Heavy-Duty Tire Market was valued at USD 27.5 Billion in 2022 and is projected to reach USD 39.1 Billion by 2030, growing at a CAGR of 5.2% from 2024 to 2030.
The heavy-duty tire market demonstrated a robust growth trajectory in 2022, with a valuation reaching approximately USD 28.4 billion. This sector, primarily driven by the expanding transportation and logistics industries, experienced a notable compound annual growth rate (CAGR) of 4.7% during the year. The increasing demand for durable and high-performance tires in commercial vehicles and off-road machinery has been a significant factor contributing to this growth. Additionally, the growing emphasis on vehicle safety and efficiency is further bolstering market expansion.
Emerging market opportunities are particularly prominent in regions such as Asia-Pacific and Latin America, where rapid industrialization and infrastructure development are spurring demand for heavy-duty tires. These regions are expected to witness a higher CAGR compared to mature markets due to increased investment in transportation infrastructure and a growing fleet of commercial vehicles. The evolving regulatory landscape focusing on fuel efficiency and environmental sustainability is also anticipated to drive innovations in tire technology, presenting new opportunities for growth within the market.
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Bridgestone
Continental
Xuzhou Armour Rubber
Hankook
Michelin
Mitas
Sumitomo Rubber
MaiTech Tire
Goodyear
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Heavy-Duty Tire Market
OEMs
Aftermarket
Based on Types the Market is categorized into Below types that held the largest Heavy-Duty Tire market share In 2023.
Construction Machinery
Mining Machinery
Agricultural Machinery
Industrial Vehicles
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Heavy-Duty Tire Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Heavy-Duty Tire Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Heavy-Duty Tire Market, By Type
6. Global Heavy-Duty Tire Market, By Application
7. Global Heavy-Duty Tire Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Heavy-Duty Tire Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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