According to the MarkNtel Advisors’ research report, “Global Light Commercial Vehicle Tire Market Analysis, 2021,” the market is likely to grow at a CAGR of around 3.5% in the forecast period of 2021-26 due to 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.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, The Netherlands|
|Asia-Pacific: China, India, Japan, Thailand, Indonesia|
|South America: Brazil, Argentina, Columbia|
|CIS: Russia, Ukraine, Kazakhstan|
|Middle East & Africa: UAE, Saudi Arabia, Qatar, Kuwait, Iran, South Africa, Nigeria, Ethiopia, Algeria, Egypt|
|Key Companies Profiled||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|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The outbreak of the Covid-19 reduced the production of the market as several production units shut, and the supply was on hold due to lockdown impositions. Furthermore, the trade and export sector got disrupted as well, resulting in massive losses. However, with the upliftment of restrictions, the market is getting back on track and shall regain its pace in the forecast years.