The global heavy-duty vehicle tires market is expected to post a CAGR of
close to 5% during the period 2019-2023, according to the latest market
research report by Technavio.
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The global heavy-duty vehicle tires market is expected to post a CAGR of close to 5% during the period 2019-2023 (Graphic: Business Wire)
In recent years, there has been a significant rise in the volumes of
freight and increase in manufacturing operations in developing
countries, which is driving the sales of heavy-duty vehicles. Moreover,
the rising demand for public transport vehicles is also increasing the
production and sales of heavy-duty trucks and buses. This will drive the
production of heavy-duty vehicle tires as well. Thus, the growing sales
and production of commercial vehicles will have a direct impact on the
growth of heavy-duty vehicle tires market during the forecast period.
As per Technavio, the adoption of nanotechnology will have a positive
impact on the market and contribute to its growth significantly over the
forecast period. This global
heavy-duty vehicle tires market 2019-2023 research report
also analyzes other important trends and market drivers that will affect
market growth over 2019-2023.
Global heavy-duty vehicle tires market:
Adoption of nanotechnology
Several manufacturers in the tires market are increasingly leveraging
nanotechnology as it helps in significantly reducing the wear and tear
of heavy-duty vehicle tires. Tires with nanotechnology deliver superior
performance in extreme conditions. They offer stronger grips to winter
tires when traversing snow-covered pavements. Nanoprene, a
high-performance rubber additive, which is used with the rubber mixture
of the tire tread, significantly helps reduce wear and tear. Thus, the
adoption of nanotechnology in tire manufacturing will boost the growth
of the heavy-duty vehicle tires market during the forecast period.
“Rubber prices are continuously falling owing to low demand in
countries such as the US and the UK, which witnessed softening
automotive sales. China also faced difficulty in vehicle sales growth in
2018, which lowered rubber prices. A large portion of the production
cost of heavy-duty tires includes costs incurred while sourcing raw
materials that represent about 50% of the cost of a tire. Hence, the
falling rubber prices will boost the profit margins for the tire
manufacturers, which will fuel market growth during the forecast period,”
says a senior research analyst at Technavio.
Global heavy-duty vehicle tires market:
This market research report segments the global heavy-duty vehicle tires
market by application (trucks and buses) and geographic regions (APAC,
North America, Europe, MEA, and South America).
The trucks segment held the largest heavy-duty vehicle tires market
share in 2018. Tire manufacturers have been offering various types of
heavy-duty vehicle trucks based on the type of terrain and vehicle
weight classification. Tires designed for heavy-duty vehicles have
reinforced sidewalls, denser treads, and higher resistance to wear.
The APAC region led the market in 2018, followed by North America,
Europe, South America, and MEA respectively. The market in APAC is
driven by the growth in the commercial vehicle market in emerging
countries such as India, China, Japan, and Indonesia.
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