LONDON–(BUSINESS WIRE)–The heavy-duty vehicle tires market size is expected to grow by USD 1.73 billion during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
In recent years, there has been a significant rise in the volume of freight due to the increase in manufacturing operations in developing countries, which is driving the sale of heavy-duty vehicles. Moreover, the rising demand for public transport vehicles is also increasing the production and sale of heavy-duty buses. Thus, the growing sales and production of commercial vehicles will have a direct impact on the growth of heavy-duty vehicle tires market during the forecast period.
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As per Technavio, the adoption of nanotechnology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Heavy-Duty Vehicle Tires Market: Adoption of Nanotechnology
Several manufacturers in the tires market are increasingly leveraging nanotechnology as it helps in significantly reducing the wear and tear of heavy-duty vehicle tires. Tires with nanotechnology deliver superior performance in extreme conditions. They offer stronger grip to winter tires when traversing snow-covered pavements. Nanoprene, a high-performance rubber additive, which is used with the rubber mixture of the tire tread, significantly helps to reduce wear and tear. Thus, the adoption of nanotechnology in tire manufacturing will boost the growth of the heavy-duty vehicle tires market during the forecast period.
“Other factors such as the development of specialized tires for heavy-duty electric vehicles, and increasing adoption of environment-friendly tire manufacturing processes will have a significant impact on the growth of the heavy-duty vehicle tires market value during the forecast period,” says a senior analyst at Technavio.
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Heavy-Duty Vehicle Tires Market: Segmentation Analysis
This market research report segments the heavy-duty vehicle tires market by application (trucks and buses) and geographic regions (APAC, North America, Europe, MEA, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The growth of the heavy-duty vehicle tires market share in APAC can be attributed to factors such as the growth of the commercial vehicle market in India, China, Japan, and Indonesia.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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