Global Heavy-duty Vehicle Tires Market 2019-2023
About this market
the The rising penetration of TPMS is one of the key factors anticipated to boost the heavy-duty vehicle tires market growth in the forthcoming years. Fleet managers are extensively using these systems for determining tire health and enhanced safety. These managers are increasingly demanding truck and bus tires equipped with the required sensors for ascertaining information on tire health and avoiding vehicle breakdown. In addition, governments across the globe have also started implementing stringent safety regulations concerning the development and sales of these systems in heavy-duty tires used in fleet vehicles. Such regulations will further foster the heavy-duty vehicle tires market growth in the forthcoming years. Technavio’s analysts have predicted that the heavy-duty vehicle tires market will register a CAGR of 5% by 2023.
Rising demand for buses and coaches
One of the growth drivers of the global heavy-duty vehicle tires market is the rising demand for buses and coaches. The growing adoption of bus transportation is expected to drive the demand for heavy-duty vehicle tires.
Overloading of heavy-duty trucks
One of the challenges in the growth of the global heavy-duty vehicle tires market is the overloading of heavy-duty trucks. Increased instances of overloading of heavy-duty trucks will pose a major challenge to the life and effectiveness of heavy-duty vehicle tires.
For the detailed list of factors that will drive and challenge the growth of the heavy-duty vehicle tires market during the 2019-2023, view our report.
The market appears to be moderately concentrated and with the presence of a few market players. Many vendors in the tire manufacturing industry have started using advanced tire manufacturing techniques and processes that can lower carbon emission. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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