According to the MarkNtel Advisors research report, "Global Light Commercial Vehicle Tire Market Analysis, 2023," the market is likely to grow at a CAGR of 3.5% in the forecast period of 2023-2028. The most prominent factors driving the demand for tires across the globe are accelerating sales of passenger vehicles, particularly in emerging economies, and the increasing number of infrastructure projects in various countries.
Key questions answered in the study
Radial tire to Witness Significant Growth
Based on the type of tire, the market segments into Radial & Bias tires. Of both, the Radial tire is likely to witness significant growth in the forecast period owing to prominent factors like the strength & flexibility of the tire. These tires absorb impacts, bumps, and shocks to provide greater comfort to the driver and a better riding experience. Furthermore, the tread & sidewall of a radial tire is known to function independently, thereby transfers more grip & command, offer higher productivity, and helps reduce the overall fuel consumption.
"Global Light Commercial Vehicle Tire Market Analysis, 2023" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Light Commercial Vehicle Tire providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-Pacific market projects to register the fastest growth in the Global Light Commercial Vehicle Tire Market during 2023-2028. Asia-Pacific is a developing hub for automotive production due to the rising number of setups of several production units by prominent manufacturers in the region. The abundant availability of economic labour, low production costs, lenient emission & safety norms, and surging initiatives by the government for FDIs are factors leading toward substantial investments in the Asia Pacific region and driving the global market. Hence, based on these aspects, the Asia-Pacific region is likely to contribute to the overall market growth in the forecast period, reveals MarkNtel Advisors in their research report, "Global Light Commercial Vehicle Tire Market Analysis, 2023."
According to MarkNtel Advisors, the major leading players in the Global Light Commercial Vehicle Tire Market are Pirelli, Continental, Bridgestone, Goodyear Tire and Rubber Company, Yokohama, Michelin, Apollo, Hangzhou Zhongce, MRF Tyres, JK Tyres, Hankook, Sumitomo, Linglong, Toyo Tire, Weifang Goldshield Tire.
By Vehicle Type: (Light Truck, Light Bus, Pickup Trucks and Vans)
By Demand: (OEM, Replacement)
By Tire Type: (Radial, Bias)
By Rim Size: (Up to 15”, 15.1-16", 16.1" to 17", 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),
By Region: (North America, South America, Europe, The Middle East & Africa, Asia Pacific)
By Company: 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)