Mining Tire Demand Set to Grow at CAGR 5% till 2022: TechSci Research Report

NEW YORK - Dec. 12, 2017 - PRLog -- 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 MarketBy 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 "

https://www.techsciresearch.com/report/global-mining-tire-market/1342.html

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.

"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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