About Heavy Duty Tire
The global Heavy Duty Tire market is expected to grow owing to the rising volume of freight transportation and increased manufacturing operations in developing countries. The Heavy Duty Tire is used to handling heavy loads at maximum air pressure. Growing demand for public transport vehicles will also increase the production of heavy-duty trucks and buses.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 6.2% |
The global heavy-duty vehicle tire market is moderately concentrated. Leading key players are focusing on strategic partnerships to improve their products and services. Companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Heavy Duty Tire market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bridgestone (Japan), Continental (Germany), XuzhouArmourRubber (China), Hankook (South Korea), Michelin (France), Mitas (CGS a.s.) (Czech Republic), Sumitomo Rubber Industries Ltd. (Japan), Maitech Tire (Italy) and Goodyear (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Heavy Duty Tire market by and Region.
On the basis of geography, the market of Heavy Duty Tire has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. OEMs will boost the Heavy Duty Tire market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Vehicle Type, the sub-segment i.e. Construction Machinery will boost the Heavy Duty Tire market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand for Improved Tire Tread Design from Customers and Huge Demand from Developing Countries due to growth on Construction Industry
Market Growth Drivers:
Growing Mechanization in the Agricultural Sector, High Demand from Construction Industry and Rising Demand from Various End-User Industries
Restraints:
High Cost of Rubber
Opportunities:
The Adoption of Nanotechnology in the Manufacturing of Heavy-Duty Tire and Growing Mechanization in Various Sectors in both Developing & Already Developed Regions
Market Leaders and their expansionary development strategies
In January 2018, YOKOHAMA will expand the YOKOHAMA Group’s global production capacity for off-highway tires by adding new facilities at ATC Tires Pvt. Ltd., the Indian tire manufacturing and sales subsidiary of the Alliance Tire Group (ATG), which YOKOHAMA acquired in July 2016.
In April 2019, Continental launches the first tire optimized for electric buses in city traffic. Increased load index: The new Conti Urban HA3 315/60 R22.5 carries up to eight tons per axle. Even and slow wear thanks to the optimized tread compound and robust casing structure
Key Target Audience
Heavy Duty Tire Manufactures, Heavy Duty Tire Suppliers, Heavy Duty Tire Distributors, Government Regulatory Bodies, Private Research Organizations, Government Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.