Market Definition
Light commercial vehicle (LCV) tires are generally made for light-duty and heavy-duty trucks and vans. They are designed for traction and strength on and off the road with a load capacity ranging between ½ ton and 1 ton. They are used for various purposes like agricultural transportation, e-commerce, dairy & meat transportation, and others. Light commercial vehicle tires are of two types radial and bias.
Market Insights
The Global Light Commercial Vehicle Market is projected to grow at a CAGR of around 3.5% during the forecast period, i.e., 2023-28. This is due to the factors like the easy availability of vehicle investment schemes by various governments & key market players, the growing e-commerce sector, the increasing number of multiple infrastructural projects, and the flooding logistics around the globe.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2016-19 |
| Base Year: 2020 | |
| Forecast Period: 2021-26 | |
| CAGR(2021-26) | 3.5% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France, Italy, Spain, The Netherlands, Rest of Europe | |
| Asia-Pacific: China, Japan, India, Thailand, Indonesia, Rest of Asia Pacific | |
| South America: Brazil, Argentina, Columbia, Rest of South America | |
| Middle East & Africa: Saudi Arabia, The UAE, Egypt, South Africa, Nigeria, Ethiopia, Rest of The Middle East & Africa | |
| Key Companies Profiled | 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 |
| Unit Denominations | USD Million/Billion |
Another industry ascribing to the increase in the demand for the LCV vehicle is the agricultural sector. Europe has experienced fundamental policy changes by the European Union. Under the policy, it has increased the maximum support that can be availed by individual farmers to USD 22,388 over three years. This would help the farmers to avail more funds through support and also help the agricultural segment to grow in the coming period as the regulation are slated to come into effect after 2022. With the agriculture sector showing growth, the transportation of agricultural products is anticipated to increase which would result in creating more demand for light commercial vehicles in the years to come. Moreover, the presence of various LCV manufacturing plants in North America is one of the major factors proving ample boost to the demand for LCV tires. Some of the developments have been noticed in the North America Light Commercial Vehicle Tire market which is expected to boost the demand in the forecasted period of 2023-2028. For instance:
