According to the report, the global bias tire market is projected to reach US$ 9.2 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. Rise in sale of passenger and commercial vehicles across the globe is likely to propel the bias tire market across the globe. In addition, increase in small- and medium-scale industries across the globe is expected to boost manufacturing industries, which, in turn, is projected to fuel the bias tire market across the globe. The rate of adoption of agriculture tractors and equipment has increased globally. The surge in the affordability of tractors and income of farmers are driving the demand for bias tires for agriculture tractors, which is anticipated to boost the bias tire market across the globe.
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Bias Tire Market: Dynamics
Growing acquisition and agreements among leading tire manufacturers across the globe are boosting the bias tire market across the globe. In 2019, MICHELIN acquired 20% stake in a retailer PT Penta Artha in partnership with Indomobil and other private investors. The acquisition of the retailer is estimated to boost the marketing and sales of MICHELIN in Indonesia. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on vehicle type, the global bias tire market has been segmented into passenger vehicle, light commercial vehicle, heavy commercial vehicle, construction & mining vehicle, agriculture tractor, and industrial vehicle. Agriculture vehicle is likely to be a highly lucrative segment during the forecast period. The rise in demand for agriculture tractors is estimated to drive the demand for bias tire across the globe. In terms of type, the bias belted tire segment accounted for a significant share of the global bias tire market. Rise in construction activities across the globe is likely to increase the demand for heavy vehicles, which is anticipated to boost the bias tire market across the globe.
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Bias Tire Market: Regional Analysis
In terms of region, the global bias tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global bias tire market in 2019. It is anticipated to hold a leading market share during the forecast period, due to rise in automotive industry across the globe. North America is also anticipated to hold a significant share, in terms of revenue, of the global market during the forecast period.
Bias Tire Market: Key Players
Prominent players operating in the global bias tire market include Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Continental AG, Cooper Tire & Rubber Company, YOKOHAMA Rubber CO. Ltd., Pirelli & C S.p.A., JK Tire & Industries Ltd, Sumitomo Tires, Giti Tires, Hankook Tire & Technology Co. Ltd., KUMHO Tire, Apollo Tyres Ltd., Nokian Tyres, Toyo Tires, ZC Rubber, and BKT Tire.
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