Growing developments in construction sector, revival of mining industry, huge spending on infrastructure construction projects and mining activities are some key factors fostering the market growth. Moreover, emergence of self-inflating tires is one of the most recent trends that will gain traction in the global market.
According to Stratistics MRC, the Global Commercial Vehicle Tires market is estimated at $XX million in 2016 and is expected to reach $XX million by 2023 growing at a CAGR of XX% from 2016 to 2023.
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Amongst Vehicle Types, Light commercial vehicle (LCVs) segment acquired largest market share during the forecast period. The growth is due to high growth in e-commerce logistics and transportation industries.
In addition, the sales of these vehicles are increasing around the globe due to the availability of attractive financing programs. Asia Pacific will be the main revenue contributor to the market.
The region has a high demand for trucks owing to the increasing number of industrial activities and water distribution network which will then increase the demand for the market.
Some of the key players in the market include Bridgestone, Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Hankook Tire Co. Ltd., Sumitomo Rubber Industries, Ltd., Continental Aktiengesellschaft, MRF Limited, Apollo Tyres Ltd., Michelin, Triangle Tyre Co. Ltd., Toyo Tire & Rubber Company, The Goodyear Tire & Rubber Company, Kumho Tire Co., Inc., JK Tyre & Industries Ltd., Giti Tire Pte Ltd.
and Bridgestone Corporation.
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Vehicle Types Covered:
Medium and heavy commercial vehicle (M&HCVs)
Light commercial vehicle (LCVs)
Rest of Europe
Rest of Asia Pacific
Rest of the World
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