Market Size of Heavy Duty Tire Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.84 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Heavy-duty Tire Market Analysis
The Heavy-duty Tire Market was valued at USD 20.02 billion in 2022, and it is expected to reach a value of USD 25.36 billion by 2028, registering a CAGR of 4.84% during the forecast period.
The COVID-19 pandemic had a significant effect on the automotive tires market directly in the short term as the production and sales of new vehicles witnessed a decline in 2020. Moreover, owing to restrictions, vehicle owners reduced the amount of driving resulting in delayed visits for maintenance or tire replacement. However, with the projected exponential increase in vehicle sales over the forecast period, the market is expected to be revived economically also with the players focusing on the development of the new product.
Over the long term, increasing adoption of off-highway machinery in construction, mining, and agricultural industries. Rising mechanization trend in developing countries and spike in residential and commercial construction projects are driving the demand for off-highway machinery which in turn creates a parallel demand for
The demand for tire retreads has been increasing for these vehicles, as fleet managers /operators continue to leverage retread programs to reduce operating costs. Retreading can save the heavy commercial vehicle segment to a significant extent, as it is significantly cheaper than a tire replacement.
