LONDON--(BUSINESS WIRE)--The global heavy-duty vehicle tires market is expected to post a CAGR of close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
In recent years, there has been a significant rise in the volumes of freight and increase in manufacturing operations in developing countries, which is driving the sales of heavy-duty vehicles. Moreover, the rising demand for public transport vehicles is also increasing the production and sales of heavy-duty trucks and buses. This will drive the production of heavy-duty vehicle tires as well. Thus, the growing sales and production of commercial vehicles will have a direct impact on the growth of heavy-duty vehicle tires market during the forecast period.
As per Technavio, the adoption of nanotechnology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global heavy-duty vehicle tires market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global heavy-duty vehicle tires market: Adoption of nanotechnology
Several manufacturers in the tires market are increasingly leveraging nanotechnology as it helps in significantly reducing the wear and tear of heavy-duty vehicle tires. Tires with nanotechnology deliver superior performance in extreme conditions. They offer stronger grips to winter tires when traversing snow-covered pavements. Nanoprene, a high-performance rubber additive, which is used with the rubber mixture of the tire tread, significantly helps reduce wear and tear. Thus, the adoption of nanotechnology in tire manufacturing will boost the growth of the heavy-duty vehicle tires market during the forecast period.
“Rubber prices are continuously falling owing to low demand in countries such as the US and the UK, which witnessed softening automotive sales. China also faced difficulty in vehicle sales growth in 2018, which lowered rubber prices. A large portion of the production cost of heavy-duty tires includes costs incurred while sourcing raw materials that represent about 50% of the cost of a tire. Hence, the falling rubber prices will boost the profit margins for the tire manufacturers, which will fuel market growth during the forecast period,” says a senior research analyst at Technavio.
Global heavy-duty vehicle tires market: Segmentation analysis
This market research report segments the global heavy-duty vehicle tires market by application (trucks and buses) and geographic regions (APAC, North America, Europe, MEA, and South America).
The trucks segment held the largest heavy-duty vehicle tires market share in 2018. Tire manufacturers have been offering various types of heavy-duty vehicle trucks based on the type of terrain and vehicle weight classification. Tires designed for heavy-duty vehicles have reinforced sidewalls, denser treads, and higher resistance to wear.
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The market in APAC is driven by the growth in the commercial vehicle market in emerging countries such as India, China, Japan, and Indonesia.
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