New York, US, May 23, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Heavy-Duty Tires Market Research Report Information by Type, Region, and Application - Forecast Till 2032”, the global Heavy-Duty Tires market is predicted to bolter substantially during the review era from 2023 to 2032 at a substantial growth rate of around 4.13%. As per the documents, the Heavy-Duty Tires market is nearly reach 30.23 billion by 2032.
Heavy-Duty Tire Market Overview:
The heavy-duty tire market is a crucial industry worldwide, with several products having substantial implications for transportation, construction, and other logistics operations. With numerous vehicles depending on trucks and trailers and more industry sectors utilizing heavy-duty machinery, the demand for high-performance and robust tires is constantly growing. To operate and remain competitive in the market, producers must stay at the forefront of development in performance, materials, and production. The global Heavy-Duty Tires industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rise in sales of heavy-duty vehicles, such as trailers, trucks, and buses, mining & construction vehicles, refrigerated vans, and earthmovers, from several industries.
Competitive Analysis
The listing of the prominent leaders across the global market for Heavy-Duty Tires includes players such as:
- Continental AG
- Pirelli
- Goodyear
- Michelin North America
- Hankook
- Bridgestone
- Among others.
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Furthermore, the increasing global trade is also likely to have a positive impact on the performance of the market. Moreover, the growth in construction activities in emerging nations is also likely to boost the market's growth over the coming years.
Heavy-Duty Tire Market USP Covered
Market Drivers
The global Heavy-Duty Tires industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rise in sales of heavy-duty vehicles, such as trailers, trucks, and buses, mining & construction vehicles, refrigerated vans, and earthmovers, from several industries. Furthermore, the increasing global trade is also likely to have a positive impact on the performance of the market. Moreover, the growth in construction activities in emerging nations is also likely to boost the market's growth over the coming years. In addition, the factors such as the increasing production of automobiles, the increasing production of commercial vehicles, the development of new product ranges, and the reduced amount of downtime required for tire repair are also projected to catalyze the growth of the regional market over the projection timeframe.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 30.23 billion |
| CAGR during 2023-2032 | 4.13% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, and Region |
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Heavy-Duty Tire Market COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Heavy-Duty Tires market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Heavy-Duty Tire Market Segment Analysis
Among all the vehicle types, the on-highway vehicles segment is projected to ensure the leading position across the global market for heavy-duty tires over the assessment period. On the contrary, the off-highway vehicle segment is projected to showcase the maximum growth rate over the coming years.
Among all the vehicle types, the trucks segment ensured the top position across the global heavy-duty tire market in the year 2020, given mainly to the increasing production of heavy-duty trucks across the globe. Furthermore, stringent emissions, fuel efficiency, and safety regulations will enhance the segment's performance.
Among all the applications, the long haul tires segment is predicted to secure the leading position across the global market for heavy-duty tires in 2020, owing primarily to the increased production of heavy-duty vehicles for long-distance transportation.
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Heavy-Duty Tire Market Regional Analysis
The global Heavy-Duty Tire market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the North American region is anticipated to ensure the top position across the global Heavy-Duty Tires industry over the assessment period. The main parameter supporting the regional market development is the presence of well-established manufacturers, such as Michelin, Goodyear, and Bridgestone. Furthermore, the escalating demand for efficient and reliable transportation solutions across the region is also projected to boost the regional market's performance over the coming years.
The Asia-Pacific regional Heavy-Duty Tire market is anticipated to showcase the maximum growth rate over the assessment period. The main parameter supporting the development of the regional market is the escalating demand for commercial vehicles and construction equipment in nations such as Japan, China, and India.
The Middle East & Africa, and Latin American regional market for Heavy-Duty Tires is projected to grow substantially over the coming years. The primary parameter supporting the development of the regional market is the rising trade activities. Furthermore, the rising investments in the automotive and construction industries are also likely to positively impact the performance of the regional market over the coming years.
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