Mining Tires Market is Projected to Reach US$ 5.3 Billion in 2027
The mining tires market is likely to grow at a promising CAGR of 5.1% in the long run to reach a value of US$ 5.3 Billion in 2027, reports Stratview Research.
Raipur, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the global Mining Tires Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Mining tires market is driven by a host of factors, some of which are noted below:
Increasing government plans and programs aimed at boosting mining projects,
Rising demand for natural minerals in various end-use industries, coupled with the growing adoption of radial tires.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfil the market data needs of multiple stakeholders across the industry value chain.
Application Type - Surface Mining and Underground Mining
Tire Type - Radial Tires and Bias Tires
End-User Type - OE and Aftermarket
By Region - Rest of the World, Asia-Pacific, Europe, and North America
Market Insights
Based on the application type, Surface mining is expected to remain the dominant as well as the faster-growing application type in the market during the forecast period. Extensive usage of haul trucks/mining trucks, graders, and loaders creates a huge demand for mining tires in the market.
Based on the tire type, Bias tires are expected to be the dominant tire type in the market during the forecast period. Bias tires have long been used in the industry because they have a thicker sidewall than radial tires, making them more resistant to cracks, cuts, and tears.
Based on the end-user type, Aftermarket is expected to be the dominant segment of the market during the forecast period. As mining equipment generates a large amount of heat at the wheel end, due to the heavy loads it frequently transports, this heat causes faster tire wear and other problems, resulting in a shorter mining tire replacement cycle.
Which region offers the best opportunity and growth?
Asia-Pacific is expected to remain the largest market for mining tires during the forecast period. Because of its favourable geographical conditions, the region has a rich mineral resource. India and China are two of the region's most mineral-rich countries.
In order to meet the rising energy demand, coal extraction is being increased for power generation. The region's mining industry is expanding rapidly, which is likely to drive the demand for mining tires over the forecast period.
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Who are the Top Market Players?
The mining tires market is relatively consolidated than other tire markets with a higher share captured by key players and the following are the key players (arranged alphabetically) in the mining tires market.
Balkrishna Industries Limited (BKT)
Bridgestone Corporation
Compagnie Generale Des Etablissements Michelin S.C.A.
Continental AG
Goodyear Tire and Rubber Company
JK Tyre & Industries
MRF Tyres
Titan International
Trelleborg AB
Yokohama Rubber Co. Ltd.
What deliverables will you get in this report?
In-depth analysis of the Mining Tires Market
Detailed market segmentation.
Competitive-landscape analysis.
Historical, present, and future market size analysis.
Industry trends, technologies, and advancements.
Growth and operation strategies adopted by key players.
Potential segments/regions offering promising growth.
Geographical presence of the key players.
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