Wilmington, Delaware, United States, June 05, 2023 (GLOBE NEWSWIRE) -- Wilmington, Delaware, United States, Transparency Market Research Inc. – By 2031, the Bias Tire Market value is likely to reach US$ 36.1 billion. The bias tire market is forecast to grow at a CAGR of 2.3% from 2023 to 2031. Demand for bias tires is likely to increase as awareness about security measures and safety measures grows.
There are a variety of commercial vehicles that use bias tires, including trucks, buses, and agricultural vehicles. The expansion of transportation networks, economic growth, and urbanization can positively impact the bias tire market. A growing economy and expanding fleets of commercial vehicles can contribute to the growth of the bias tire market.
Stringent regulations regarding tire quality and safety are expected to grow in the coming years. As technology advances in the automotive industry, the demand for the product is likely to grow in the future. Bias tires demand will increase significantly with the expansion of global logistics and transportation sectors.
Regional preferences can vary when it comes to bias tires. Bias tires can be more popular in some areas because of cultural factors, road conditions, and specific industry requirements. For example, biased tires continue to be widely used in Asia and Africa due to their capacity to handle rough terrain and unpaved roads. The ability to tailor product offerings in specific markets based on their regional preferences can drive growth.
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Key Findings of the Market Report
- The tractor vehicle segment dominated the industry with a 58.8% market share in 2022.
- In 2022, bias belted tires accounted for 58% of the tire type segment share of the market.
- Demand for bias belted tires in the market is growing as light trucks and SUVs become more popular.
- Bias tires are expected to grow in demand as passenger vehicles become more common.
- OEM bias tires are expected to grow in demand over the next few years.
Global Bias Tire Market: Growth Drivers
- With the increasing mining activities around the globe combined with the increase in farm machinery, the bias tire market is experiencing growth. Furthermore, the rapid growth of urbanization and the increase in vehicle traffic have also increased the demand for bias tires.
- Increasing construction activities are expected to contribute to bias tire market growth during the forecast period. The cost of producing bias tires is generally lower than that of manufacturing radial tires. For markets that are subject to price fluctuations or regions that have limited access to technologies that are used in the production of advanced tires, this cost advantage could be an appealing feature. Affordability may contribute to bias tires' popularity among such consumers.
- The demand for bias tires can be driven by the growth of infrastructure projects, especially in developing countries. A bias tire's durability and load-carrying capacity are critical to construction activities such as building roads, bridges, and dams. Construction industry bias tires can be in demand as infrastructure development projects continue to expand globally.
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Global Bias Tire Market: Regional Landscape
- Expanding infrastructure and industrial capacity across emerging countries in the Asia Pacific region.
- The growing demand for passenger vehicles in India is expected to expand the market in the coming years.
- In developing countries, agriculture is heavily dependent on agriculture, and the growing population is fueling high farm yield demands.
- China and Japan are expected to increase vehicle manufacturing units, which will substantially increase bias tire demand.
- The region's commercial vehicle market is experiencing increased demand for light and heavy commercial vehicles in the North American region.
Global Bias Tire Market: Key Players
- A number of companies are active in the global Bias Tire market, including the launch of new products, the acquisition of other companies, and the collaboration between companies. As a result of these strategies, the market for bias tires is expected to grow. Bias Tire market participants have developed several expansion strategies, including:
- In February 2023, GRI expanded the size range of the Green Ex RT100 and FL800 agriculture tires. With an optimized lug angle and self-cleaning terracing between the lugs, the Green EX RT 100 has been designed to be used both on and off the road. The tire also features a tie bar design which makes it more stable on hard surfaces, as well as a dual-angle design with a steep angle at the center that is more comfortable and helps remove soil more efficiently. A shallow shoulder angle delivers maximum traction, and a nylon case keeps the tire durable.
- In May 2023, Maxam Tire expanded the radical construction series. With four all-steel radial series, MAXAM Tire further strengthens its reputation as a construction tire leader. In order to serve customers in the construction industry globally, MAXAM offers four models: the MS901R, MS906R, MS907R, and MS917R. These models are designed to offer superior advantages when used with skid steers, backhoes, and compact wheel loaders.
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Global Bias Tire Market: Segmentation
Type
- General Bias Tires
- Bias Belted Tires
- Tire Size
- 20-22”
- 23-50”
- >50”
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Tractor
- Construction & Mining Vehicle
- Industrial Vehicle
Sales Channel
- OEM
- Aftermarket
Regions
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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