Commercial Vehicle Tire Market Size, Share and Growth Forecast | 5.29% CAGR Growth Expected

Commercial Vehicle Tire Market

Report Overview:

The following report titled “Commercial Vehicle Tire Market: 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) and other forecast 2023-2028” provides a comprehensive analysis of the market, focusing on key details such as market size, growth trends, determinants of growth, segments covered, and the role of leading players in the industry.

Commercial Vehicle Tire Market Summary

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. 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.

Report Coverage & Details

  • Forecast Period: 2023–2028
  • Base Year: 2022
  • CAGR: 5.29%

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Commercial Vehicle Tire Market Trend:

Multi-Brand Tire Stores Remain the Most Preferred Purchase Point: Multi-brand tire stores have gained traction in the past few years owing to the extensive presence of companies like MRF, Bridgestone, etc., around numerous countries. The absence of a legal framework to govern the e-commerce industry in the region has resulted in marginal sales of tires through online platforms. Moreover, the lack of awareness among individuals about the variety of tires & specifications that suit their operational requirements is another prominent factor that has promoted tire sales from multi-brand outlets & not online platforms.

Segmentation Analysis: Commercial Vehicle Tire Market

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

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Leading Players Analysis: Commercial Vehicle Tire Market

The report provides detailed analysis of key players in the Commercial Vehicle Tire market, highlighting their strategies and competitive scenario.

  • 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

Note: Should you require specific information beyond the current scope of the report, we are prepared to furnish it as part of our customization services.

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  4. Competitive Benchmarking: The availability of competitive benchmarking data allows stakeholders to assess their performance against industry peers, identify areas for improvement, and capitalize on strengths.
  5. Identifying Investment Opportunities: Through trend analysis and industry insights, stakeholders can identify attractive investment opportunities and stay ahead in the market for better ROI.

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