Market Overview
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.
| 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 | |
| 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.
Market Segmentation
Replacement segment to Dominate The Market
Based on demand, the replacement segment dominated the global market and is likely to continue its dominance in the forecast years. It owes to prominent factors like the expanding production of vehicles and numerous technological advancements in the industry. Furthermore, the gradual shift toward living a better lifestyle, environment-friendly tires, with growing tire sales in the replacement segment are other crucial factors contributing to the continuously increasing market size.
Vans and Pickup Trucks to Witness the Fastest Market Growth
Based on the Type of Vehicle, Vans and Pickup trucks are likely to witness the fastest market growth in the forecast years, majorly owing to their spacious seating and reasonable prices of tires used in them. Moreover, their easy availability & wide usage in the transportation of goods from one place to another require timely up-gradation of tires, leading to more sales of commercial tires. Hence, these factors are propelling the demand for pickup trucks and vans, thereby fueling the overall market growth across the globe, states MarkNtel Advisors in their research report, “Global Light Commercial Vehicle Tire Market Analysis, 2021.”
Regional Landscape
Europe to Witness the Largest Market Share
Europe is likely to witness substantial market growth in the forecast years due to the surging initiatives taken by numerous governments in the region to decrease carbon emissions. Ensuring this requires vehicles' tires to be replaced when their quality falls below the acceptable limits and attain its roadworthiness. It has become a significant driving factor for the market growth in the region, and hence, it is likely to continue achieving the fastest market growth in the global market.
Market Driver
The most prominent factor driving the market growth globally in the forecast years is the increasing sales of passenger vehicles. Furthermore, the rapidly emerging next-generation tire technologies with excellent fuel efficiency & inflation pressure is another critical factor likely to push the market toward even greater heights.
Competitive Landscape
According to Markel 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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Global Light Commercial Vehicle Tire Market shall grow at a CAGR of around 3.5% in the forecast period of 2021-26.
A. 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 are few of the leading players in the Global Light Commercial Vehicle Tire Market.
A. The replacement segment is likely to attain the highest CAGR during the forecast period and maintain its significant market share.
A. Europe continues to grow at the highest CAGR in the forecast period of 2021-26, presenting immense opportunities for market players of the Global Light Commercial Vehicle Tire Market.
A. The most prominent factors likely to drive the market in the forecast years are the increasing sales of passenger vehicles globally and various emerging next-generation tire technologies with excellent fuel efficiency & inflation pressure.
A. Undoubtedly, the Covid-19 pandemic hampered the overall market growth in the previous few years. However, with the upliftment of restrictions, the market is back on track and is likely to attain an astronomical growth rate in the forecast years.
