The global bias tire market size is predicted to hit around US$ 9 Bn by 2030, growing at a noteworthy CAGR of 4.1% during the forecast period 2021 to 2030.
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.
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.
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.
Installations in Agricultural Tractors, Loaders, Telehandlers Boost Product Sales
The bias tire market is predicted to reach the revenue mark of US$ 9 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.
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 Tires Face Stiff Competition from Radial and Premium Profitable Growth Segments
Radial tires are posing a stiff competition to the sales of bias tires. Companies in the bias tire market are becoming aware that these tires are being relegated to only classic cars, truck restoration projects, and car shows. Hence, manufacturers and suppliers should also strengthen their supply chains and manufacturing capabilities in premium profitable growth segments to leverage value grab opportunities. As such, the less complicated tire construction of bias tires is resulting in low cost of production. Manufacturers are increasing efforts to deploy rugged designs and sidewall puncture resistance in agricultural tires.
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.
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 2020.
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.
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.
The recent report on the bias tire market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the bias tire market analyzes the scenario for the period of 2021 to 2030, wherein, 2020 is the base year and 2019 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study.
This study on the bias tire market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the bias tire market gives readers an individual understanding of the market.
This report answers these questions and more about the bias tire market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.
This report on the bias tire market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the bias tire market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the bias tire market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the bias tire market, with both a bottom-up and top-down approach.
This detailed assessment of the bias tire market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the bias tire market is estimated to expand are based on carefully vetted primary and secondary sources.
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