Global Heavy-Duty Tires Market Trends 2022 | Segmentation, Outlook, Industry Report to 2028.

The global heavy-duty tires market is anticipated to grow at a CAGR of 4.3 % during the forecast period (2022-2028). The increasing volumes of construction projects and expanding construction budgets have driven demand for construction machinery such as cranes, wheel loaders, bulldozers, motor graders, excavators, telescopic handlers, forklifts, and backhoes, especially in developing countries across the globe which is the primary reason for the market growth during the forecast period. The continued economic expansion globally together with favorable financing circumstances owing to low-interest rates, are predicted to improve the construction industry revenues which will peropel the market growth during the forecast period.

Furthermore, rising demand for powerful vehicles with higher carrying capacities to handle weights and strong suspension systems, rising demand for fuel-efficient trucks, and strict laws and regulations related to carbon footprint and emissions are expected to drive market growth over the forecast period. The National Highway Traffic Safety Administration in the US has established new fuel economy guidelines for heavy-duty truck engines that run on diesel, natural gas, or alternative fuels.

Several initiatives taken by the market players are driving the market growth. For instance, Bridgestone Corp. stated that the latest in its integrated portfolio of off-the-road (OTR) products, technologies, and services will be on display at the AGG1 Aggregates Academy & Expo in Nashville, Tenn., from March 29 to 31 in 2022. Bridgestone would unveil its new 3-star 24.00R35 rigid dump truck tire and real-time tire monitoring system, IntelliTire, to construction and quarry clients at this year’s exhibition, demonstrating the benefits of employing intelligent goods backed by integrated technological solutions.

Moreover, the rapid digitalization and the increasing integration of Internet-of-Things (IoT) sensors with advanced tracking technologies in heavy-duty vehicles is another key factor growing the market. These Internet of Things sensors installed in heavy-duty vehicles allow multiple fleet management companies to collect real-time information about the status of replacement parts, reducing the risks of a vehicle breakdown.

In addition, increased demand for hybrid and electric heavy-duty trucks is likely to drive heavy-duty vehicle demand over the projection period which in turn will boost the heavy-duty tires market. Vendors of heavy-duty trucks are pouring money into developing sophisticated heavy-duty trucks. The companies want to deliver highly efficient heavy-duty trucks that are low-cost, high-effective and can get the best mileage. The increasing vendor investment in heavy-duty vehicles is likely to boost market growth significantly over the forecast period.

 

Competitive Landscape-

Bridgestone Corp., Continental Tires, Balkrishna Industries Ltd., Michelin, Trelleborg AB, among others.

By Vehicle Type

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

By End-User

• OEM
• Aftermarket

Scope of the Report
The research study analyzes the Global Heavy-Duty Tires industry from 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions, considering multiple aspects some of which are listed below as:

Recent Developments
o Market Overview and growth analysis
o Import and Export Overview
o Volume Analysis
o Current Market Trends and Future Outlook
o Market Opportunistic and Attractive Investment Segment

Geographic Coverage
o North America Market Size and/or Volume
o Latin America Market Size and/or Volume
o Europe Market Size and/or Volume
o Asia-Pacific Market Size and/or Volume
o Rest of the world Market Size and/or Volume

Key Questions Answered by Global Heavy-Duty Tires Market Report
1. What was the Global Heavy-Duty Tires Market size in 2019 and 2021; what are the estimated growth trends and market forecast (2022-2028).

2. What will be the CAGR of Global Heavy-Duty Tires Market during the forecast period (2022-2028)?
   3. Which segments (product type/applications/end-user) were most attractive for investments in 2022? How these segments are expected to grow during the forecast period (2022-2028).
   4. Which manufacturer/vendor/players in the Global Heavy-Duty Tires Market was the market leader in 2021?
   5. Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.

The report covers the following objectives:

• Proliferation and maturation of trade in the Global Heavy-Duty Tires market.
• The market share of the Global Heavy-Duty Tires market, supply and demand ratio, growth revenue, supply chain analysis, and business overview.
• Current and future market trends that are influencing the growth opportunities and growth rate of the Global Heavy-Duty Tires market.
• Feasibility study, new market insights, company profiles, investment return, revenue (value), and consumption (volume) of the Global Heavy-Duty Tires market.