Global Bias Tire Market to Expand with Growing Inclination of the Automobile Industry towards Vehicle Safety
- Bias tires are gradually replacing radial tires across several units in the automobile industry, creating sound avenues for market growth and expansion.
- The focus of the automobile manufactures on ensuring durability, safety, and utility, especially for heavy commercial vehicles has led them to explore the premium benefits of bias tires.
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.