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Heavy Duty Tire Market Size (2024 - 2029)

The heavy-duty tire market is anticipated to experience growth over the forecast period, driven by an increase in vehicle sales and the development of new products. The market size is influenced by the rising adoption of off-highway machinery in sectors such as construction, mining, and agriculture, particularly in developing countries. This trend is further supported by the growing demand for tire retreads, as fleet operators seek to minimize costs. Despite the initial impact of the COVID-19 pandemic on production and sales, the market is expected to recover and expand, reflecting these underlying demand drivers.

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Market Size of Heavy Duty Tire Industry

Heavy-duty Tire Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 4.84 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

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*Disclaimer: Major Players sorted in no particular order

Heavy-duty Tire Market Analysis

The Heavy-duty Tire Market was valued at USD 20.02 billion in 2022, and it is expected to reach a value of USD 25.36 billion by 2028, registering a CAGR of 4.84% during the forecast period.

The COVID-19 pandemic had a significant effect on the automotive tires market directly in the short term as the production and sales of new vehicles witnessed a decline in 2020. Moreover, owing to restrictions, vehicle owners reduced the amount of driving resulting in delayed visits for maintenance or tire replacement. However, with the projected exponential increase in vehicle sales over the forecast period, the market is expected to be revived economically also with the players focusing on the development of the new product.

Over the long term, increasing adoption of off-highway machinery in construction, mining, and agricultural industries. Rising mechanization trend in developing countries and spike in residential and commercial construction projects are driving the demand for off-highway machinery which in turn creates a parallel demand for

The demand for tire retreads has been increasing for these vehicles, as fleet managers /operators continue to leverage retread programs to reduce operating costs. Retreading can save the heavy commercial vehicle segment to a significant extent, as it is significantly cheaper than a tire replacement.

Heavy-duty Tire Industry Segmentation

Heavy-duty tires are solely utilized for particular heavy-duty application equipment. These machines are used in a variety of applications, including construction machinery, mining machinery, industrial vehicles and equipment, agricultural machinery, and forestry machinery. Because these vehicles are employed in harsh environments to construct infrastructure, their tires must withstand high loads.

The Heavy-duty Tire Market is Segmented by Vehicle Type (Construction Machinery, Mining Machinery, Agricultural Machinery, Industrial Vehicles), End-user (OEM, Aftermarket), and by Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The report offers market size and forecasts for all the above segments in value (in USD Billion).

Vehicle Type
Construction Machinery
Mining Machinery
Agricultural Machinery
Industrial Vehicles
End-user Type
OEM
Aftermarket
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
Brazil
Argentina
South Africa
Other Countries
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Heavy Duty Tire Market Size Summary

The heavy-duty tire market is poised for growth, driven by the increasing demand in construction, mining, and agricultural sectors. The market's recovery from the COVID-19 pandemic is supported by a projected rise in vehicle sales and a focus on new product development. The adoption of off-highway machinery and the trend towards mechanization in developing countries are significant factors contributing to market expansion. Additionally, the demand for tire retreads is on the rise as fleet operators seek cost-effective solutions to manage operating expenses. The construction machinery segment, including cranes, excavators, and bulldozers, is experiencing heightened demand due to a surge in construction projects and favorable economic conditions, particularly in developing regions.

The Asia-Pacific region, with its robust construction sector and infrastructural investments, is a key area of growth for the heavy-duty tire market. Countries like India and various ASEAN nations are witnessing increased construction activities, driven by large-scale infrastructure projects and urbanization. The construction equipment rental market is also expected to grow, offering opportunities for tire manufacturers. However, the market faces challenges from stringent emission regulations and the need for cost-effective, compliant machinery. Despite these challenges, continuous technological advancements and strong government support in regions like Australia are expected to sustain market growth. The presence of major players such as Bridgestone, Michelin, and Continental AG, along with ongoing product innovations, further bolsters the market's expansion prospects.

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Heavy Duty Tire Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Vehicle Type

      1. 2.1.1 Construction Machinery

      2. 2.1.2 Mining Machinery

      3. 2.1.3 Agricultural Machinery

      4. 2.1.4 Industrial Vehicles

    2. 2.2 End-user Type

      1. 2.2.1 OEM

      2. 2.2.2 Aftermarket

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Italy

        5. 2.3.2.5 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 South Africa

        4. 2.3.4.4 Other Countries

Heavy Duty Tire Market Size FAQs

The Heavy Duty Tire Market is projected to register a CAGR of 4.84% during the forecast period (2024-2029)

Bridgestone Corporation, Continental Tires, Balkrishna Industries Limited (BKT), Michelin and Trelleborg AB are the major companies operating in the Heavy Duty Tire Market.

Heavy-duty Tire Market Report Snapshots

Heavy-duty Tire Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)