About Mining Tire
Increasing usage of heavy machinery is leading to the demand of mining tires. These are the tires which has high durability and grip. These tires are used at the remote locations for massive equipment. The mining tires are classified into Bias and Radial tires which has the features such as durability, puncture resistant, and long distance run. This is leading to increasing adoption of mining tires across the globe. Hence, these factors are contributing to the consumption of mining tires.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 5.1% |
The global market is highly competitive and consists of a limited number of providers who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant opportunities for market growth. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Mining Tire market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bridgestone (Japan), Michelin (France), Titan Tire (United States), Chem China (China), Yokohama (Japan), Goodyear tire and rubber company (United States), Continental (Germany), Hangzhou Zhongce Rubber Company (China), Guizhou Tire (China) and Double Coin Holdings (China) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Apollo Tyres (India), Triangle Tyre (China), JK Tyre (India) and Techking Tires (China).
Segmentation Overview
AMA Research has segmented the market of Global Mining Tire market by Type (Bias Tires and Radial Tires), Application (Earthmovers, Grader, Loader & Dozer, Compactor and Mobile Crane) and Region.
On the basis of geography, the market of Mining 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 Tread Pattern, the sub-segment i.e. Rock will boost the Mining Tire market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Demand Category, the sub-segment i.e. OEM will boost the Mining Tire market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
Technological Advancements in Mining Tires to Improve the Performance
Challenges:
High Maintenance Due to the Heat Generated by the Load
Opportunities:
Government Initiatives for Boosting Mining Activities
Market Leaders and their expansionary development strategies
In August 2022, Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) and Kal Tire ("Kal Tire", Head Office: Vernon, British Columbia, Canada, President: Robert Foord), an international leading tire supply and service provider, have reached basic agreement on the joint establishment of a recycling business for mining tires
In January 2023, JK Tyre launched 11 new Off-the-Road (OTR) tyres at the 12th edition of CII EXCON 2023, South Asia's largest construction equipment trade fair. The star of the unveiling is the JK Tyre 18.00–25 40PR Port Champion Plus, a Next-Gen Port Tyre tailored for Reach Stackers (container handling equipment)
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations
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.