世界の高耐久性タイヤ市場 - 概要・予測
Heavy-duty Tire Market - Growth, Trends, and Forecast (2019 - 2024)
|発行||Mordor Intelligence LLP||商品コード||356588|
|出版日||ページ情報||英文 111 Pages
|世界の高耐久性タイヤ市場 - 概要・予測 Heavy-duty Tire Market - Growth, Trends, and Forecast (2019 - 2024)|
|出版日: 2019年04月01日||ページ情報: 英文 111 Pages||
The global heavy-duty tire market (henceforth referred to as the market studied) was valued at USD 18,230 million in 2018 and is anticipated to register a CAGR of about 4.44% during the forecast period (2019-2024).
The ongoing demand for construction of smart cities across the world and various mega constructions, particularly in developing countries, increasing investment in R&D projects, and the launch of new technologies may increase the demand for the market studied. The scope of the report includes
Construction Machinery Tires are Dominating Other Heavy-duty Tires
The demand for construction machinery, such as cranes, wheel loaders, bulldozers, motor graders, excavators, telescopic handlers, forklifts, and backhoes is predominantly being driven by increasing volume of construction projects and expanding construction budgets, especially in the developing countries across the globe over the last five years. This is driving the construction machinery tires market. Continued economic growth in a number of developed and developing nations, coupled with attractive financing conditions on the back of low-interest rates, are expected to boost average global construction industry revenues, which will, in turn, propel the growth of the construction machinery market.
Asia-Pacific and North America are expected to be the leading geographies for construction output. Continuing on the previous trends, China is expected to reflect a strong demand, mainly in the country's transport infrastructure segment. In the United States and Canada, a healthy residential market and a pickup in commercial construction activity are expected to drive the growth for construction machinery.
Asia-Pacific is Leading the Heavy-duty Tire Market
Asia-Pacific is leading the geography and holding more than half of the market share. China is the central hub for business across industries, as well as one of the fastest growing economies in the world. The demand for materials like coal, iron ore, gold, and copper is increasing in the country. As a result, the demand for mining truck tires has gone up as well. In addition, investments in the mining sector are expected to serve as a good opportunity for heavy-duty tire manufacturers, as the country started experiencing recovery in mining production, with the help of advanced technologies, since 2016. The increase in the mining production is likely to propel demand for new construction machinery in fields, by replacing old machinery, which is further fuelling the mining tires demand.
India has emerged as one of the leading manufacturing and consumption hubs of OTR tires, primarily in the agriculture and mining segments. Currently, the Indian heavy-duty tire market is quite competitive and highly concentrated, mainly catered to by top players. There has been a noticeable change in the technological upgradations that the Indian industry has adopted. The construction and mining segments hold a significant market share of heavy-duty tire sales in the country. Agriculture is the biggest segment for OTR tires, owing to an increased rate of tractor penetration in Indian rural regions. The growing demand for construction equipment in earthmoving, material handling, and concrete mixing, is expected to fuel India's construction machinery tire market over the coming years.
The global heavy-duty tires market consists of numerous international and domestic players, such as Bridgestone Corporation, Michelin, Titan International, Trelleborg Wheel Systems, Balkrishna Industries Limited, and Continental AG, which account over 40% of the market share. Growing construction demand, aftermarket replacement rate, and acquisition activities among key players are driving growth in the market.
Bridgestone has invested a sum of USD 12 million in its Bloomington, Illinois plant, to expand the production of OTR tires. The tire sizes to be produced are 29, 33, and 35 inches, and have been in production only in Japan. JK Tyres, one of the major manufacturers of OTR tires in India, recorded a significant growth. The company earned around approximately USD 160 million from OTR tires. Additionally, the company also became the preferred partner of JCB, Caterpillar, and Coal India.