Market Overview:
The global commercial vehicle tire market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for commercial vehicles, especially in emerging economies such as China and India. Additionally, the increasing focus on safety and fuel efficiency by OEMs is also contributing to the growth of this market. The global commercial vehicle tire market can be segmented on the basis of type into OEM and replacement tires. The OEM segment is expected to account for a larger share of the global commercial vehicle tire market than replacement tires during the forecast period. This can be attributed to factors such as technological advancements in OEM tires that offer better performance and durability as compared with replacement tires, along with rising consumer awareness about these benefits. On the basis of application,the global commercial vehicle tiremarket can be divided into light Commercial Vehicles (LCVs)and medium & heavy Commercial Vehicles (M&HCVs).
Product Definition:
A commercial vehicle tire is a type of tire that is specifically designed for use on commercial vehicles, such as trucks and buses. Commercial vehicle tires are typically larger and heavier than other types of tires, and they are designed to provide greater durability and performance in difficult environments. Commercial vehicle tires play a important role in ensuring the safety of drivers and passengers, as well as other motorists on the road.
OEM:
OEM stands for Original Equipment Manufacturer. It is a company that makes the original design of a product and sells it to other companies without making changes or improvements to the design. The OEM market is very important in the automotive industry as tires are an essential component of vehicles and they wear out with time, thus requiring replacement. In addition, tires manufactured by OEMs are designed specifically for each vehicle; thus providing better performance than generic or commodity products available in the market.
Replacement:
Replacement is the process of restoring a vehicle or component to its original working condition after it has been damaged. In the automotive industry, replacement refers to tires that are manufactured and designed to replace any specific tire in any specific vehicle. The most common example would be replacing a blown out tire with an exact same brand and model.
Application Insights:
The light commercial vehicle (LCV) application segment accounted for the largest revenue share of LCV tires in 2017. The growth can be attributed to the increasing demand from end-use industries, such as food and beverage, healthcare and logistics. Furthermore, governments are also providing subsidies for purchasing an LCV to promote its usage which is further propelling market growth. For instance, in India under ¢â‚¬Å“Pradhan Mantri Awas Yojna¢â‚¬ a government program provides free housing andPlot Number One LPG connections to all rural households that own an automobile which is a major driver for the global commercial vehicle tire industry.
Regional Analysis:
Asia Pacific dominated the global market in terms of revenue in 2017. The region is also expected to be the fastest-growing regional segment over the forecast period owing to rapid expansion of commercial vehicle production capacity and sales. China, India, Japan, South Korea and Taiwan are some of the major markets that contributed to APAC’s dominance in 2017. However, North America is projected to emerge as a strong second with a significant growth rate from 2018 to 2030 due to increasing LCV production capacities along with rising consumer preference for light weight vehicles. Europe is anticipatedto witness steady growth over the coming years on account of stringent regulations regarding fuel economy and carbon emissions caused by road traffic coupled with rapidly expanding LCV sector mainly in Russia and Poland.
Growth Factors:
- Increasing demand for commercial vehicles due to globalization and industrialization.
- Proliferation of e-commerce and rise in online shopping, which has led to increase in demand for last-mile delivery vehicles.
- Growing urbanization and development of smart cities, which is resulting in an increase in the number of commercial vehicles on the roadways.
- Stringent emission norms across developed countries are prompting Original Equipment Manufacturers (OEMs) to opt for low rolling resistance tires in their new vehicle models, thereby driving the growth of the commercial vehicle tire market.
Scope Of The Report
Report Attributes
Report Details
Report Title
Commercial Vehicle Tire Market Research Report
By Type
OEM, Replacement
By Application
LCV, M&HCV
By Companies
Michelin, Bridgestone, Goodyear, Continental, Pirelli, Yokohama, Sumitomo, Hankook, Cooper Tire, Toyo Tire, Michelin, Hangzhou Zhongce Rubber, Giti Tire, Triangle, Titan Tire, JK Tyre, MRF, Cheng Shin, Nokian Tyres, Kumho Tire
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
206
Number of Tables & Figures
145
Customization Available
Yes, the report can be customized as per your need.
Global Commercial Vehicle Tire Market Report Segments:
The global Commercial Vehicle Tire market is segmented on the basis of:
Types
OEM, Replacement
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
LCV, M&HCV
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Michelin
- Bridgestone
- Goodyear
- Continental
- Pirelli
- Yokohama
- Sumitomo
- Hankook
- Cooper Tire
- Toyo Tire
- Michelin
- Hangzhou Zhongce Rubber
- Giti Tire
- Triangle
- Titan Tire
- JK Tyre
- MRF
- Cheng Shin
- Nokian Tyres
- Kumho Tire
Highlights of The Commercial Vehicle Tire Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- OEM
- Replacement
- By Application:
- LCV
- M&HCV
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Commercial Vehicle Tire Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Commercial vehicle tires are designed to provide the best possible traction and handling in a variety of driving conditions. They are also designed to be resistant to wear and tear, providing long-term durability.
Some of the key players operating in the commercial vehicle tire market are Michelin, Bridgestone, Goodyear, Continental, Pirelli, Yokohama, Sumitomo, Hankook, Cooper Tire, Toyo Tire, Michelin, Hangzhou Zhongce Rubber, Giti Tire, Triangle, Titan Tire, JK Tyre, MRF, Cheng Shin, Nokian Tyres, Kumho Tire.
The commercial vehicle tire market is expected to register a CAGR of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Commercial Vehicle Tire Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Commercial Vehicle Tire Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Commercial Vehicle Tire Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Commercial Vehicle Tire Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Commercial Vehicle Tire Market Size & Forecast, 2020-2028
4.5.1 Commercial Vehicle Tire Market Size and Y-o-Y Growth
4.5.2 Commercial Vehicle Tire Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 OEM
5.2.2 Replacement
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 LCV
6.2.2 M&HCV
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Commercial Vehicle Tire Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Commercial Vehicle Tire Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 OEM
9.6.2 Replacement
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 LCV
9.10.2 M&HCV
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 OEM
10.6.2 Replacement
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 LCV
10.10.2 M&HCV
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 OEM
11.6.2 Replacement
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 LCV
11.10.2 M&HCV
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 OEM
12.6.2 Replacement
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 LCV
12.10.2 M&HCV
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 OEM
13.6.2 Replacement
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 LCV
13.10.2 M&HCV
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Commercial Vehicle Tire Market: Competitive Dashboard
14.2 Global Commercial Vehicle Tire Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Michelin
14.3.2 Bridgestone
14.3.3 Goodyear
14.3.4 Continental
14.3.5 Pirelli
14.3.6 Yokohama
14.3.7 Sumitomo
14.3.8 Hankook
14.3.9 Cooper Tire
14.3.10 Toyo Tire
14.3.11 Michelin
14.3.12 Hangzhou Zhongce Rubber
14.3.13 Giti Tire
14.3.14 Triangle
14.3.15 Titan Tire
14.3.16 JK Tyre
14.3.17 MRF
14.3.18 Cheng Shin
14.3.19 Nokian Tyres
14.3.20 Kumho Tire
