Global mining tire market is anticipated to witness an exponential growth in the forecast period. The factors that propel the growth of the market include growth in government budgets in the major economies, rising mining fields expenses, fierce competition, new product launches, renovation and retrofitting of old technology, increasing acceptance of mining tire.
On the other hand, there are factors that may hamper the growth of the market including lack of awareness among population, and high cost. Mining tire market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. The market could be explored by type, vehicle type, distinct type, application and geography.
The market could be explored based on type as Bulldozer Tire, Backhoe Loader Tire, Dump Truck Tire, Wheel Loader Tire, and Motor Grader Tire. The “Dump Truck Tire” segment led the mining tire market in 2015 and will continue to lead in the forecast period. The key factor that may be attributed to the growth of market includes numerous features such as ability to transport loosened rocks on technical haul roads in different climatic situations and better suitability.
Mining tire market could be explored by vehicle type as Backhoe Loader, Wheel Loader, Dump Truck, Bulldozer, Motor Grader, and Others. Based on distinct type, the market could span Calcium channel blockers, Beta-blockers, ACE inhibitors, and Nitrates. The key applications that could be explored in the market include Replacement and Vehicle Manufacturing. The “Vehicle Manufacturing” segment led the market in 2017 and will continue to lead in the forecast period. The key factor that may be attributed to the growth of market includes increasing demand.
Asia-Pacific accounted for the major share of the mining tire industry in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include low cost of labor and raw material, continuous growth and investments in the region’s mining segment, increasing acceptance of mining tire and increasing demand. Asia-Pacific is followed by North American and European region owing to growth in government funds.
Some of the key players that fuel the growth of the mining tire market comprise Titan Tire, Yokohama, Bridgestone, Michelin, Chem China, Titan Tire, Goodyear, Guizhou Tire, Zhongce Rubber, Double Coin Holdings, BKT, Triangle Tire, Apollo Tires, Techking Tires and JK Tire. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Leading players of Mining Tire including:
• The Goodyear Tire & Rubber Company
• Yokohama Rubber
• Continental Aktiengesellschaft
• Balkrishna Industries Limited
• Prometeon Tyre Group S.r.l.
• Apollo Tyres Ltd
• Hankook Tire Co. Ltd
• Cooper Tire & Rubber Company
• Hangzhou Zhongce Rubber CO., LTD
• Giti Tire Pte. Ltd.
• Triangle Tyre Co. Ltd
Market split by Type, can be divided into:
• Dump Truck Tire
• Wheel Loader Tire
• Backhoe Loader Tire
• Motor Grader Tire
• Bulldozer Tire
Market split by Application, can be divided into:
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA