According to Markntel Advisors Report, Commercial Vehicle Tire Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Global Commercial Vehicle Tire Market Research Report 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.
Time Period Captured in the Report:
- Historical Years: 2018-21
- Base Years: 2022
- Forecast Years: 2023-2028
Who are the Key Players Operating in the Commercial Vehicle Tire Market?
The top companies of the Commercial Vehicle Tire Market ruling the industry are:
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
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Commercial Vehicle Tire Industry Recent Developments:
- 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.
The Commercial Vehicle Tire Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-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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Market Dynamics -Global Commercial Vehicle Tire Market:
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.
Moreover, the growing proliferation of precision farming that involves the use of GPS various sensors to collect data on the exactness of water, fertilizers, pesticides, herbicides required to achieve the most yield-per-acre of land is another prominent aspect accelerating the demand for agricultural vehicle tires, such as IF (Increased Flexion) VF (Very-High Flexion) farm tires, which are equipped with features to facilitate precise movements farming operations, help decrease soil compaction, and increase yields, consequently driving the Global Commercial Vehicle Tire Market.
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.
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