Dublin, Feb. 03, 2023 (GLOBE NEWSWIRE) -- The "Canada Solid Tire Market, By Type, By Demand Category, By Vehicle Type, By Application, By Region, Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
Canada solid tire market is expected to grow at a rate of steady CAGR for the forecast period, 2024-2028
Ongoing construction activities, developing logistics industry, and advancements in tire technology are the key factors driving the growth of the Canada solid tire market.
Solid tires are considered ideal for challenging applications on slow vehicles or trailers with a high risk of impact or damage. They are maintenance-free, puncture-resistant, and are highly stable. Solid tires are economical and have a high-loading capacity. Solid tires find high demand from platform trucks, heavy-duty transport vehicles, forklift trucks, side-loading forklifts, airport vehicles, and other industrial vehicles.
Ongoing Infrastructure Development Activities Drives the Market Growth
Improvement in the economic conditions and high-end investments for infrastructure development by leading authorities to enhance citizens' quality of life contribute significantly to the high demand for solid tires. Solid tires are used majorly for industrial applications on large tractors and trucks that are susceptible to getting affected by ground or road accidents.
Heavy machines are often used in construction areas where the presence of various types of metals, nails, scraps, screws, and other hardware may frequently puncture the tires, thereby generating the need for airless solid tires. Construction equipment is used to construct buildings, complexes, and other structures.
The machines used in construction sites include cranes, excavators, cement mixers, bulldozers, and other machines that use solid tires due to their fuel efficiency and eco-friendly properties.
Landfill operations and recycling centers boost the demand for solid tires as they enable the vehicles to drive smoothly over an uneven surface and transport large volumes of material. Small equipment such as forklifts, bike tires, lawnmower tires also find the use of solid tires to transport heavy loads.
Logistics centers, including air and seaports, need vehicles supporting solid tires. The industries where cleanliness is a crucial aspect, such as the pharmaceutical, food & beverage industry, propel the demand for solid tires as they are designed for minimum floor marking in a clean industrial area.
Transportation growth propels the Canadian tire market
Many developing businesses across the country, such as e-commerce, the food industry, and others, have raised demand for delivery and transportation solutions, which has increased manufacturing of commercial vehicles such as trucks, tractors, and trailers. Heavy-duty vehicle production is expanding, which raises demand for automotive tires.
Furthermore, as the demand for passenger automobiles has grown, the region's automobile production has expanded dramatically. Customers in developing regions are rapidly adopting sedans, SUVs, and large commercial vehicles, increasing the demand for automotive tires in the area.
Ongoing Technological Advancement Supports the Market Growth
Market players are making high-end investments in research and development activities to find innovative solutions and upgrade the existing infrastructure used in the manufacturing process to manufacture advanced solid tires. Efforts to reduce vibration and noise generated by the tires by the market players are expected to attract customers to invest in purchasing quality tires.
Consumers are actively adopting solid tires to eliminate the need for spare tires and improve productivity in applications including construction, mining, manufacturing, and agriculture. Market players are using recyclable plastic for manufacturing solid tires due to the growing prices and reduction in natural rubber resources, which are expected to create lucrative opportunities for the Canada solid tire market growth.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Canada solid tire market.
- Goodyear Canada Inc.
- Michelin North America (Canada) Inc.
- Bridgestone Canada Inc.
- Hankook Canada Corp.
- Continental Tire Canada, Inc
- Kumho Tire Canada, Inc
- Yokohama Tire (Canada) Inc
- Toyo Tire Canada Inc.
- Pirelli Tire Inc.
- Hangzhou Zhongce Rubber Co., Ltd (Westlake Tire)
Report Scope:
Canada Solid Tire Market, By Type:
- Curled on Solid Tire
- Pressed on Solid Tire
Canada Solid Tire Market, By Demand Category:
- OEM
- Replacement
Canada Solid Tire Market, By Vehicle Type:
- Forklifts
- Lawn Mowers
- Golf Carts
- Baby Carriages
- Wheelbarrows
- Others
Canada Solid Tire Market, By Application:
- Mining Vehicle
- Construction Vehicle
- Others
Canada Solid Tire Market, By Region:
- The Atlantic Provinces
- Central Canada
- The West Coast
- The Prairie Provinces
- The Northern Territories
For more information about this report visit https://www.researchandmarkets.com/r/hi4cu2-solid-tire?w=12
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