Global Bias Tire Market Size research report 2021 offers in-depth assessment of revenue growth, market definition, segmentation, industry potential, influential trends for understanding the future outlook and current prospects for the market.
This study provides information about the sales and revenue during the historic and forecasted period of (2021 to 2028). Understanding the segments helps in identifying the importance of different factors that aid market growth. Estimations about the CAGR value for specific forecast period, market drivers, market restraints, and competitive strategies are assessed in this Bias Tire Market report.
Growing demand for heavy hauling in agricultural and industrial applications is expected to drive the market growth over the forecast period.
Drivers & Restraints
Bias tires are highly preferred for applications such as tractors, trailers, heavy machinery, and others owing to their high load-carrying capacity, which is enhanced by support from a uniform number of plies. Increasing demand for low-speed heavy hauling in the agricultural and commercial sector is anticipated to drive market growth over the forecast period. Moreover, these tires also offer excellent safety and utility; hence these tires are highly adopted in heavy haul to cater to the safety demand.
The bias tire market trends are as follows:
The rise in demand for industrial application
The enhanced operator comfort with bias tires and its ability to withstand higher loads is being highly preferred by automobile manufacturers. Many manufacturers are bolstering their production output of bias, radial, and solid tires to meet specific requirements of vehicle manufacturers. Moreover, bias tires are being extended for use in industrial applications such as machinery for ports and terminals. Accelerated wear and high fuel consumption are potentially affecting the growth of the bias tire market. As such, manufacturers in the bias tire market are hopeful about sales, since the vehicle and industrial machinery manufacturers keep interchanging between radial and bias tires as per unique applications, which will boost the growth of bias tire during the forecast period.
Rise in urbanization
Growth in urbanization increases the number of vehicles on streets and construction activities, which has led to the demand for commercial vehicles. In addition, governments of developing countries, generally, provide better financing options with low interest and subsidies on farming equipment to enhance the production of farms and cater to the demand for food by the growing population, which, in turn, is likely to fuel the demand for agriculture tractors and equipment. The rise in demand for industrial products is boosting the development of new industries. Moreover, the expansion of existing industries is propelling the growth of the automobile sector, which will in turn boost the growth of the bias tire market during the forecast period.
Key players covered in the global Bias Tire Market research report:
Major players operating in the global Bias Tire Market include Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Continental AG, Cooper Tire & Rubber Company, YOKOHAMA, Rubber CO. Ltd., Pirelli & C S.p.A., JK Tire & Industries Ltd, Sumitomo Tires, Giti Tires, Hankook Tire & Technology Co. Ltd., KUMHO Tire, and Apollo Tyres Ltd. among others.