According to a recent report from Transparency Market Research, in the next 10 years, 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 billion 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.
The use of bias tire in the domain of heavy commercial vehicle manufacturing has boded well for the growth of the global market.
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.
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.