Commercial Vehicle Tire Market Poised for Robust Growth, forecasted to Expand at 5.29% CAGR from 2023-28
MarkNtel Advisors has released its latest report highlighting strong growth in The Global Commercial Vehicle Tire Market is projected to grow at a CAGR of around 5.29% during the forecast period, i.e., 2023-28.
Report Coverage
This report offers a comprehensive analysis of the Commercial Vehicle Tire Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2022
- Forecast Years: 2023-28
- Historical Years: 2018-21
Commercial Vehicle Tire Market Overview
The market has shown significant growth in the past few years due to factors, including the high demand from end-users like mining, oil gas, logistics, e-commerce, public transportation, etc. With the high degree of digitalization and improving transportation networks, the demand for both LCVs MHCVs has emerged significantly in regions like North America, Europe, the Asia Pacific, which, with their high growth rate and fast-paced industrialization urbanization, have pushed the sales of commercial vehicle tires.
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Commercial Vehicle Tire Market Segmentation Outlook
The Commercial Vehicle Tire is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Vehicle Type
- Light Commercial Vehicle
- Light Truck
- Light Bus
- Pickup Trucks and Vans
- Medium Heavy Commercial Vehicle
- Truck
- Bus
By Tire Type
- Radial
- Bias
By Price Category
- Budget
- Economy
- Premium
By Sales Channel
- Multi-brand Stores
- Exclusive Outlets
- Online
By Demand Type
- OEM
- Aftermarket
By Application
- Cargo Transportation
- Public Transportation
- Oil Gas Transportation
- Others (Construction Material Transportation, Towing, etc.)
By Tire Size
- Light Commercial Vehicle
- 225/75R16
- 245/75R16
- 245/75R17
- 265/70R17
- Others (265/75R16, 285/70 R17, etc.)
- Medium Heavy Commercial Vehicle
- 295/75R22.5
- 225/70R19.5
- 295/90R20
- 295/80R22.5
- Others (11R22.5, 11R24.5, 245/70R19.5, etc.)
By Region
- North America
- South America
- Europe
- Middle East Africa
- Asia-Pacific
Commercial Vehicle Tire Market Driver
Mounting Sales of Agricultural Vehicle Tires, Pushed by Farm Mechanization Trends: Agriculturally deprived economies have begun to incorporate farm machinery equipped with the IoT and automation techniques in order to ramp up their yields. Due to labor shortages and the increased need for enhanced agricultural productivity, farm mechanization trends are gaining traction in various countries worldwide and, in turn, augmenting the demand for heavy agricultural machinery, such as tractors, combines, harvesters, among others, which require reliable durable tires for heavy-duty operations.
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Top Commercial Vehicle Tire Market Brands Their Strategic Market Positioning
MarkNtel Advisors Research identifies Bridgestone Corporation, Compagnie Générale des Établissements Michelin SCA, Continental AG, The Goodyear Tire Rubber Company, The Yokohama Rubber Company Ltd., Pirelli C. S.p.A, Hankook Tire Technology, Kumho Tire, Sumitomo Rubber Industries, Ltd., Zhongce Rubber Group Co. Ltd., CEAT Limited, MRF Tyres, JK Tyre Industries, Apollo Tyres Limited,Others as key players shaping the market landscape.
Commercial Vehicle Tire Market News
- In May 2023, Yokohama Off-Highway Tires (YOHT) launched Agri Star II R – I, a radial tire equipped with SLT (Stratified Layer Technology) that ensures higher lug competency, and after 40% wear, a multi-angle profile layer of the lug comes in contact with the ground, resulting in increased contact area at the central portion, enhanced grip, and better roadability of the tire.
- In February 2023, Continental launched its largest tractor tire to date, the VF TractorMaster in size VF900/60R42. With a diameter of 2,147 millimeters, the tire is larger than a door frame and weighs 450 kilograms with a load index of 189 (10,300 kilograms). The tire size has been developed by the company specifically to be able to carry the weight of agricultural machinery with over 300 horsepower.
Key Questions Answered in the Report
- What is the market size (value volume) along with the current future trends, growth factors challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2028?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers challenges associated with the market, and how would they impact the market through the forecast period?
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