Global Radial Heavy-Duty Tires Market Size By Application(Heavy Duty Truck Tires, OTR Tires), By Geographic Scope And Forecast

Radial Heavy-Duty Tires Market Size And Forecast

Radial Heavy-Duty Tires Market size was valued at USD 41.21 Billion in 2021 and is projected to reach USD 79.11 Billion by 2030, growing at a CAGR of 5.62% from 2023 to 2030.

The Global Radial Heavy-Duty Tires Market has witnessed strong growth owing to the increasing infrastructural developments and growth in construction & mining activities, and increase in machine-oriented agricultural practices are all contributing to this trend. The Global Virtual Events Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Radial Heavy-Duty Tires Market Definition

Radial Heavy-Duty Tires is a pneumatic tire in which the ply cords extending to beads are laid at approximately right angles to the center line of the tread. It consists of the so-called radial structure of cords that are placed at 90° to the direction of travel to provide superior and reliable performance.

The Radial Heavy-Duty Tires are heavy in weight and have high strength. Off-road, agricultural & commercial vehicles are a prominent user of a Radial Heavy-Duty Tires for efficient and uninterrupted transport. In the Radial Heavy-Duty Tires, steel cord plies are placed on the heel of the tire, and a belt is placed across the casing.

Global Radial Heavy-Duty Tires Market Overview

Substantial growth in infrastructural development is witnessed in most emerging countries worldwide due to the impact of globalization. Infrastructure includes a growing transportation network, heavy investments on roads, bridges, and tunnels for easy commute, an improved supply chain network for better trade, growing manufacturing industries, and construction of buildings. The demand for advanced machines is growing and is expected to drive the demand for construction and mining equipment with increased labor costs, the need for higher productivity, and making optimum utilization of resources.

Increasing urbanization in the emerging markets of Asia, such as China and India, will likely raise the need to develop vital infrastructure to support the increasing transportation, power, and water needs. Government initiatives like the development of Smart Cities in India as well as the emergence of megacities in Japan and South Korea is likely to boost the infrastructural development in the region. The growth of the construction and mining equipment market in Asia Pacific is also driven by the development of the Asian Infrastructure Investment Bank (AIIB), which provides funding to construction and mining companies for capital goods investments and other inventories at marginalized lending rates.

The increase in global construction and mining activities, as well as the increase in global infrastructure spending, has propelled the demand for construction and mining equipment. As the Radial Heavy-Duty Tires market is directly influenced by the increase in demand for these vehicles, the market is expected to grow with increased infrastructural development. However, high R&D costs is a prominent factor that could limit the worldwide Radial Heavy-Duty Tires market’s growth.

Global Radial Heavy-Duty Tires MarketSegmentation Analysis

The Global Radial Heavy-Duty Tires Market is segmented based application, and Geography.

Radial Heavy-Duty Tires Market by Application

• Heavy Duty Truck Tires• OTR Tires• Agricultural Tires

Based on Application, the market is segmented into heavy duty truck tires, OTR tires, and agricultural tires. In 2021, the Agricultural Tires segment has dominated the market accounting for the largest market share. This is because of the increasing agricultural activities and the use of agricultural vehicles which drives Radial Heavy-Duty Tires market.

Radial Heavy-Duty Tires Market by Geography

• North America• Europe• Asia Pacific• Rest of the World

Based on regional analysis, the Global Radial Heavy-Duty Tires Market is classified into North America, Europe, Asia-Pacific, and the Rest of the world. Asia-Pacific is the leading region in the Global Radial Heavy-Duty Tires Market due to rapid adoption of advanced technology, also the mining industry in this region is driven by emerging economies such as China and India. The mining industry in India and China has grown extensively in the last few years which have been the early movers in adopting Radial Heavy-Duty Tires, leading to the dominance of the region in the global market.

Key Players

The “Global Radial Heavy-Duty Tires Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Michelin, Bridgestone, Goodyear, Titan, Yokohama Tire, Continental, CHEMCHINA, Alliance Tire Group, BKT, Guizhou Tire, amongst others are a few major companies operating in the Radial Heavy-Duty Tires market.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2021, Michelin expanded its agricultural OTR tires range with its new product TRAILXBIB. The tire is designed with agriculture equipment capacity and innovative technology to preserve soil as well as ensure even weight distribution through the tire contact patch and high levels of soil protection.

• In March 2021, Goodyear launched EV-4M Port Handler. The new tire is designed with a high-strength bead bundle, sidewall inserts, enhanced wedge, and robust casing construction. These features offer improved treadwear, durability, comfort, stability, increased efficiency, and operational efficiency.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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