23 May 2019, Global mining
tire market is anticipated to witness an exponential growth in the
forecast period. The factors that propel the growth of the market include
growth in government budgets in the major economies, rising mining fields
expenses, fierce competition, new product launches, renovation and retrofitting
of old technology, increasing acceptance of mining tire.
On the other hand, there are factors that may hamper the growth of the
market including lack of awareness among population, and high cost. Mining tire
market is anticipated to expand at a significant CAGR in the upcoming period as
the scope, product types, and its applications are increasing across the globe.
The market could be explored by type, vehicle type, distinct type, application
and geography.
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The market could be explored based on type as Bulldozer
Tire, Backhoe Loader Tire, Dump Truck Tire, Wheel Loader Tire, and Motor Grader
Tire. The “Dump Truck Tire” segment led the mining tire market in 2015 and will
continue to lead in the forecast period. The key factor that may be attributed
to the growth of market includes numerous features such as ability to transport
loosened rocks on technical haul roads in different climatic situations and
better suitability.
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| Mining Tire Market |
Mining tire market could be explored by vehicle type as
Backhoe Loader, Wheel Loader, Dump Truck, Bulldozer, Motor Grader, and Others.
Based on distinct type, the market could span Calcium channel blockers,
Beta-blockers, ACE inhibitors, and Nitrates. The key applications that could be
explored in the market include Replacement and Vehicle Manufacturing. The
“Vehicle Manufacturing” segment led the market in 2017 and will continue to
lead in the forecast period. The key factor that may be attributed to the
growth of market includes increasing demand.
Asia-Pacific accounted for the major share of the mining
tire industry in 2017 and will continue to lead in the forecast period. The
factors that could be attributed to the growth include low cost of labor and
raw material, continuous growth and investments in the region’s mining segment,
increasing acceptance of mining tire and increasing demand. Asia-Pacific is
followed by North American and European region owing to growth in government
funds.
Some of the key players that fuel the growth of the
mining tire market comprise Titan Tire, Yokohama, Bridgestone, Michelin, Chem
China, Titan Tire, Goodyear, Guizhou Tire, Zhongce Rubber, Double Coin
Holdings, BKT, Triangle Tire, Apollo Tires, Techking Tires and JK Tire. The
leading companies are taking up partnerships, mergers and acquisitions, and
joint ventures in order to boost the inorganic growth of the industry.
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