Canada is one of the biggest producers of passenger cars, heavy vehicles, and automotive components for North America. The increase in construction activities along with a surging population and rising urbanization is placing a positive influence over the Tire market. Moreover, the rise in the sales of new motor vehicles from 127,734 units in 2017 to 169,967 units in 2019 is projected to elevate the Tire market growth in the region.
Proliferating Emergence of EV is Boosting the Demand for Tires
According to the MarkNtel Advisors’ research report titled “Canada Tire Market Analysis, 2020”, the market is expected to grow at a CAGR of around 2% during 2020-25. The escalating sales and registration of new motor vehicles are anticipated to bolster the Canada Tire market. The registration of all fuel type motor vehicle has surged from 1,886,196 units in 2015 to 1,978,562 units in 2018. The emergence of an electric vehicle is also gaining pace in the region. For instance, the registration of new battery, hybrid and plug-in hybrid as surged from 24,197 in 2015 to 69,010 in 2018, thereby, promoting the market growth of the high-performance tires in the region.
Spike in the import of public transport vehicles and construction activity is elevating the demand for MHCV tires in Canada. For instance, Canadian imports of buses and other public transport passenger vehicles increased by 2.6% in 2019, due to ongoing upgrades of public transportation, thereby, surging the demand for replacement tires in the country.
Ontario holds the majority share in the Tire market as the registration of a new motor vehicle on an account of the highest number of unit car production in the region. Moreover, Ontario is home for a lot of automobile giants such as General Motors, Ford, Chrysler, Toyota, and Honda in the passenger car segment and has 12 manufacturing units collectively from the USA and Japan have their manufacturing plants in Ontario.
Quebec also holds a considerable market share in the Canada Tire market. Other states like British Colombia, Alberta, and others had significantly less market share. Moreover, the lesser population in comparison with larger provinces like Ontario has been the major reason for smaller unit sales.
According to the MarkNtel Advisors, the leading players are Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Cooper among others. Companies such as Michelin, Goodyear, and Bridgestone, etc., are coming up with an advanced tire that saves fuel to reduce the environmental impact without compromising on the performance in order to gain a competitive edge over other competitors.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Canada Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Canada Tire Market during 2020-25?
A. The market size of Canada Tire Market during 2020-25 is forecast to be around 2%.
Q. Who are the key competitors or players operating in Canada Tire Market?
A. Continental, Bridgestone, Yokohama, Hankook, Goodyear, Michelin, Kumho, Pirelli, Toyo and Cooper among others. Michelin, Goodyear, and Bridgestone, Quebec and few others are the leading players in the Canada Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Canada Tire Market?
A. Light, Medium and Heavy commercial vehicle segment captured a considerable market share in the Canada Tire Market.
Q. Which Tire type segment would emerge as an opportunity area for players in Canada Tire Market?
A. On the basis of tyre type, Bias tires still capture a major market share the medium-heavy vehicles and the OTR vehicles segment.
Q. Which sales Channel segment would emerge as an opportunity area for players in Canada Tire Market?
A. Based on the sales channel, dealers and distributors are the main suppliers of tires in the country. Moreover, with the presence of leading companies, the dealers have exclusive stores for distribution.
