Development and market challenges. The Heavy-duty Tire Market analysis is provided the international markets including development trends, competitive landscape analysis, and key regions development status
Through the statistical analysis, the report depicts the global Heavy-duty Tire Market including capacity, production, production value, cost/profit, supply/demand and import/export. The entire market is further distributed by company, by country, and by application/type for the competitive landscape analysis.
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The global heavy-duty tire market (henceforth referred to as the market studied) was valued at USD 18,230 million in 2018 and is anticipated to register a CAGR of about 4.44% during the forecast period (2019-2024).
– The market has been lagging behind for the last 2-3 years, since industries like small loaders, skid-steers, and backhoes, with heavy-duty tire usage, were significantly low. In addition, the growth rate of the construction industry is expected to be approximately 5%, which is likely to have a positive effect on the market growth of heavy-duty tire during the forecast period. The improving economic environment and the increasing emphasis on mechanization of agricultural activities are also factors expected to drive the growth of the market in the foreseeable future.
– The demand for tire retreads has been increasing for these vehicles, as fleet managers/operators continue to leverage retread programs to reduce the operating costs. Retreading can save the heavy commercial vehicle segment to a significant extent, as it is significantly cheaper than a tire replacement.
– Some of the major companies that dominated the market are Bridgestone Corporation, Continental Tires, Balkrishna Industries Limited (BKT), Titan Tire Corporation, Michelin, and The Goodyear Tire & Rubber Company, in 2018
Scope of the Report
The ongoing demand for construction of smart cities across the world and various mega constructions, particularly in developing countries, increasing investment in R&D projects, and the launch of new technologies may increase the demand for the market studied. The Scope of the Report includes
The Heavy-duty Tire Market report also presents the vendor countryside and a corresponding detailed analysis of the major vendors operating in the market. Heavy-duty Tire Market report analyses the market potential for each geographical region based on the growth rate, macroeconomic parameters, consumer buying patterns, and market demand and supply scenarios.
Key Market Trends
Construction Machinery Tires are Dominating Other Heavy-duty Tires
The demand for construction machinery, such as cranes, wheel loaders, bulldozers, motor graders, excavators, telescopic handlers, forklifts, and backhoes is predominantly being driven by increasing volume of construction projects and expanding construction budgets, especially in the developing countries across the globe over the last five years. This is driving the construction machinery tires market. Continued economic growth in a number of developed and developing nations, coupled with attractive financing conditions on the back of low-interest rates, are expected to boost average global construction industry revenues, which will, in turn, propel the growth of the construction machinery market.
Asia-Pacific and North America are expected to be the leading geographies for construction output. Continuing on the previous trends, China is expected to reflect a strong demand, mainly in the country’s transport infrastructure segment. In the United States and Canada, a healthy residential market and a pickup in commercial construction activity are expected to drive the growth for construction machinery.
Asia-Pacific is Leading the Heavy-duty Tire Market
Asia-Pacific is leading the geography and holding more than half of the market share. China is the central hub for business across industries, as well as one of the fastest growing economies in the world. The demand for materials like coal, iron ore, gold, and copper is increasing in the country. As a result, the demand for mining truck tires has gone up as well. In addition, investments in the mining sector are expected to serve as a good opportunity for heavy-duty tire manufacturers, as the country started experiencing recovery in mining production, with the help of advanced technologies, since 2016. The increase in the mining production is likely to propel demand for new construction machinery in fields, by replacing old machinery, which is further fuelling the mining tires demand.
India has emerged as one of the leading manufacturing and consumption hubs of OTR tires, primarily in the agriculture and mining segments. Currently, the Indian heavy-duty tire market is quite competitive and highly concentrated, mainly catered to by top players. There has been a noticeable change in the technological upgradations that the Indian industry has adopted. The construction and mining segments hold a significant market share of heavy-duty tire sales in the country. Agriculture is the biggest segment for OTR tires, owing to an increased rate of tractor penetration in Indian rural regions. The growing demand for construction equipment in earthmoving, material handling, and concrete mixing, is expected to fuel India’s construction machinery tire market over the coming years.
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- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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Detailed Table of Content of Global Heavy-duty Tire Market – Growth, Trends, Forecast and Challenges (2019 – 2024)
1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Modelling
3. Executive Summary
4. Market Overview and Trends of Heavy-duty Tire Market
4.2 Market Trends
4.3 Porter’s Five Force Framework
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Competitive Rivalry within the Industry
5. Market Dynamics of Heavy-duty Tire Market
5.1.1 Increasing Production
5.1.2 Rising Demand
6. Global Heavy-duty Tire Market Segmentation, By Capacity
7. Global Heavy-duty Tire Market Segmentation, By Material Type
7.1 Type 1
7.2 Type 2
7.3 Type 3
8. Global Heavy-duty Tire Market Segmentation, Segmented by Region
8.1 North America
8.1.1 United States
8.1.3 Rest of North America
8.2.4 Rest of Asia-Pacific
8.3.1 United Kingdom
8.3.5 Rest of Europe
8.4 Rest of the World
8.4.2 South Africa
9. Competitive Landscape and Introduction of Heavy-duty Tire Market
9.2 Market Share Analysis
9.3 Developments of Key Players
10. Key Vendor Analysis (Overview, Products & Services, Strategies)
10.1 Company 1
10.2 Company 2
10.3 Company 3
And Many More….
No. of Pages: – 111
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