Market Overview:
The global heavy truck tyre market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for commercial vehicles across the globe. Additionally, factors such as rising disposable income and technological advancements are also contributing to the growth of this market. The radial tire segment is expected to dominate the global heavy truck tyre market during the forecast period, owing to its superior performance and longer life as compared to bias tires. The OEM segment is expected to account for a major share of this market due its growing demand for commercial vehicles globally.
Product Definition:
A tyre for a heavy truck is typically larger and thicker than tyres for other types of vehicles. The increased size and thickness gives the tyre more stability and durability when travelling over rough terrain or travelling at high speeds.
Radial Tire:
Radial tire is a type of tire which has six equally spaced beads around the rim. The radial side wall consists of an iron or steel belt, this belt acts as a reinforcing element and provides stability to the structure. Radial tires are mainly used in passenger cars and commercial vehicles for smooth driving experience at high speed with better safety conditions.
The global heavy truck market size was valued at USD 27 billion in 2015.
Bias Tire:
Bias tire is a type of tire which is manufactured with two different rubber compounds. One of the types of rubber compound has higher tensile strength than the other one and this imbalance in the properties provides better performance as compared to radial tires. Bias tires are used for applications where high rolling resistance is not acceptable, i.e., for applications such as agricultural vehicles, construction equipment, material handling equipment and public transportation including buses and railways.
Application Insights:
OEMs such as Goodyear, Michelin and Bridgestone Corp. manufacture tires for heavy trucks on a global scale. The OEMs have their regional offices in countries including the U.S., Brazil, India, China and Russia which provide support to local dealerships for the distribution of products. Heavy truck tires are mainly sold through commercial networks including automotive parts stores or tire shops that cater to heavy-duty vehicles along with light trucks and buses; they are also sold directly to consumers through e-commerce portals or direct sales channels.
The aftermarket segment includes both private companies as well as non-private companies engaged in servicing heavy trucks across the world market place by way of providing replacement tires or repair services for damaged ones at an affordable cost depending upon location specific costs associated with labor rates etcetera (i).
Regional Analysis:
Asia Pacific dominated the global heavy truck tyre market in 2017 and is expected to continue its dominance over the forecast period. The growth of this region can be attributed to increasing demand for heavy commercial vehicles in countries, such as China, India, South Korea and Japan. In addition, rising investments by OEMs for manufacturing high-quality trucks coupled with growing consumer disposable income levels are anticipated to drive product demand over the forecast period.
Europe accounted for a significant share of revenue in 2017 owing to rapid industrialization and urbanization across various regions including Germany, U.K., Italy and France among others. Moreover, presence of major players such as Goodyear GmbH & Co., Pirelli S.pA., Bridgestone Europe Ltd.
Growth Factors:
- Increasing demand for commercial vehicles: The global demand for commercial vehicles is expected to grow at a CAGR of more than 5% during the forecast period. This will lead to an increase in the demand for heavy truck tyres, as they are used extensively on commercial vehicles.
- Rising urbanization and industrialization: The growth of urban areas and the expansion of industries are leading to an increase in the need for transportation, which is boosting the demand for heavy trucks and consequently, their tyres.
- Technological advancements: Tyre manufacturers are focusing on developing new technologies that can improve tyre performance and durability. This is helping them gain a competitive edge in the market and is likely to boost sales over the next few years.
- Stringent emission norms: Stringent emission norms across regions are prompting Original Equipment Manufacturers (OEMs) to equip their trucks with high-performance tyres that meet these norms. This is benefiting tyre manufacturers as it is resulting in an increase in demand for heavy truck tyres from OEMs worldwide .
Scope Of The Report
Report Attributes
Report Details
Report Title
Heavy Truck Tyre Market Research Report
By Type
Radial Tire, Bias Tire
By Application
OEM, Aftermarket
By Companies
Michelin, Bridgestone, Continental, Pirelli, Goodyear, Shanghai Huayi, Sumitomo Rubber Industries, ZC Rubber, Yokohama, Nokian Tyres, Hankook, Maxxis, Triangle Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
123
Number of Tables & Figures
87
Customization Available
Yes, the report can be customized as per your need.
Global Heavy Truck Tyre Market Report Segments:
The global Heavy Truck Tyre market is segmented on the basis of:
Types
Radial Tire, Bias Tire
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
OEM, Aftermarket
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Michelin
- Bridgestone
- Continental
- Pirelli
- Goodyear
- Shanghai Huayi
- Sumitomo Rubber Industries
- ZC Rubber
- Yokohama
- Nokian Tyres
- Hankook
- Maxxis
- Triangle Group
Highlights of The Heavy Truck Tyre Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Radial Tire
- Bias Tire
- By Application:
- OEM
- Aftermarket
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Heavy Truck Tyre Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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- Consumer Insights
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Heavy truck tyres are designed to withstand the rigours of long-distance transport. They are made from a tougher rubber compound than regular passenger car tyres, and often have a thicker tread. This makes them better able to resist punctures and provide more stability when driving over rough terrain or on slippery roads.
Some of the major companies in the heavy truck tyre market are Michelin, Bridgestone, Continental, Pirelli, Goodyear, Shanghai Huayi, Sumitomo Rubber Industries, ZC Rubber, Yokohama, Nokian Tyres, Hankook, Maxxis, Triangle Group.
The heavy truck tyre market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Heavy Truck Tyre Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Heavy Truck Tyre Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Heavy Truck Tyre Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Heavy Truck Tyre Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Heavy Truck Tyre Market Size & Forecast, 2020-2028
4.5.1 Heavy Truck Tyre Market Size and Y-o-Y Growth
4.5.2 Heavy Truck Tyre Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Radial Tire
5.2.2 Bias Tire
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 OEM
6.2.2 Aftermarket
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Heavy Truck Tyre Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Heavy Truck Tyre Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Radial Tire
9.6.2 Bias Tire
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 OEM
9.10.2 Aftermarket
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Radial Tire
10.6.2 Bias Tire
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 OEM
10.10.2 Aftermarket
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Radial Tire
11.6.2 Bias Tire
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 OEM
11.10.2 Aftermarket
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Radial Tire
12.6.2 Bias Tire
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 OEM
12.10.2 Aftermarket
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Radial Tire
13.6.2 Bias Tire
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 OEM
13.10.2 Aftermarket
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Heavy Truck Tyre Market: Competitive Dashboard
14.2 Global Heavy Truck Tyre Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Michelin
14.3.2 Bridgestone
14.3.3 Continental
14.3.4 Pirelli
14.3.5 Goodyear
14.3.6 Shanghai Huayi
14.3.7 Sumitomo Rubber Industries
14.3.8 ZC Rubber
14.3.9 Yokohama
14.3.10 Nokian Tyres
14.3.11 Hankook
14.3.12 Maxxis
14.3.13 Triangle Group
