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 Trends, Drivers, Restraints, and Opportunities
- 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.
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Attributes
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Details
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Report Title
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Heavy-duty Tire Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Vehicle Types (Construction Machinery, Mining Machinery, Agricultural Machinery, Industrial Vehicles) and End-users (OEM, Aftermarket)
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Regional Scope
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North America, Latin America, Europe, Asia Pacific and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Bridgestone Corporation, Michelin, Titan International, Trelleborg Wheel Systems, Balkrishna Industries Limited, and Continental AG
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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.
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.
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
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.
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