Heavy Duty Tire Market Size, Analysis, Share & Forecast 2031

Heavy Duty Tire Market Size, Analysis, Share & Forecast 2031

Segments - Heavy-duty Tire Market by Vehicle Types (Construction Machinery, Mining Machinery, Agricultural Machinery, and Industrial Vehicles), End-users (OEM and Aftermarket), and Regions (North America, Europe, Asia Pacific, Middle East and Africa, And Latin America) - Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2023 – 2031

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Author : Akash Vedpathak
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Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :AL-1164 | 4.5 Rating | 71 Reviews | 155 Pages | Format : PDF Excel PPT

Report Description


Heavy-duty Tire Market Outlook 2031

The global heavy-duty tire market size was USD 19.84 Billion in 2022 and is projected to reach USD 29.23 Billion by 2031, expanding at a CAGR of 4.4% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing demand for the product in the construction, automotive, and mining industries. Heavy-duty tires are termed in adaptation to the high load and pressure taken by them.

The load capacity of these tires is higher than the one used in standard passenger cars. The maximum permissible wheel load is always related to air pressure. The advantage of using heavy-duty tires is the durability. The tires allow long distance travel without internal damage. The size of the tires depends on the machinery or vehicle utilized.

Heavy-duty Tire Market Outlook

  • Increasing demand for agricultural machineries owing to rising focus on agricultural activities is anticipated to drive the market growth.
  • Rising construction activities owing to rapid urbanization industry is expected to positively impact the growth of the market.
  • Growing government and private investment in the mining sector is expected to boost the market growth.
  • High cost of heavy-duty tire can hinder the growth market.
  • Increasing investments in R&D activities and the launch of new technologies is speculated to drive the growth of the heavy-duty tire market in the projected timeline.
  • Economic growth in developed and developing regions is expected to create lucrative opportunities for the key players in the heavy-duty tire market during the forecast period.

Scope of Heavy-duty Tire Market Report

The report on the global heavy-duty tire market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Heavy-duty Tire Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Vehicle Types (Construction Machinery, Mining Machinery, Agricultural Machinery, Industrial Vehicles) and End-users (OEM, Aftermarket)

Regional Scope

North America, Latin America, Europe, Asia Pacific and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Bridgestone Corporation, Michelin, Titan International, Trelleborg Wheel Systems, Balkrishna Industries Limited, and Continental AG

Heavy-duty Tire Market Segment Insights

Vehicle Type Segment Analysis

Based on vehicle types, the market is divided into construction machinery, mining machinery, agricultural machinery, and industrial vehicles. The construction machinery segment is anticipated to account for a major market share owing to rising demand for construction and manufacturing machinery due to the rapid urbanization in emerging economies.

Growing demand for construction equipment in earthmoving, material handling, and concrete mixing is expected to boost the construction machinery segment during forecast period.


The agricultural machinery segment is anticipated to exhibit a sustainable CAGR during the forecast period. Rising food demand and increasing population is expected to stimulate the growth of the market segment.

Heavy-duty Tire Market Vehicle Type

End-users Segment Analysis

Based on end-users, the global heavy-duty tire market is divided into OEM and aftermarket. The original equipment manufacturer (OEM) segment is expected to account for a significant market share in the projected timeline. OEMs are trying to reduce weight of automobiles by using lightweight non-ferrous metals. Moreover, increasing automobile sales is boosting the growth of the market segment.

Regional Outlook

In terms of regions, the global heavy-duty tire market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the heavy-duty tire market.

Growing urbanization and rapid growth of the construction, agricultural, and mining industries in countries such as India and China are driving the growth of the regional market growth. This, in turn, is expected to increase the demand for materials such as coal, iron ore, gold, and copper.

Rising investment in the mining sector is expected to act as a good opportunity for heavy-duty tire manufacturers, as the above-mentioned countries are experiencing recovery in mining production.

Heavy-duty Tire Market Region

Segments

The market global heavy-duty tire has been segmented on the basis of

Vehicles Types

  • Construction Machinery
  • Mining Machinery
  • Agricultural Machinery
  • Industrial Vehicles

End-users

  • OEM
  • Aftermarket

Regions

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Key Players

Competitive Landscape

Key players operating in the global heavy-duty tire market includes Bridgestone Corporation, Michelin, Titan International, Trelleborg Wheel Systems, Balkrishna Industries Limited, and Continental AG.

Major industry players are engaging in partnerships, collaborations, and heavily investing in R&D activities to develop high-quality heavy-duty tires.

Heavy-duty Tire Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Heavy duty Tire Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Heavy duty Tire Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Heavy duty Tire Market - Supply Chain
  4.5. Global Heavy duty Tire Market Forecast
     4.5.1. Heavy duty Tire Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Heavy duty Tire Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Heavy duty Tire Market Absolute $ Opportunity
5. Global Heavy duty Tire Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Heavy duty Tire Market Size and Volume Forecast by End Users
     5.3.1. OEM Aftermarket
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Heavy duty Tire Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Heavy duty Tire Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Heavy duty Tire Demand Share Forecast, 2019-2026
7. North America Heavy duty Tire Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Heavy duty Tire Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Heavy duty Tire Market Size and Volume Forecast by End Users
     7.4.1. OEM Aftermarket
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Heavy duty Tire Demand Share Forecast, 2019-2026
8. Latin America Heavy duty Tire Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Heavy duty Tire Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Heavy duty Tire Market Size and Volume Forecast by End Users
     8.4.1. OEM Aftermarket
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Heavy duty Tire Demand Share Forecast, 2019-2026
9. Europe Heavy duty Tire Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Heavy duty Tire Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Heavy duty Tire Market Size and Volume Forecast by End Users
     9.4.1. OEM Aftermarket
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Heavy duty Tire Demand Share Forecast, 2019-2026
10. Asia Pacific Heavy duty Tire Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Heavy duty Tire Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Heavy duty Tire Market Size and Volume Forecast by End Users
     10.4.1. OEM Aftermarket
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Heavy duty Tire Demand Share Forecast, 2019-2026
11. Middle East & Africa Heavy duty Tire Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Heavy duty Tire Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Heavy duty Tire Market Size and Volume Forecast by End Users
     11.4.1. OEM Aftermarket
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Heavy duty Tire Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Heavy duty Tire Market: Market Share Analysis
  12.2. Heavy duty Tire Distributors and Customers
  12.3. Heavy duty Tire Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Bridgestone Corporation Michelin Titan International Trelleborg Wheel Systems Balkrishna Industries Limited Continental AG

Methodology

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