Global Light Commercial Vehicle Tire Market Research Report: Forecast (2021-2026)
By Type of Vehicle (Light Truck, Light Bus, Pickup Trucks, and Vans), By Demand (OEM, Replacement), By Type of Tire (Radial, Bias), By Rim Size (Up to 15”, 15.1” to 16”, Above 16”), By End-User (Agricultural Transportation, E-commerce, Dairy & Meat Transportation, Others), By Price Range Per Unit (Upto USD 80, USD 81 to USD120, USD121 to USD200, Above USD 200), By Region (North America, South America, Europe, CIS, Asia-Pacific, Middle East, and Africa), By Competitors (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)
Tire
May 2021
243
TR10250
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: 2016-20
Base Year: 2020
Forecast Period: 2021-26
CAGR (2021-26)
3.50%
Regions Covered
North America: USA, Canada, Mexico
Europe: Germany, UK, France, Italy, Spain, The Netherlands
Asia-Pacific: China, India, Japan, Thailand, Indonesia
CIS: Russia, Ukraine, Kazakhstan
South America: Brazil, Argentina, Columbia
Middle East & Africa: UAE, Saudi Arabia, Qatar, Kuwait, Iran, South Africa, Nigeria, Ethiopia, Algeria, Egypt
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:
What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Global Light Commercial Vehicle Tire Market?
What is the region-wise industry size, growth drivers, and challenges?
What are the key innovations, opportunities, current & future trends, and regulations in the Global Light Commercial Vehicle Tire Market?
What are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Light Commercial Vehicle Tire Market based on the competitive benchmarking matrix?
What are the key results derived from the market surveys conducted during the Global Light Commercial Vehicle Tire Market study?
Market Outlook, Segmentation, and Statistics
Impact of COVID-19 on Global Light Commercial Vehicle Tire Market
Market Size & Analysis
By Revenue
Market Share & Analysis
By Type of Vehicle
Light Truck
Light Bus
Pickup Trucks
Vans
By Demand
OEM,
Replacement
By Type of material
Radial,
Bias
By Rim Size
Up to 15”
15.1” to 16”
Above 16”
By End-User
Agricultural Transportation
E-commerce
Dairy & Meat Transportation
Others
By Price Range Per Unit
Up to USD 80
USD 81 to USD120
USD121 to USD200
Above USD 200
By Region
North America Light Commercial Vehicle Tire Market Outlook, 2016-2026F (USD Million)
The US Light Commercial Vehicle Tire Market Outlook, 2016-2026F (USD Million)
The Middle East & Africa Light Commercial Vehicle Tire Market Outlook, 2016-2026F (USD Million)
By Competitors
Competition Characteristics
Market Share & Analysis
Competitive Matrix
Global Light Commercial Vehicle Tire Market Hotspots & Opportunities
Global Light Commercial Vehicle Tire Market Regulations & Policy
Key Strategic Imperatives for Success and Growth
Global Competition Outlook
Competition Matrix
Company Profile
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.
Introduction
Product Definition
Research Process
Assumptions
Market Segmentation
Executive Summary
Global Light Commercial Vehicle Tire Market Outlook, 2016-2026F
Market Size & Analysis
By Units Sold
By Revenues
Market Share & Analysis
By Vehicle Type
Light Truck
Light Bus
Pickup Trucks and Vans
By Demand
OEM
Replacement
By Type of Tire
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
Upto USD80
USD 81 to USD120
USD121 to USD200
Above USD200
By Region
North America
South America
Europe
CIS
Middle East
Africa
Asia Pacific
By Company
Market Share of Leading Players
North America Light Commercial Vehicle Tire Market Analysis, 2016-2026F
Market Size & Analysis
By Units Sold
By Revenues
Market Share & Analysis
By Vehicle Type
By Demand
By Type of Tire
By Rim Size
By Price Range Per Unit
By Country
The US Light Commercial Vehicle Tire Market Analysis, 2016-2026F
