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The bias tire market size is estimated to grow at a CAGR of 4.56% between 2022 and 2027. The market size is forecast to increase by USD 6.38 billion. The growth of the market depends on several factors, including the growing demand for bias tires in the agriculture equipment market, a rise in sales of passenger vehicles globally, and the growing popularity of off-road recreational activities.
The report offers extensive research analysis on the bias tire market, with a categorization based on Type (general bias tires and bias-belted tires), and Distribution Channel (OEM and aftermarket). Additionally, the report provides Geographical segmentation, covering APAC, North America, Europe, South America, and the Middle East and Africa. Market size, historical data (2017-2021), and future projections are presented in terms of value (in USD million) for all the mentioned segments.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for bias tires in agriculture equipment is the key factor driving the market growth. Agricultural equipment is mainly used in modern farming methods. Advanced technologies are utilized in modern farming in the form of farming equipment, such as tractors, cultivators, mechanized plows, combine harvesters, strippers, cutters, and all-terrain vehicles. All these different types of agricultural equipment require tires for their movement. Consequently, the rising demand for and sale of agricultural equipment is driving the production of bias tires.
Furthermore, rising agricultural wages for laborers is the major factor driving the growth of agricultural machinery like tractors and other advanced types of farm equipment, This will drive the sales and production of bias tires used in agricultural machinery which will raise the demand for bias tires for such machinery during the forecast period.
The growing tire e-retailing market is the primary trend shaping market growth. Online marketplaces are increasing due to the wide range of products. Market players are turning to online business models to expand their reach and generate revenue. Low-priced tires that are sold in Asia are the major challenge to global and regional tire vendors. Vehicle manufacturers are increasing their import of tires from Asia due to their lower prices when compared to those produced in their own countries.
Furthermore, increasing spending on e-commerce platforms by OEMs manufacturing bias tires due to the rising Internet penetration rate will drive the online tire market over the next five years as well. Hence, the rising penetration of e-commerce in the overall tire industry will boost the growth of the global bias tire market during the forecast period.
Environmental issues due to bias tire manufacturing activities are the main challenge for the bias tire market. Production plants release many hazardous air pollutants during the process of manufacturing which adversely impact the quality of air in the area. Various regulatory bodies are applying strict regulations that restrict emissions released during the tire manufacturing process. due to these regulations, manufacturers will need to invest in expensive after-treatment systems and heavy machinery to maintain compliance with the emission regulations.
For instance, the US Environment Protection Agency (US EPA) has formulated the National Emission Standards for Hazardous Air Pollutants (NESHAP) to check the amount of pollution caused by tire manufacturing companies. These standards state that all tire manufacturing processes must meet the Hazardous Air Pollutants (HAP) emission standards. Thus, the formulation of stringent emission standards in the tire manufacturing industry may impede market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Bias Tire Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The general bias tires segment is estimated to grow significantly during the forecast period. The general bias tire is the forerunner of the bias belt tire. General bias tires have a bead, a sidewall, and a tread, just like any other ordinary tire. The main difference between general bias tires and belted bias tires is beneath the tread.
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The general bias tires segment was the largest segment and was valued at USD 13.38 billion in 2017. To support the vehicle and maintain its shape, general bias tires have layers of the tread. The tread is a layer of material which is made up of nylon or steel, which provides internal support when mixed with the layer of rubber under the tread. General bias tires are dominating the bias market due to their advantages such as good load-carrying capacity and good puncture resistance.
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APAC is estimated to contribute 45% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is expanding the bias tire market significantly due to the growing automotive industry and rising demand for vehicles in the region. The presence of top manufacturers like Great Wall Motors, Toyota, Hyundai, and Tata Motors in China, Japan, South Korea, and India respectively, has made the APAC region a significant hub for tire manufacturing.
Moreover, factors such as population growth, urbanization, and rising disposable income show the rising demand for passenger cars and commercial vehicles fuels the demand for bias tires. The government policies and regulations in the region are favorable for the production of the bias tires market. This helps manufacturers of bias tires gain the trust of consumers by obeying government regulations, which influences the sales of bias tires and leads to the growth of the regional market during the forecast period.
In 2020, the outbreak of COVID-19 negatively affected the growth of the regional bias tire market. However, with the help of large-scale COVID-19 vaccination drives conducted by various governments in the region pandemic was controlled by the end of 2021. As a result, the demand for automobile tires increased by the end of 2022, as the preference for personal transportation gained prominence after the outbreak of the COVID-19 pandemic. Hence, such factors are expected to drive market growth in this region during the forecast period.
The bias tire market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017-2027.
Bias Tire Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.56% |
Market growth 2023-2027 |
USD 6.38 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.17 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Balkrishna Industries Ltd., BLACKSTONE RUBBER INDUSTRIES PVT. LTD., Bridgestone Corp., Coker Tire, Continental AG, DANANG RUBBER JSC , Dewan Tyres Ltd., Dunlop Aircraft Tyres Ltd., Furukawa Electric Co. Ltd., GTR TYRES, GUIZHOU TYRE CO. LTD., JK Tyre and Industries Ltd., Kesoram Industries Ltd., Kyoto Japan Tire Group, Lotus Rubber Industries, Michelin Group, Salsons Impex Pvt. Ltd., Singla Polymers, The Goodyear Tire and Rubber Co., VIDYA DISTRIBUTORS AND AGENCIES PVT. LTD., and CEAT Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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