Heavy-Duty Tire Market is anticipated to project a CAGR of around 6.2% during the forecast period of 2018-2023|Key Vendors - BRIDGESTONE, CONTINENTAL, GOODYEAR, MICHELIN GROUP, amongst others

Market Analysis:

In 2017, majority of the European countries experienced growth in the agricultural machinery market when compared to its past two years declining records and the market is likely to continue to increase during the forecast period. Hence, Europe is likely to register a faster growth rate in agricultural machinery tires market during the forecast period.

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Increased demand for construction, mining, and agricultural machinery & equipment, and their tire replacement has boosted the demand for heavy-duty tires from both OEM and aftermarket sector. The road and bridge construction markets are also expected to fuel the growth of small and large off-the-road tire sales. Increased emphasis on federal and state funding for these infrastructural projects is a major driver of growth in the heavy-duty tire markets. Demand for tire retreads has also been increasing as the fleet managers/operators continue to leverage retread programs to reduce the operating costs. Retreading can help the heavy commercial vehicle segment save a significant amount of money, as it is significantly cheaper than a tire replacement.

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Market Segments:
Heavy-Duty Tire Market is segmented by:
1. Vehicle Type: Construction Machinery, Mining Machinery, Agricultural Machinery, Industrial Vehicles
2. End Markets: OEMs, Aftermarket
3. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments of the Market:
• January 2018: Yokohama Group planned to expand its production capacity for heavy-duty tires/ OTR tires by adding new facilities at ATC Tires Pvt. Ltd., a subsidiary of Alliance Tire Group (ATG). The construction of new facility started in February 2018 at ATC Tire’s Dahej Plant, in Gujarat, India.
• January 2018: Bridgestone expanded its product portfolio of industry technology solution by introducing PressureStatu2122, a Tire Pressure Monitoring System (TPMS) for OTR tires in the construction, underground hard rock, quarry, and port industries.

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