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The heavy-duty vehicle tires market size is forecast to increase by USD 10.38 billion, at a CAGR of 5.15% between 2023 and 2028. The market The growth of the market depends on several factors such as the rising demand for heavy-duty trucks for freight transportation, the increasing penetration of TPMS, and the adoption of predictive maintenance of tires,
The report offers extensive research analysis on the Heavy-duty Vehicle Tires Market, with a categorization based on Application, including trucks and buses. It further segments the market by End-user, encompassing aftermarket and OEM. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Our researchers analyzed the data with 2023 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.
One of the key factors driving the heavy-duty vehicle tires market growth is the increasing penetration of TPMS. Fleet managers increasingly use tire pressure monitoring systems (TPMS) to determine tire health and enhance safety. In addition, TPMS offers the schematics of tire health and notifies drivers and tire dealerships about the need for a replacement to ensure minimal waiting time.
Moreover, this system also notifies drivers of significant changes in tire air pressure to avoid running in under-inflated tires that increase fuel consumption. In addition, running in under-inflated tires increases rolling resistance and fuel consumption. Furthermore, fleet managers increasingly demand truck and bus tires equipped with the required sensors to ascertain information on tire health and avoid vehicle breakdown. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the heavy-duty vehicle tires market growth is the adoption of nanotechnology in tire manufacturing. Tire manufacturers are extensively leveraging nanotechnology to reduce the wear and tear of heavy-duty vehicle tires significantly. In addition, nanotechnology products offer stronger grips to winter tires when traversing snow-covered pavements. Furthermore, these tires give superior performance in extreme conditions.
Moreover, neoprene, a high-performance rubber additive, is used with the rubber mixture of the tire tread, which significantly helps reduce wear and tear. In addition, enhancements in rubber technology also impact the grip of tires. Neoprene is currently undergoing extensive tests. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
Growing preference for 6x2 axles are one of the key challenges hindering the heavy-duty vehicle tires market growth. The increasing preference for fuel efficiency, as well as the rising stringency of vehicle emission systems, fuel the preference for commercial fuel-efficient trucks that do not compromise on load-pulling capacity. In addition, as a result, vehicle manufacturers have resorted to producing more truck models with 6x2 axle driveline configurations.
Moreover, a 6x2 axle driveline reduces the number of axles used in a truck and, as a result, the number of heavy-duty tires required. In addition, conventional commercial trucks are outfitted with 6x4 driveline configurations to improve traction on a variety of terrains. Furthermore, these heavy-duty vehicles have a drivetrain that powers both pairs of rear wheels, allowing them to transport heavy cargo over long distances without putting too much strain on the engine. Hence, such factors are hindering the 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 also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Heavy-duty Vehicle Tires 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.
Apollo Tyres Ltd: The company offers heavy duty vehicle tires under the brand names of Amazer XL, Duramile, ENDUTMcomfort CA, ALT 118 and ALT 188.
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 trucks segment is estimated to witness significant growth during the forecast period. The expansion of the freight and logistics sector is fuelled by globalization and e-commerce, resulting in an increased demand for heavy-duty trucks and consequently their tires. In addition, global trade and the need for efficient transportation of goods across borders contribute to the growth of the global heavy-duty vehicle tire market.
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The trucks segment was the largest segment and was valued at USD 28.71 billion in 2018. Moreover, the continued growth of e-commerce and the need for timely and efficient transportation of goods support the demand for heavy-duty trucks and their tires. In addition, urbanization trends and the increasing focus on last-mile delivery services contribute to the demand for heavy-duty trucks designed for urban environments and their corresponding tires. Furthermore, ongoing innovations in tire design, materials, and manufacturing processes contribute to the development of heavy-duty truck tires with improved performance, durability, and safety features. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 40% 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. The heavy-duty vehicle tire market in APAC is expected to grow significantly due to factors such as the rapid economic development in many APAC countries, such as India and China, leading to increased industrialization, construction, and transportation activities. As a result, it fuels the demand for heavy-duty vehicles and replacement tires. In addition, the ongoing urbanization and infrastructure development projects in many APAC countries contribute to increased demand for heavy-duty vehicles used in construction, logistics, and public transportation, fueling the need for replacement tires. Furthermore, the agricultural industry in APAC heavily relies on heavy-duty vehicles for tasks such as plowing, harvesting, and transportation. Hence, such factors are driving the market growth in APAC during the forecast period.
The heavy-duty vehicle tires market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Heavy-duty Vehicle Tires Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.15% |
Market Growth 2024-2028 |
USD 10.38 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.65 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 40% |
Key countries |
US, Canada, China, India, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apollo Tyres Ltd., Balkrishna Industries Ltd., Bridgestone Corp., Continental AG, Giti Tire, Hankook Tire and Technology Co. Ltd., Hawk Tires, JK Tyre and Industries Ltd., Michelin Group, MRF Ltd., Nokian Tyres Plc, Shandong Linglong Tyre Co. Ltd., Sumitomo Rubber Industries Ltd., The Carlstar Group LLC, The Goodyear Tire and Rubber Co., Toyo Tire Corp., Trelleborg AB, Yokohama Rubber Co. Ltd., Zhongce Rubber Group Co. Ltd., and Titan International Inc. |
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, and 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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