ALBANY, N.Y., Jan. 18, 2021 /PRNewswire/ -- The demand within the global bias tire market is a function of advancements in automobile engineering. The use of bias tires across a multitude of vehicles open organic pathways for growth and development for the vendors operating in this market. It is worthwhile to note that the relevance of bias tires in the domain of automobile engineering stems from the safety, performance enhancement, and durability offered by these tires. Moreover, these tires have found to perform better than radial tires in terms of various key aspects. Over the course of the next decade, the use of bias tire is slated to increase at a stellar pace across various parts of the world.
It is projected that the global bias tire market would grow at a CAGR of 4% over the forecast period ranging through 2020 to 2030. The total worth of the global bias tire market is set to touch US$ 9.2 Bn by the end of this forecast period. The relatively slow growth rate of the global bias tire market can be pegged to advancements in manufacturing of radial tires. Despite the tremendous utility and safety offered by bias tires, the popularity of radial tires has caused disruptions across the global bias tire market. However, the marketing is gradually gaining momentum as new opportunities for market expansion emerge across the automobile industry.
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Key Findings of Market Report
- Cross-Marketing of Radial and Bias Tires
The use of radial tires over bias tires, or vice versa, has been a matter of contention and debate for several years. However, the narrative around their comparison has indeed helped in popularising both these products. Therefore, it is safe to state that the quest of radial and bias tire manufactures to outdo their competitors has played to the advantage of the overall market. The multiple layers used for manufacturing bias tire as against the single-layered radial tires has created humongous opportunities for growth within the global bias tire market. Therefore, it is safe to expect that the bias tire market would attract formidable investments from leading stakeholders in the times to follow.
- Advancements in Automobile Engineering
The use of bias tire in the domain of heavy commercial vehicle manufacturing has boded well for the growth of the global market. Heavy vehicles include buses and tractors that are subjected to long and rough routes. Moreover, these vehicles usually have a long run, and are required to be inducted with leading technologies. Several engineers assert that the use of bias tires for heavy vehicle manufacturing has created new avenues for safety and durability within the automobile industry. Industrial vehicles are also equipped with bias tires, furthering the demand within the global market. Over the course of the next decade, the emergence of new-age heavy and light commercial vehicles would drive market growth and expansion.
Explore 370 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Bias Tire Market (Type: General Bias Tire and Bias Belted Tire; Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle, Construction & Mining Vehicle, Agriculture Tractor, and Industrial Vehicle; Tire Size: 20-22", 23-50", and >50"; and Sales Channel: OEM and Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/bias-tire-market.html
Global Bias Tire Market: Growth Drivers
- Safety, resilience, and utility offered by bias tires has brought them under the spotlight of attention for the leading automobile manufacturers.
- The use bias tires in agricultural tractors is also bringing new growth opportunities to the fore of the industry.
- Growing collaborations between Original Equipment Manufacturers (OEM) and entities in the automobile industry is slated to redefine the dynamics of market growth.
Analyze global bias tire market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Global Bias Tire Market: Key Competitors
- The Goodyear Tire & Rubber Company
- Cooper Tire & Rubber Company
- Continental AG
- YOKOHAMA Rubber CO. Ltd.
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