Market Overview: Global Commercial Vehicle Tire Market
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Commercial Vehicle Tire Market Insights 2023-28
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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Top Players in the 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
Segmentation Analysis of Commercial Vehicle Tire Market
Commercial Vehicle Tire Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2023-28, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
-By Tire Type
Radial
Bias
Based on tire type, Radial Tires dominate the Global Commercial Vehicle Tire Market, and the same trend is likely during 2023-28, backed by their multiple functional benefits, such as better traction, improved stability at high speeds, better load handling, and enhanced heat dissipation over cross-ply/bias tires, which is one of the major causes of the degradation of commercial tires.
The tread & sidewall of radial tires work independently, and since the power transfer from the vehicle to the ground is more, it allows for lower fuel consumption. These tires hold the highest market share in developed countries like the US, China, the UK, France, etc. However, their penetration is also rising dramatically in emerging countries, creating more opportunities for the leading manufacturers in the commercial vehicle tire market over the coming years.
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-By Vehicle Type
Light Commercial Vehicle
Medium & Heavy Commercial Vehicle
-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
Medium & Heavy Commercial Vehicle
A Comprehensive Geographical Analysis:
-By Region
North America
South America
Europe
The Middle East & Africa
Asia-Pacific
Asia-Pacific is expected to emerge as the largest Commercial Vehicle Tire Market during 2023-28. The region has emerged as an automotive hub in recent years, backed by the expansion of manufacturing units by auto giants like BMW AG & Volkswagen Group, owing to the availability of economic labor, lenient emission & safety norms, low production costs, and various government initiatives for FDIs.
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MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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