How big is the Global Commercial Vehicle Tire market?
According to MarkNtel Advisors study, 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.
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Global 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.
Leading Companies in the Global Commercial Vehicle Tire market:
- 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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Global Commercial Vehicle Tire Market Segmentation:
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
Among the two, Radial Tires dominate the Global Commercial Vehicle Tire Market, and the same trend is likely during 2023-28.
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.)
Regional/ Countries Insight:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Of all regions globally, Asia-Pacific is expected to emerge as the largest Commercial Vehicle Tire Market during 2023-28.
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