Mining Tires Market is Forecasted to Reach US$ 5.3 billion in 2027, Says Stratview Research

The global Mining Tires Market is projected to witness a growth rate of 5.1% annually from 2022 to 2027, with an anticipated size of US$ 5.3 billion in 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Mining Tires Market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report: https://www.stratviewresearch.com/Request-Sample/2886/mining-tires-market.html#form

Report Highlights: `
Market Size in 2027: US$ 5.3 billion
Growth (CAGR): 5.1% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Mining Tires Market:
The global Mining Tires Market is segmented application type, tire type, end-user type and region

Based on the application type: The mining tires market is segmented into surface mining and underground mining. Surface mining is expected to remain the dominant as well as the faster-growing application type in the market during the forecast period. Extensive usage of haul trucks/mining trucks, graders, and loaders creates a huge demand for mining tires in the market. These equipment are more prone to wear and tear due to uneven surfaces in the mining field, creating a frequent need for tire replacement.

Based on the tire type: The market is segmented into radial tires and bias tires. Bias tires are expected to be the dominant tire type in the market during the forecast period. Bias tires have long been used in the industry because they have a thicker sidewall than radial tires, making them more resistant to cracks, cuts, and tears. They also provide a smooth ride in rough conditions and are less expensive than radial tires.

Based on the end-user type: The market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant segment of the market during the forecast period. As mining equipment generates a large amount of heat at the wheel end, due to the heavy loads it frequently transports, this heat causes faster tire wear and other problems, resulting in a shorter mining tire replacement cycle. Furthermore, the growing mining industry is expected to boost the demand for these tires even further in the coming years.

To know the most attractive segments, click here for a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/2886/mining-tires-market.html#form

Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis Asia-Pacific is expected to remain the largest market for mining tires during the forecast period.This growth outlook is majorly attributed to the following-
• Because of its favorable geographical conditions, the region has a rich mineral resource. India and China are two of the region's most mineral-rich countries.
• In order to meet the rising energy demand, coal extraction is being increased for power generation. The region's mining industry is expanding rapidly, which is likely to drive the demand for mining tires over the forecast period.

Mining Tires Market Drivers:
The Mining Tires Market is driven by several key factors, including:
• The demand for natural minerals has increased because of increased industrial production, infrastructure development, and power generation.
• Increasing government plans and programs aimed at boosting mining projects, rising demand for natural minerals in various end-use industries, coupled with the growing adoption of radial tires are one of the major factors driving the mining tires market across regions.

Top 10 Companies in the Mining Tires Market:
Stratview Research has identified the following companies as the top market players:
• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• Compagnie Generale Des Etablissements Michelin S.C.A.
• Continental AG
• Goodyear Tire and Rubber Company
• JK Tyre & Industries
• MRF Tyres
• Titan International
• Trelleborg AB
• Yokohama Rubber Co. Ltd.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Mining Tires Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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• Mining Ropes Market: https://www.stratviewresearch.com/2890/mining-ropes-market.html
• Mining Bearings Market: https://www.stratviewresearch.com/1962/mining-bearings-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.