Mining Tire Demand Set to Grow at CAGR 5% till 2022
Increasing
number of mining projects and growing demand for mining vehicles coupled with continuously expanding vehicle fleet expected to drive
global mining tire market through 2022
According to TechSci Research report, “Global Mining Tire Market By Vehicle Type, By Demand
Category, By Region, Competition Forecast & Opportunities, 2012 – 2022”, the global mining tire
market is projected to grow at a CAGR of 4.87%, in value terms, during 2017-2022, on
account of rising production and sales of mining vehicles on a global level. Moreover,
increasing demand for retread mining tires due to their low cost compared to
new mining tires and initiatives by tire manufacturers to boost their dealer
and distribution network across all the regions are anticipated to foster
global mining tire market over the next five years.
Browse 95 Figures spread through 194 Pages and an in-depth TOC on "Global Mining Tire Market "
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Based on vehicle type, global mining tire market has
been majorly segmented into five categories, namely, dump trucks, wheel
loaders, backhoe loaders, motor graders and bulldozers. In 2016, dump trucks tire
segment dominated the mining tire industry, globally, and the same trend is
anticipated to continue during the forecast period, on account of their
expanding fleet size due to several features such as better convenience and
ability to transport loosened rocks on technological haul roads in different
climatic conditions. Asia-Pacific controlled the largest share in global mining
tire market in 2016, owing to continuous growth and investments in the region’s
mining sector. Various favorable government plans being supported by huge
public and private investments in the mining sector are the primary factor
expected to boost demand for mining tires in Asia-Pacific during 2017 – 2022.
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“Reinforcement of mining activities across the globe is
the key growth factor of global mining tire market. Moreover, increasing demand
for radial tires due to their improved fuel efficiency and reduced wear and
tear is expected to further fuel the market in the coming years. Besides that,
growing technological advancements in the global mining sector are likely to positively
influence the global market for mining tires over the next five years”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Mining Tire Market By Vehicle Type, By Demand Category, By Region,
Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential of the global mining
tire market and provides statistics and information on market structure, industry behavior
and trends. The report includes market projections and demand forecasting. The
report is intended to provide cutting-edge market intelligence and help decision makers take
sound investment assessment. Moreover,
the report also identifies and analyzes emerging trends along with
crucial drivers, challenges and opportunities available in global mining tire
market.
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