Commercial Vehicle Tire Market Growth 2023, Revenue, Global Industry Share, Rising Trends, Challenges, Key Manufacturers, Future Opportunities and Forecast Till 2033: SPER Market Research
Construction, mining, and agricultural industries utilise large, robust tyres known as “commercial vehicle tyres” on their cars and machines. Additionally, commercial tyres are preferable when considering the terrain. This is especially important if the vehicle is used on icy roads or in unpaved places like landfills, where junk metal and glass are frequently found. Commercial tyres have an extended lifespan when utilised on a regular basis. Commercial tyres are initially more expensive than residential tyres, but they will ultimately save money if they are used for business reasons. The greatest degree of safety and fuel economy can be achieved by fully utilising the tyres’ potential.
According to SPER market research, ‘Commercial Vehicles Tire Market Size- By Application, By End User, By Material, By Sales Channel, By Terrain- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Commercial Vehicles Tire Market is predicted to reach USD 50.15 billion by 2033 with a CAGR of 4.09%.
The market for car tyres is expected to rise in the intermediate term as a result of things like the growing need for convenience, the high maintenance or replacement costs of conventional tyres, and the growing emphasis on fuel efficiency. Another factor contributing to the industry’s growth is OEMs’ utilisation of cutting-edge manufacturing processes to set their goods apart through features like affordability, sustainability, and durability. The world is becoming more and more urbanised, which has led to a sharp increase in construction. This has also raised demand for commercial vehicles and their tyres due to improvements in transportation infrastructure. Furthermore, the improving economic conditions in developing countries and the increasing emphasis on agricultural mechanisation are expected to drive market growth in the upcoming years.
In the very competitive commercial vehicle tyre sector, numerous domestic and foreign companies are fighting for market share. The presence of well-known manufacturers and the wide variety of tyre alternatives makes it challenging for new competitors to enter the market. Government regulations pertaining to environmental sustainability and tyre safety standards result in compliance expenses for tyre companies. Maintaining these requirements throughout the production process can be costly and challenging, particularly for small and medium-sized tyre manufacturers. The price of raw materials, such as synthetic and natural rubber, used in the manufacture of tyres, is influenced by worldwide commodities markets.
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The Covid-19 pandemic had a significant impact on the market for commercial vehicle tyres. Lockdowns, travel restrictions, and the slowing economy all contributed to a decline in commercial vehicle sales and transportation-related firms. However, it is expected that the market will expand once more as global economic conditions improve and regulatory constraints relax. Because of the growing need for last-mile delivery and e-commerce, along with the need for efficient transportation services, the market is anticipated to rebound and grow.
Geographically, the Asia-Pacific region currently dominates the market because of its rapid industrialization, massive population, and the presence of important growing economies like China and India. Commercial tyres and cars are in high demand in these nations due to the expanding logistics and transportation industries. Additionally, some of the key market players are Goodyear Tyre and Rubber Company, Hankook Tire and Technology Group, McLaren Industries, Sumitomo Corporation, The Michelin Group and Trelleborg Corporation.
Heavy Commercial Vehicle Tire Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Application: Based on the Application, Global Commercial Vehicles Tires Market is segmented as; Agriculture, Construction, Mining, Transport
By End User: Based on the End User, Global Commercial Vehicles Tires Market is segmented as; OEM, Aftermarket
By Material: Based on the Material, Global Commercial Vehicles Tires Market is segmented as; Natural Rubber, Nylon Cord Fabric and Wire, Poly Butadiene Rubber, Styrene Butadiene Rubber
By Sales Channel: Based on the Sales Channel, Global Commercial Vehicles Tires Market is segmented as; Offline, Online
By Terrain: Based on the Terrain, Global Commercial Vehicles Tires Market is segmented as; Off-Road, On-Road
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
For More Information, refer to below link:-
Heavy Commercial Vehicle Tire Market Outlook
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