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Heavy-duty Tires Market By Application (Construction & Mining, Industrial Equipment, Agricultural and Forestry Equipment), By Distribution Channel (OEM and Aftermarket), By Sales Channel (Direct Retail & Online Retail) - Growth, Future Prospects, and Competitive Landscape, 2018-2026

Industry Outlook

Heavy-duty tires are the only type of tire that is used on specialized heavy-duty equipment. These pieces of equipment are used across different applications, such as construction equipment, mining equipment, industrial vehicles and equipment, agricultural equipment, and forestry equipment. As this equipment is used in hostile conditions in building infrastructure, the tires used for these vehicles have to bear a significant load, and hence the demand for such tires is expected to grow at a considerable rate throughout the forecast period from 2018 to 2026.

Market Synopsis

Heavy Replacement Factors Helped the Aftermarket Channel Register a Higher Market Value Than the OEM Channel

Heavy-duty or off-highway tires have a high replacement factor, as these tires are used in extremely rugged and hostile conditions. Equipment used in construction and mining, agriculture, and forestry is essential and must be replaced periodically for better equipment output and performance. Consequently, the heavy-duty tire market through the aftermarket channel registered a dominant market value compared to the OEM heavy-duty tire channel. The aftermarket distribution channel is expected to retain its dominance throughout the forecast period from 2018 to 2026.

Online Retail Slowly but Consistently Denting Direct Retail Market Share

At present, direct retail holds a major market share in the global heavy-duty tire market. Even with the proliferation of the internet and e-commerce websites, consumers still prefer to procure tires for their heavy-duty equipment through retail stores or authorized retailers. Direct retail provides consumers with free installation and a reasonable buy-back cost, as well as a trust factor. However, the scenario is changing considerably, and consumers are slowly turning towards online retail. Discounted prices and after-sale support provided by dedicated e-commerce sites have helped the online retail channel grow significantly in recent years.

The Asia Pacific market is the most profitable market for heavy-duty tires.

Rapid industrialization and tremendous growth in infrastructure in Asia-Pacific have elevated the demand for special heavy-duty application equipment. Growth in the demand for such equipment has also seriously encouraged the demand for tires used on heavy-duty equipment. Besides, the proliferation of mechanization in farming, especially in countries including India and China, has further boosted the demand for tires used on agricultural equipment such as farm tractors and harvesters. Europe trails Asia-Pacific in terms of market value. Asia Pacific is expected to retain its dominance in the coming years.

Market Segmentation

Competitive Landscape 

The research study covers some of the leading armored vehicle manufacturers, including Bridgestone Corporation, Balkrishna Industries Limited (BKT), Continental Tires, Cavi Elettrici e Affini Torino (CEAT), Titan Tire Corporation, The Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin SCA (Michelin), Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., Hank The heavy-duty tire market is characterized by a number of global and local tire manufacturers; however, the market is dominated by a few brand names, including Bridgestone Corporation, Michelin, and Titan Tire Corporation, among others.

These companies had incorporated several active business propositions based on the regional markets and achieved considerable success. Small companies and new entrants are trying to follow in their footsteps and create their own identities in the market. Several local and small companies are giving a tough fight for market share to these industrial giants. However, the overall dominance of these companies is undeniable and expected to continue throughout the forecast period from 2018 to 2026. The market strategies of these companies are discussed in detail in the research study.

Frequently Asked Questions:

The market for Heavy-duty Tires Market is expected to reach US$ XX Mn by 2026.

The Heavy-duty Tires Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2018-2026.

The base year of this report is 2017.

Continental Tires, Cavi Elettrici e Affini Torino (CEAT), Titan Tire Corporation, The Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin SCA (Michelin), Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd. are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Apr 2019
Category:  Automotive & Transportation
Report ID:   59659
Report Format:   PDF
Pages:   120
Rating:    4.2 (69)
Delivery Time: 24 Hours to 48 Hours   
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