“Over the next 10 years, truck tyre industry around the globe is expected to witness a steady growth”
Tyre market is quite diverse especially when it comes to trucks ranging from light passenger vehicles, crossover utility vehicles, minivans, pickup trucks and sports utility vehicles. Then there’re bigger counterparts such as heavy-duty construction vehicles as well as long-haul tractor trailers supported by huge 18-wheels.
Europe, US, Japan and now the UAE are considered major markets when it comes to truck tyre Dubai and economic growth among them have been uneven in recent years. This is partially compensated due to the rise of smaller competitors especially India and China. In 2015 however, things once again turned in favor of the four regions that successfully taken over Chinese expansion.
Vehicle sales statistics
Statistical data revealed that global vehicle sales improved to a much greater extent after the financial trough of 2009. In the US, a rebound is underway driven by the age of advanced vehicles and smart technology such as driverless cars, lower interest rates, and rapid economic upturn.
More recent revelations speak in favor of tyre industries in the UAE, the US and the UK that seems to wipe-out Japan, China, and India. The picture gets even brighter in terms of motor vehicle sales due to the rapid urbanization and ever-expanding middle classes.
The Organisation for Economic Cooperation and Development (OECD) predicted that this sales count is ought to double by 2030 further supporting the truck tyre industry. On the contrary, it’ll also lay a certain impact on the environment, trigger political and regulatory responses that’ll eventually drive and shape the industry.
Sustainable materials & tyre technology
Original Equipment Manufacturers (OEM) has put tyre producers under certain stress to help achieve the fuel economy and emission objectives with respect to light truck segment and expanding towards medium and larger vehicles.
Take for instance the emergence of alternative automotive such as electric, hydrogen-powered and hybrid cars. These have brought a significant change in the very design of tyres; transformed them into more effective for low rolling resistance.
Truck tyre manufacturers are experimenting different materials such as sturdier nanoparticles and radical technologies like “intelligent/smart” and non-pneumatic tyres. This is part of the wider industry pushed by improvements in fuel economy and overcoming the recent trade-offs between rolling resistance, grip and wearing.
Tyre manufacturers are always on the lookout for alternative, more sustainable raw materials to minimize dependence on unstable and combustible elements like oil-derived and natural rubber products.
Urbanization & mobility
Concerning vehicle ownership, mature markets have reached the terminus where middle class in emerging economies sought greater mobility and steadier growth. Back in 2010, the combined number of middle class of Russia, Brazil, India, and China were about 800 million people which are expected to double by 2020.
Yet another prediction is of half the world’s population migrating to urban living by 2030; leaving suburbs and rustic areas! As a result, it’ll heighten social and developmental trends, shaping truck tyre industry with respect to rise in transportation and other such trends!
The above details point towards a much bigger, better and ever-expanding tyre industry around the world.
Stories by Kash Pals