Heavy-duty Tire Market Analysis

Heavy-duty Tire Market Overview:

Global Heavy-duty Tire Market Size was valued at USD 20.5 Billion in 2022. The Heavy-duty Tire Market industry is projected to grow from USD 21.5 Billion in 2023 to USD 32.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.20% during the forecast period (2023 - 2032). The growing utilization of off-highway machinery in construction, mining, and agricultural sectors, along with an increasing trend of mechanization in developing nations, has led to a surge in residential and commercial construction projects are expected to be a significant market driver for the Heavy-duty Tire Market.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Heavy-duty Tire Market Trends

Growing adoption of off-highway machinery in the construction, mining, and agricultural sectors and the expanding automotive industry across the world are driving the market growth

Market CAGR for heavy-duty tires is being driven by the growing adoption of off-highway machinery in the construction, mining, and agricultural sectors and the expanding automotive industry across the world. The growing adoption of off-highway machinery in the construction, mining, and agricultural sectors is fueled by the increasing trend of mechanization in developing nations. Concurrently, the surge in residential and commercial construction projects is amplifying the demand for off-highway machinery, consequently driving a parallel demand for Heavy Duty Tires. In the ASEAN countries, the construction sector is poised to experience a growth rate exceeding 6% post-2020. Over the next five years, the collective value of mega-projects in the ASEAN region is estimated to reach USD 2.9 trillion, with a substantial portion of USD 1.5 trillion dedicated to the planning and pre-planning phase. Additionally, investments in both public and private infrastructure projects, such as the Indonesian National Medium-term Development Plan (USD 460 billion), Vietnam Socio-Economic Development Plan (USD 61.5 billion), and the Philippine Development Plan 'Build, Build, and Build' (USD 71.8 billion), are anticipated to present lucrative opportunities for construction equipment rentals.

The global expansion of the automotive industry, penetrating even into emerging economies, is a key driver for the tire industry. The growing need for infrastructure development and transportation has resulted in an increased presence of trucks on the roads. Varied sizes and load capacities of trucks contribute to diverse demands and supplies of radial tires. The global demand for truck tires is expected to witness significant growth during the forecast period, driven by these factors. As a result, it is anticipated that throughout the projection period, demand for the Heavy-duty Tire Market will increase due to the growing adoption of off-highway machinery in the construction, mining, and agricultural sectors and the expanding automotive industry across the world. Thus, driving the Heavy-duty Tire Market revenue.

Heavy-duty Tire Market Segment Insights:

Heavy-duty Tire Market Vehicle Type Insights

The global Heavy-duty Tire Market segmentation, based on Vehicle Type includes Construction Machinery, Mining Machinery, Agricultural Machinery, and Industrial Vehicles. The construction machinery segment dominated the market, accounting for 58% of market revenue (11.8 Billion). The mining industry represents a substantial market for heavy-duty tires. With the increasing demand for minerals and resources, there is a parallel need for resilient and durable tires for mining equipment. Critical mining machinery, including dump trucks, excavators, and loaders, heavily depends on high-performance heavy-duty tires to ensure operational excellence.

Figure 1: Global Heavy-duty Tire Market, by Vehicle Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Heavy-duty Tire Market End-User Insights

The global Heavy-duty Tire Market segmentation, based on End-User includes OEM and aftermarket. The OEM segment dominated the market, accounting for 58% of market revenue (11.8 Billion). The globalization of manufacturing operations has resulted in heightened production capacities across diverse regions. This expansion, particularly in automotive and machinery manufacturing facilities, generates a demand for OEM heavy-duty tires to outfit newly manufactured vehicles and machinery before their market entry.

Heavy-duty Tire Market Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The anticipated expansion of the Heavy-duty Tire market in North America can be attributed to several key factors. The North American construction sector is experiencing notable expansion, driven by robust activity in residential, commercial, and industrial construction projects. Commercial construction spending in the United States reached $97 billion in 2022, with single-family residential construction spending totaling $404 billion. In 2021, the construction industry contributed 4.2% to the US GDP. Private sector construction spending in the same year amounted to $1.25 trillion, while public sector construction spending reached $346 billion. Given the indispensable role of construction machinery in these projects, there is a consequent uptick in demand for heavy-duty tires. This demand is reflective of the dynamic growth within the construction industry and its associated supply chain.

Further, the major countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: : Global Heavy-Duty Tire Market Share By Region 2023 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Heavy-duty Tire Market accounts for the second-largest market share as The European agricultural sector plays a significant role in driving the demand for heavy-duty tires, with the EU's agricultural industry generating an estimated gross value added of €220.7 billion in 2022. This sector contributed 1.4% to the EU's GDP during the same year. Notably, the 'big four' countries—France, Germany, Italy, and Spain—accounted for 57.3% of the total output value, highlighting their substantial contributions. Farm machinery, including tractors and combines, relies heavily on durable tires to navigate diverse terrains. The sector's ongoing modernization initiatives serve to amplify the market demand for heavy-duty tires in the region. As the European agricultural landscape continues to evolve and adapt to contemporary practices, the need for reliable and resilient tires remains integral, presenting a lucrative market opportunity for manufacturers and suppliers in the heavy-duty tire industry. Further, the German Heavy-duty Tire Market held the largest market share, and the UK Heavy-duty Tire Market was the fastest-growing market in the European region

The Asia-Pacific Heavy-duty Tire Market is expected to grow at the fastest CAGR from 2023 to 2032. The construction industry in the Asia-Pacific region is currently witnessing robust growth, driven by heightened demand for residential, commercial, and industrial spaces. According to Invest India, the construction industry in India alone is projected to reach $1.4 trillion by 2025. India stands out as a significant recipient of foreign direct investment (FDI), with the construction development sector attracting inflows of $26.42 billion from April 2000 to June 2023. In the years 2021 and 2022, institutional real estate investment in warehouses constituted a noteworthy 27% of the total. This underscores a strategic focus on real estate development, particularly in the logistics and storage segment. As construction activities continue to escalate, there is a consequential increase in the demand for heavy-duty tires. This demand is driven by the indispensable role played by construction machinery in executing and completing these projects. The substantial investment figures and strategic emphasis on real estate development collectively present lucrative opportunities for businesses operating in the construction and heavy-duty tire sectors in the region. Moreover, China’s Heavy-duty Tire Market held the largest market share, and the Indian Heavy-duty Tire Market was the fastest-growing market in the Asia-Pacific region.

Heavy-duty Tire Market Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Heavy-duty Tire market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Heavy-duty Tire industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Heavy-duty Tire industry to benefit clients and increase the market sector. In recent years, the Heavy-duty Tire industry has offered some of the most significant advantages to the transportation and construction sectors, providing essential benefits such as enhanced durability, load-carrying capacity, and resilience in challenging operating environments. Major players in the Heavy-duty Tire Market, including Bridgestone Corporation, Continental Tires, Balkrishna Industries Limited (BKT), Michelin, Titan Tire Corporation, Sumitomo Rubber Industries, Ltd, Trelleborg AB, The Goodyear Tire & Rubber Company, JK Tyre & Industries Ltd are attempting to increase market demand by investing in research and development operations.

Balkrishna Industries Ltd (BKT) is a prominent tire manufacturing company specializing in a diverse range of tires for various applications, including agriculture, industrial and construction, earthmoving and port operations, lawn and garden, mining, forestry, and all-terrain vehicles. The company also produces tubes and carbon black. BKT's primary product categories encompass agriculture tires, industrial tires, and OTR (off-the-road) tires. Serving both original equipment manufacturers (OEMs) and the replacement market, BKT operates four manufacturing plants located in Maharashtra, Rajasthan, and Gujarat. BKT's distribution network involves collaboration with third-party distributors, facilitating the global export of its products. The company has established a significant presence in key regions such as Europe, North America, and Asia-Pacific. Headquartered in Mumbai, Maharashtra, India, BKT continues to expand its product offerings and market reach. In March 2022, BKT introduced a new tire size, 875/65 R 29 L-5, as part of its EARTHMAX SR 51 OTR lineup. Tailored for wheeled loaders operating in challenging environments like rock quarries and landfills, this 65-series tire range boasts a cut-resistant extra-deep L-5 tread. The innovative design provides exceptional protection against cuts and punctures, enhancing overall durability and extending wear life, according to the company.

Continental AG, a prominent automotive company, specializes in the manufacturing and sale of a comprehensive range of automotive components and solutions. The company's product portfolio includes brake systems, powertrains and chassis systems, vehicle electronics, instrumentation, infotainment solutions, tires, and technical elastomers. Continental caters to diverse customer segments, offering tire replacement solutions for vehicles ranging from passenger cars to trucks, buses, construction site vehicles, special vehicles, bicycles, and motorcycles. The company markets its products under various brands, including Elektrobit, VDO, Uniroyal, Phoenix, Matador, and others. With a global presence, Continental serves customers across Asia, Europe, North America, and other regions. Its operational facilities span North America, Africa, South America, Europe, Asia, and Australia. The company is headquartered in Hanover, Niedersachsen, Germany. In September 2022, Continental introduced the LD-Master L5 Traction Construction Tire, designed to meet the demands of challenging environments. This radial tire, equipped with standard tire sensors, features an L5 traction tread design to safeguard the carcass while ensuring smooth and safe operations at work sites. The robust tread block design delivers consistent traction, and the tire's extra deep tread, coupled with sidewall protection, enhances durability for sustained production over the long term.

Key companies in the Heavy-duty Tire Market include

• Bridgestone Corporation


• Continental Tires


• Balkrishna Industries Limited (BKT)


• Michelin


• Titan Tire Corporation


• Sumitomo Rubber Industries, Ltd


• Trelleborg AB


• The Goodyear Tire & Rubber Company


• JK Tyre & Industries Ltd

Heavy-duty Tire Industry Developments

August 2022: In August 2022, Michelin North America, Inc. unveiled the Michelin X Mine D2 Extra Load L5 35/65R33 tire, an enhanced iteration of one of the company's most popular mining tires. Engineered for quarry and underground mining applications, the new tire is specifically designed to endure harsh mining conditions, boasting an increased load rating to handle higher weights effectively

May 2022: In May 2022, JK Tyre & Industries introduced four innovative products in the off-road tire market. Among these, the 45/65-45 58PR VEM 63 L5 TL stands out. Additionally, the GTL Champ 16 PR G3 TT, Hard Rock Champion 20PR E4 TT (available from 12 to 24), and VEM 045 44PR E3 TT (available from 16 to 25) are tailored to deliver superior stability, longer tread life, and specialized tread compounds that resist wear and cuts, thereby extending the service life of these new tires.

Heavy-duty Tire Market Segmentation:

Heavy-duty Tire Market Vehicle Type Outlook

• Construction Machinery


• Mining Machinery


• Agricultural Machinery


• Industrial Vehicles

Heavy-duty Tire Market End-user Outlook

• OEM 


• Aftermarket

Heavy-duty Tire Market Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America