Global Commercial Vehicle Tires Market 2017-2021
About Commercial Vehicle Tires
A poly-v belt is a single continuous belt used to drive auxiliary components such as the alternator, air pump, water pump, power steering pump, and air conditioning compressor in an automotive engine. By application type, the commercial vehicle poly-v belt market is segmented into two: light commercial vehicles (LCVs) and medium and heavy commercial vehicle (M&HCVs).
Technavio’s analysts forecast the global commercial vehicle tires market to grow at a CAGR of 6.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global commercial vehicle tires market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automated Material Handling Equipment (AMHE) Market 2017-2021
Technavio recognizes the following companies as the key players in the global automated material handling equipment (AMHE) market: Daifuku, Dematic, SSI Schaefer, and Vanderlande Industries.
Other Prominent Vendors in the market are: Beumer, Dearborn Mid-West Conveyor, Fives, FlexLink, Intelligrated, Kardex, KNAPP Logistics Automation, Legris Industries, Mecalux, Murata Machinery, Swisslog, and TGW Logistics.
Commenting on the report, an analyst from Technavio’s team said: “Robotic systems are among the highest growing product in the global AMHE market, expected to post a CAGR of 8.31% during the forecast period. Companies from various industries, other than traditional industries, are buying or investing in robotic systems. Google and Amazon are few examples of such companies that focus on optimizing their business using the robotic system. Amazon acquired Kiva Systems in 2012, and as of 2016, had more than 30,000 robots working in their warehouse to make delivery processes faster. Amazon has also set a trend of using robotic systems for better operational efficiency and cost saving. Amazon claimed to have 20% cost saving using robotics in its warehouse. Other vendors with high warehouse requirements such as Walmart and Target are likely to follow the trend in the forecast period.”
According to the report, Advances of e-commerce in retail industry is driving growth in the market. Growing middle-class population is increasing the domestic consumption due to the advances in the retail sector. The sector is witnessing an expansion owing to the increased usage of the Internet and mobile services. The growth of revenue in this sector is high because of the increase in supply. There is an increased need for efficiency in delivery systems, inventory management, reverse logistics, and freight forwarding for better operation. This is characterized by the need for provisioning of various small package deliveries and individualized shipping time requirements. With the growth in the retail sector, the demand for AMHE will also increase to enhance operational services.
Further, the report states that high initial investment is the major challenge in the market. End-user segments, especially small and medium enterprises, that are looking at enhancing their manufacturing and distribution facilities are holding back, because of the high costs of AMHE, coupled with high maintenance costs. Even large enterprises that contribute major revenue are looking at cutting costs by exploring options such as renting industrial robots, acquiring equipment on lease, and choosing second-hand units. Second-hand units can be up to 50% cheaper than newer ones. This trend, however, is limited to non-engineered systems alone.
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