According to a new market research report published by Credence Research “Heavy-duty Tires Market (by Application: Construction & Mining, Industrial Equipment, Agricultural and Forestry Equipment; by Distribution Channel: OEM and Aftermarket; by Sales Channel: Direct Retail & Online Retail) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the heavy-duty tires market registered market value of US$ 18.6 Bn in 2017 and estimated to grow with a CAGR of 4.2% during the forecast period from 2018 to 2026.
The complete report is available at https://bit.ly/2VZxEI9
Growth in the infrastructure
The research analysis covers exhaustive analysis of leading heavy-duty tires manufacturers including Bridgestone Corporation, Balkrishna Industries Limited (BKT), Continental Tires, Cavi Elettrici e Affini Torino (CEAT), Titan Tire Corporation, The Goodyear Tire & Rubber Company, Compagnie Générale des Établissements Michelin SCA (Michelin), Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., Hankook Tire, The Yokohama Rubber Company, Limited, Xuzhou Armour Rubber Company, Ltd., Trelleborg Wheel Systems Czech Republic (Mitas), MAITECH TIRE SRL, and Apollo Tyres Ltd. Heavy-duty tire market is highly fragmented however, the market is dominated by few of the most prominent players including Bridgestone Corporation and Michelin. Major heavy-duty tire manufacturers are consistently upgrading their existing product and are involved in developing new product for special equipment and applications. The companies are incorporating different business strategies depending on the regional nature of the market. For instance, these companies revised their product prices in developing region of Asia Pacific and Latin America. However, the companies are introducing new and special purpose tires in developed region of North America and Europe. These companies face fierce competition with their rivals to claim their dominance on the biggest market of Asia Pacific.