According to a new market research report published by Credence Research “Heavy-duty Tires Market(by Application: Construction & Mining, Industrial Equipment, Agricultural and Forestry Equipment; by Distribution Channel: OEM and Aftermarket; by Sales Channel: Direct Retail & Online Retail) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the heavy-duty tires market registered market value of US$ 18.6 Bn in 2017 and estimated to grow with a CAGR of 4.2% during the forecast period from 2018 to 2026.
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Growth in the infrastructure industry across the globe and especially in developing region of Asia Pacific, Middle East & Africa and Latin America has certainly driven the need for construction and other heavy equipment. As this equipment works in hostile conditions, frequent replacement of consumable parts such as tires is a common phenomenon and therefore, the market for heavy-duty tires is growing with a considerable rate and expected to grow even further in coming years. Besides tires for construction equipment, tires for other heavy equipment including mining equipment, industrial equipment, and forestry equipment are also experiencing considerable growth in past few years. However, proliferation of mechanized farming has considerably boosted the demand for tire of agricultural equipment such as tractors and harvesters. Consequently, growth in off high-way and heavy-duty automotive and equipment are complementing the growth for new as well as aftermarket tires market and projected to grow with a notably throughout the forecast period from 2018 to 2026.
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The research analysis covers exhaustive analysis of leading heavy-duty tires manufacturers including Bridgestone Corporation, Balkrishna Industries Limited (BKT), Continental Tires, Cavi Elettrici e Affini Torino (CEAT), Titan Tire Corporation, The Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin SCA (Michelin), Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., Hankook Tire, The Yokohama Rubber Company, Limited, Xuzhou Armour Rubber Company, Ltd., Trelleborg Wheel Systems Czech Republic (Mitas), MAITECH TIRE SRL, and Apollo Tyres Ltd. Heavy-duty tire market is highly fragmented however, the market is dominated by few of the most prominent players including Bridgestone Corporation and Michelin. Major heavy-duty tire manufacturers are consistently upgrading their existing product and are involved in developing new product for special equipment and applications. The companies are incorporating different business strategies depending on the regional nature of the market. For instance, these companies revised their product prices in developing region of Asia Pacific and Latin America. However, the companies are introducing new and special purpose tires in developed region of North America and Europe. These companies face fierce competition with their rivals to claim their dominance on the biggest market of Asia Pacific.
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