TRUCK TIRES MARKET IS EXPECTED TO SHOW STRONG GROWTH DUE TO RISING DEMAND FROM EMERGING ECONOMIES
According to the latest study published by Profshare Market Research Global Truck Tires Market is expected to reach USD 149.97 billion by 2027. The exponential growth of the automotive industry around the globe making a similar growth projection on the Tyre industry. Truck tires OR Commercial vehicle tires have low life span than average passenger vehicle tires due to harsh driving conditions. The global tires market is relatively concentrated as the manufacturing technology required for truck tires is relatively higher and costly than some light tires. Global Truck Tires Market growth is estimated to show a lower CAGR of 4.2 % between 2019-27.
Diagonal Tires, Bias Tires and Radial Tires are primary truck tire types. In 2018 Radial tire segment showed high growth of 7.3 %. Radial tire technology is primarily dominating in Asia Pacific & Latin America region. Ride quality decides the fate of any tire category, Radial Tires offers better ride quality because of greater traction. On the other hand, bias tires don’t offer great smoothness in terms of riding quality, primarily due to their strong and stable sidewalls, especially in heavy-duty carriage trucks. Hence, bias tires can be commonly used in large commercial vehicles.
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Study indicates that Truck tires find its application in Mini trucks, Light trucks, Medium-Sized Truck and Heavy trucks. Globally Heavy Truck segment generated highest volume of around USD 64 billion in 2018. Infrastructure development especially in developing nations results into large-scale use of heavy commercial vehicles. Mini Truck segment also expected to show healthy growth for commercial vehicle tires manufacturer.
Asia pacific region is market leader primarily due to emerging industrialization and the presence of large global companies with their manufacturing base. China, India and Brazil surely continue to play vital role in the growth of the Truck Tire market. China is the largest manufacturer of Truck Tyre and the reason behind the large sell of Chines Truck tire sell is pricing strategy. On an average Chinese Truck tyres are USD 70 to 120 cheaper than most of the good brand tires and hence resulting in more sell. North America and Europe expected to show constant growth while South America, Africa & Middle East remains to enjoy moderate growth rate due to rise in the construction market.
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Market Segmentation
Product Types
- Diagonal Tires
- Bias Tires
- Radial Tires
Application analysis
- Mini Truck
- Light Truck
- Medium-Sized Truck
- Heavy Truck
The research report on the Truck Tires Market includes a competitive analysis that provides a better insight into the major manufacturers of Truck Tires. These major players include:
- Continental
- Michelin
- Bridgestone
- Goodyear
- Hankook
- Pirelli
- Nokian
- Giti
- Sumitomo Rubber
- Toyo Tire & Rubber
- Yokohama Rubber and Copper
Related Market Research Report:
Global Motorcycle Tires Market by Product Type (Tubbed Tire, Tubeless Tire and Solid Tire) by Application (OEM and Aftermarket) by Industry Analysis, Volume, Share, Growth, Challenges, Trends and Forecast 2028
Access the report @ https://www.profsharemarketresearch.com/motorcycle-tires-market/
About Profshare:
Profshare Market Research is a full-service market research company that delivers in-depth market research globally. We operate within consumer and business-to-business markets offering both qualitative and quantitative research services. We work for private sector clients, along with public sector and voluntary organizations. Profshare Market Research publishes high quality, in-depth market research studies, to help clients obtain granular level clarity on current business trends and expected future developments. We are committed to our client’s needs, providing custom solutions best fit for strategy development and implementation to extract tangible results.
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