The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The Heavy-Duty Tire Market is expected to grow at a CAGR of around 5.5% in the forecast period. Increased demand for construction, mining and agricultural machinery equipment and tire replacement has helped in the growth of the market. Technology development in small OTR tires revolves around the development of new tread patterns, compounding and casing upgrades. There has been significant momentum in the small heavy-duty tire industry. The market had been lagging for the last 2-3 years as the industries with heavy-duty tire usage like small loaders, skid-steers and backhoes were significantly low. In addition the growth rate for the construction industry is expected to be above 5%, which would also affect the market growth positively for heavy-duty tires significantly in the forecast period. In addition, improving economic environment and increasing emphasis towards mechanization of agricultural activities would also drive the growth of the market driven by the increased demand for harvesters, tillers, shredders etc.
The road and bridge construction market is also expected to fuel the growth of small and large off the road tire sales. Increased emphasis on federal and state funding for these infrastructural projects is a big driver for growth in the heavy-duty tire markets. Growing demand for heavy-duty tires in developing nations is due to the support from the industry growth. In the next five years, the economy in the North America is expected to further gain strength, and downstream and export markets will continue to drive demand for industry products. Demand for tire retreads has been increasing for these vehicles also as the fleet managers/operators continue to leverage retread programs to reduce the operating costs. Retreading can save the heavy commercial vehicle segment to a significant amount, as it would be significantly cheaper than that for a tire replacement.
In order to be successful in the market, it becomes critical for the dealers to be well versed and knowledgeable about the product especially for the aftermarket, to provide the right equipment. Having the product knowledge to make recommendations, insights into the variables impacting tire performance, and understanding the different customer applications is critical. Dealers should also train their staff for the safety service the tires provide. While small OTR tires are used in a variety of ways, often the tire is used in an industry where downtime can be costly.
The report classifies and defines the automotive heavy duty tire market size, in terms of value and units. It provides a comprehensive analysis and insights into heavy duty tires segments. The market is segmented on the basis of application type- Engineering and Manufacturing, Construction and Mining, Agricultural Machinery, and Others; end consumers- OEMs and Replacement Tires; tire type- small OTR tires, large OTR tires, and giant OTR tires. The report showcases potential growth opportunities in the forecast period, while also reviewing the market drivers, restraints, opportunities, technology trends, market dynamics, competitive landscape, and other key aspects with respect to automotive heavy duty tires. The report also covers qualitative aspects such as value chain analysis, technological roadmap, and Porter’s five force analysis for the global market. The key players in this market have also been identified and profiled. Some of the key players mentioned in the report are Bridgestone Group, Continental Group, Goodyear Tire & Rubber Company, Michelin Group, Alliance Tire Group.
WHAT THE REPORT OFFERS
Market Definition and Scope along with identification of key drivers and restraints for each segments in the market.
Market analysis with specific studies and theoretical analysis on the heavy-duty tire market for each region
Identification of factors that has been instrumental in changing the market dynamics, prospective opportunities for each segments and identification of key factors, influencing the market.
Extensively researched competitive landscape segment with the market dynamics for each major player across the region.
Identification and analysis of the macro and micro factors that affect the growth of the industry for each region as well as for countries.