As concluded in this latest report, the global heavy-duty tire market is expected to witness fast-paced growth during the determined forecast period. The global heavy-duty tire market was lagging in the past few years. This was significantly owed to a lower activity rate in various industries such as skid-steers, small loaders, and backhoes, along with heavy-duty tire usage. In addition, the construction industry across the globe is expected to upscale at a fast pace over the forecast period. This can be owed to the proliferation in the world’s population. Apart from that, higher penetration of urbanization in various developing economies of the world are also causative to the development of the construction industry in the forthcoming years. Such growth is noted to have a positive impact on the global heavy-duty tire market.
In addition, improvements noted in the economic environment and a rising emphasis on the mechanization of the agricultural activities are also estimated to contribute to the ascending global heavy-duty tire market over the forecast period. The demand for tire retreads is observed to increase for these vehicles, as operators/ fleet managers are bound to continue leveraging retread programs for reducing their operating costs. Retreading is expected to provide a significant cheaper tire replacement for commercial heavy-duty vehicles. Apart from that, growing demand for construction of small cities all over the world and other mega construction projects, especially in developing countries are expected to supplement market growth for heavy-duty tires over the assessment period. Further, increasing investments noted in the research and development projects, and the launch of new technologies are bound to increase the demand in the heavy-duty tire market.
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Global Heavy-Duty Tire Market : Key Players
Xuzhou Armour Rubber
The global heavy-duty tire market is studied for a distinctive segmentation that is based on type, application, and region. Based on type, the global heavy-duty tire market is segmented into construction machinery, agricultural machinery, mining machinery, and industrial vehicles. The demand for construction machinery such as wheel loaders, cranes, bulldozers, motor graders, excavators, telescopic handlers, forklifts, and backhoes is driven mainly due to the increasing volume of construction projects, expansion noted in construction budgets, and initiatives such as smart cities across the globe, especially in developing countries.
Based on application, the global heavy-duty tire market is segmented into original equipment manufacturers and aftermarket.
Detailed Regional Analysis
The global heavy-duty tire market is segmented into the regions of North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. Among these, North America and Asia Pacific are expected to emerge as leading growth prospects in the global market owing to construction output. China is expected to reflect a speedy demand, primarily in the country’s transportation infrastructure development. China is also estimated to be a central hub for business across several industries and is regarded as one of the fastest developing countries in the world. Within North America, the US and Canada are expected to witness healthy growth in the residential construction, which in turn, is driving the regional heavy-duty tire market.
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