The rising urbanization, escalating industrialization and infrastructure development have a positive impact on the tire market across the country. Moreover, mounting construction industry and expanding vehicle fleet creating a lucrative opportunity for the growth in the tire market. The launch of new products such as hybrid cars, escalating vehicle population and increasing demand for replacement tires are the key drivers proliferating the market of the tire in the country.
According to the MarkNtel Advisors’ research report, the CAGR of “Canada Tire Market Analysis, 2020”, is expected to be around 2% during 2020-25. Growth in mining and construction activities have been acting as a catalyst for the expansion of the OTR tires. Moreover, the emergence of hybrid cars is placing the demand for high-performance tires. For instance, Electric vehicle sales are surging at a rapid pace. In 2018, total unit sales nearly doubled in comparison to the previous year reaching 37,000 units, of which 48.5 percent were battery-electric (BEV) and the rest plug-in hybrid (PHEV).
Passenger Car Tires Segment Lead the Canadian Tire Market
The sales in the passenger cars are witnessing a perennial decline during 2015-2018 on account of the global recession which impacted the market of automotive and allied industries as tires. The recovery in the economy would translate the revival of sales of the new car thereby leading to the growth of both the OEM and replacement segment. Moreover, the import of passenger cars in Canada surged by 5% in 2018. In the passenger car, Quebec holds the largest share in the market followed by Ontario and British Colombia.
In 2019, based on the type of tire, the automobile company is dominated by radial in tires exceeding penetration of 65%. The highest penetration was observed in the passenger cars category. However, bias tires still capture considerable share in medium-heavy commercial vehicles such as trucks and buses and the OTR tire category. Winter Tires have been gaining traction on account of growing Government proactive measures to ensure road safety.
According to the MarkNtel Advisors, the major leading players are Continental Tire Canada, Bridgestone Canada (BSCA), Yokohama Tire (Canada), Hankook Tire Canada, Goodyear Canada, Michelin North America (Canada), Kumho Tire Canada, Pirelli Tire, Toyo Tire Canada, Others. Companies are coming up with innovative products to gain a competitive edge over other competitors in the market. For instance, Bridgestone Launches All-Weather Touring Tire in Canada, specially designed for control in wet and snowy conditions in 2019.
“Canada Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for Canada Tire market providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Medium, and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers)
2. By Demand Category (OEM and Replacement)
3. By Type of Tires (Radial and Bias)
4. By Sales Channel (Dealer/Exclusive stores, Online, and Others)
5. By Season (All season, Winter and Summer)
6. By Price Category (Budget- Up to USD90, Economy- USD91-USD140, Premium- Above USD140)
7. By Rim Diameter (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
8. By Region (North, East, West, South)
9. By Company (Continental Tire Canada, Bridgestone Canada (BSCA), Yokohama Tire (Canada), Hankook Tire Canada, Goodyear Canada, Michelin North America (Canada), Kumho Tire Canada, Pirelli Tire, Toyo Tire Canada, Others)
Key questions answered in the study:
1. What are the current and future trends of the Canada tire market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Canada tire market industry?
6. What are the customer orientation, purchase behavior, and expectations from Canada tire suppliers across various regions?