Market Overview:
MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Light Commercial Vehicle Tire Market, The Global Light Commercial Vehicle Tire Market is projected to grow at a CAGR of around 3.5% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Light Commercial Vehicle Tire Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.
Industry Outlook & Forecasts:
- Forecast Period: 2023-2028
- CAGR (2023-2028): 3.5%
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Global Light Commercial Vehicle Tire Market Segmentation Breakdown:
The Light 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 Truck
- Light Bus
- Pickup Trucks and Vans
Among them, Pickup Trucks and Vans are likely to witness the fastest market growth in the forecast years, majorly owing to their spacious seating and reasonable prices of tires used in them.
- By Demand
- OEM
- Replacement
Based on demand, the replacement segment dominated the global market and is likely to continue its dominance in the forecast years.
- By Tire Type
- Radial
- Bias
- By Rim Size
- Up to 15”
- 1-16"
- 1" to 17"
- 1" to 18"
- Above 18"
- By End Users
- Agricultural Transportation
- Ecommerce
- Dairy & Meat Transportation
- Others
- By Price Range Per Unit
- Up to USD80
- USD81 to USD120
- USD121 to USD200
- Above USD200
Geographical Growth Insights:
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
Europe is likely to witness substantial market growth in the forecast years due to the surging initiatives taken by numerous governments in the region to decrease carbon emissions.
MarkNtel Advisors Highlights Key Market Drivers for Light Commercial Vehicle Tire Market:
Thriving Ecommerce and Ridesharing Platforms to Boost the Market Growth
E-commerce is one of the platforms which has experienced a boom despite the economic slowdown in the COVID-19 pandemic. The increased purchasing from online platforms as well as growing home deliveries of products through online purchases has earmarked the requirement of more Light commercial vehicles for the timely delivery of goods to customers. With the increased demand for the LCVs in Europe, North America, etc., from Ecommerce companies, the demand for LCV tires in OEM and replacement would also increase.
In another instance, the ridesharing platforms in Europe, Asia Pacific, etc., have been increasing the demand for passenger vans in the LCV segment. Many of the ridesharing companies such as Uber, Yandex, BlaBla Car, kapten, Bolt, etc. have been working in the region regions like Europe which has increased the demand for passenger vans and with the subsequent increase of the vehicle demand from the respective companies to expand the ridesharing services to the customers the demand for the LCV tires would increase between 2023-2028.
A Comprehensive Analysis of Leading Companies in Global Light Commercial Vehicle Tire Market
- Bridgestone Corporation
- Compagnie Générale des Établissements Michelin SCA
- Continental AG
- Goodyear Tire & Rubber Corporation
- The Yokohama Rubber Co., Ltd.
- Toyo Tire Corporation
- Pirelli
- Hankook Tire & Technology Co., Ltd.
- Kumho Tire
- Sumitomo Rubber Industries, Ltd.
- Zhongce Rubber Group Co., Ltd.
- Others
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What are the Growth Opportunity driving the Global Light Commercial Vehicle Tire Market?
Increasing Light Commercial Vehicle Manufacturing Units to Support the Market Growth
The growing light commercial vehicle (LCV) manufacturing units in the region like North America, Europe, Asia Pacific, etc., are expected to facilitate the demand for light commercial vehicle tires during the forecast period. The booming agricultural farming, rising shared mobility platforms, etc., are some of the driving factors in the establishment of LCV production plants. Along with this, the surging demand for electric LCVs in line with reducing carbon emissions from transportation is also one of the key aspects estimated to amplify the market growth. For instance:
- In 2023, Tesla announced to invest around USD3.6 billion in Nevada truck factory expansion.
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