Consolidation of Tire Dealers Fast Growing Phenomenon amidst COVID-19 Situation
A dramatic economic downturn caused by the COVID-19 (coronavirus) pandemic has led to major adjustments in business activities for companies in the bias tire market. Tire dealers are optimistic about potential COVID-19 vaccines and biologic drugs in order to take decisions pertaining to hold back and implementation of business plans. Companies in the U.S. bias tire market are making staggered investments in new technologies, owing to uncertainty in the global demand and supply.
Many tire dealers that were flourishing in their business in 2019 were found to be at the brink of survival during the second and third quarter of 2024. Analysts at Transparency Market Research (TMR) opine that tire businesses are returning to normal due to change in perspective of people toward COVID-19 with increasing adherence toward sanitization and hygiene practices. The consolidation of tire dealers is emerging as a fast growing phenomenon amidst the ongoing COVID-19 situation.
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bias tire market infographic
Radial Tires versus Bias Tires: Which is Better?
Both radial tires and bias tires have unique advantages and disadvantages. Bias tires offer tougher side walls, owing to their specialty of crosshatch construction. These tires are less expensive compared to radial tires and enable smooth ride on rough surfaces. However, the tread of bias tires tends to wear fast due to high traction. The high rolling resistance also tends to affect the fuel economy.
On the other hand, radial tires offer uniform contact with the ground, which facilitates uniform tread wear. However, the steel belt construction of radial tires affects the ride quality. Thus, companies in the bias tire market are strategically offering their products as per different income groups in the global economy.
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Repurposed Bias Tires Gain Prominence in Cutting Edges Manufacturing
The bias tire market is estimated to progress at a modest CAGR of ~4% during the forecast period. Hence, manufacturers and dealers are diversifying their supply of heavy commercial vehicles with the help of repurposed bias ply tires. For instance, Waste Tire Product Innovations (LLC)— a rubber products supplier in Carson, California, U.S., is strengthening its supply chains for repurposed bias ply tires that reduce downtime in heavy commercial vehicles fixed with cutting edges in order to keep the roads clean. Thus, suppliers in the bias tire market can capitalize on such types of unconventional opportunities to diversify their supply chains.
Companies in the bias tire market are increasing their product portfolio in off the road bias tires. For instance, the U.S. rubber and tire company Firestone is expanding its bias tire portfolio with products such as DuraForce MH bias tires and super ground grip road builder bias (SGG RB) tire to capitalize on business opportunities.
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Installations in Agricultural Tractors, Loaders, Telehandlers Boost Product Sales
The bias tire market is predicted to reach the revenue mark of US$ 9.2 Bn by the end of 2030. This is evident since manufacturers and suppliers are unlocking revenue opportunities in the agriculture industry. As such, agricultural tractors are predicted to dictate the lion’s share, in terms of revenue, of the market. Leading French multinational tire manufacturing company Michelin is increasing efforts to meet the needs of agricultural tractor owners by offering its bias tire profile among the Michelin Compact line range. Apart from agricultural tractors, companies in the bias tire market are offering products that can be installed in loaders, telehandlers, and backhoe loaders.
Manufacturers are increasing their R&D muscle to deploy robustness and stability to improve the service life of bias tires. They are increasing the production of tires that provide resistance against shock, punctures, and cuts in order to boost sales.
Asia Pacific Holds Lucrative Growth Opportunities for Market Players
Plant closures are emerging as a challenge for the bias tire market. Recently, Bridgestone Southern Africa (BSAF) announced its proposal to close its bias tire manufacturing plant in Port Elizabeth due to a potential demand shortage. The increased popularity of premium profitable products is emerging as a threat to the sales of bias tires in developing countries of Africa. Hence, suppliers in the bias tire market are focusing on expanding their business in countries of Asia Pacific, as the region is projected to offer lucrative opportunities to market players.
Companies are participating in trade events to increase the visibility of their products. However, this trend is now shifting toward virtual events and expos, owing to the onset of the coronavirus pandemic. As such, 2024 holds promising potentials for trade activities.
Rise in Demand for Industrial Application to Generates Business Avenues
Enhanced operator comfort with bias tires and its ability to withstand higher loads is being highly preferred by automobile manufacturers. Magna Tyres Group— a manufacturer of premium quality tires, is bolstering its production output of bias, radial, and solid tires to meet specific requirements of vehicle manufacturers.
Bias tires are being extended for use in industrial applications such as machinery for ports and terminals. However, the down side of these tires involves low grip at high speeds and increased sensitivity toward overheating. Accelerated wear and high fuel consumption are potentially effecting the growth of the bias tire market. As such, manufacturers in the bias tire market are hopeful about sales, since vehicle and industrial machinery manufacturers keep interchanging between radial and bias tires as per unique applications.
bias tire market segmentation
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Bias Tire Market: Overview
The global bias tire market is anticipated to expand at a CAGR of ~4% during the forecast period, owing to increase in industrialization across the globe. Expansion of industries is propelling the demand for minerals and metals, which are extracted from their ores. This, in turn, is boosting the mining industry, which requires mining equipment such as shovels, loaders, haul trucks, and draglines, which, in turn, is likely to boost the bias tire market across the globe.
Urbanization is increasing across the globe. In May 2018, The United Nations stated in a press release that 55% of the global population resides in urban areas, which is anticipated to reach 68% by 2050. This increase in urbanization has boosted the number of vehicles on streets and construction activities, which has led to the demand for commercial vehicles.
Drivers of Bias Tire Market
Rise in demand for industrial products is boosting development of new industries. Moreover, expansion of existing industries is propelling the construction equipment segment.
Governments of developing countries, generally, provide better financing options with low interest and subsidies on farming equipment in order to enhance the production of farms and cater to the demand for food by the growing population, which, in turn, is likely to fuel the demand for agriculture tractors and equipment. This is anticipated to boost the bias tire market.
Rapid expansion of warehouse industries across the globe, where forklifts are in high demand, is likely to fuel the demand for bias tires across the globe. Rise in sale of commercial vehicles across the globe is estimated to propel the bias tire market across the globe.
Challenges for Bias Tire Market
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry is codependent and is part of major supply chain in the market. There was a disruption in supply chain attributing to stoppage of transportation and shipping services and reduced demand for vehicles across the globe in Q1 and Q2 of 2024.
Raw material prices usually represent 35% of the tire cost. Thus, volatility in raw material prices severely affect the costing of the bias tire. Prices of raw materials, such as natural rubber and synthetic rubber fluctuate due to shortage of natural rubber cultivation or rise in Brent crude prices.
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