Commercial Vehicle Tire Market Overview
As per recent research by MarkNtel Advisors, the global Commercial Vehicle Tire Market is projected to grow at a CAGR of around 5.29% during the forecast period, i.e., 2023-28.
Commercial Vehicle Tire Market Dynamics
Market Drivers : Mounting Sales of Agricultural Vehicle Tires, Pushed by Farm Mechanization Trends:
Agriculturally deprived economies have begun to incorporate farm machinery equipped with the IoT and automation techniques in order to ramp up their yields. Due to labor shortages and the increased need for enhanced agricultural productivity, farm mechanization trends are gaining traction in various countries worldwide and, in turn, augmenting the demand for heavy agricultural machinery, such as tractors, combines, & harvesters, among others, which require reliable & durable tires for heavy-duty operations.
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Commercial Vehicle Tire Market Segmentation Overview 2023-2028: Key Factors
By Vehicle Type
-Light Commercial Vehicle
-Light Truck
-Light Bus
-Pickup Trucks and Vans
-Medium & Heavy Commercial Vehicle
-Truck
-Bus
By Tire Type
-Radial
-Bias
By Price Category
-Budget
-Economy
-Premium
By Sales Channel
-Multi-brand Stores
-Exclusive Outlets
-Online
By Demand Type
-OEM
-Aftermarket
By Application
-Cargo Transportation
-Public Transportation
-Oil & Gas Transportation
-Others (Construction Material Transportation, Towing, etc.)
By Tire Size
-Light Commercial Vehicle
-225/75R16
-245/75R16
-245/75R17
-265/70R17
-Others (265/75R16, 285/70 R17, etc.)
-Medium & Heavy Commercial Vehicle
-295/75R22.5
-225/70R19.5
-295/90R20
-295/80R22.5
-Others (11R22.5, 11R24.5, 245/70R19.5, etc.)
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Commercial Vehicle Tire Market Geographical Insights:
By Region:
-North America
-South America
-Europe
-Middle East & Africa
-Asia-Pacific
Key Players and Competitive Strategies in the Commercial Vehicle Tire Market
Several prominent players dominate the Commercial Vehicle Tire Market, including:
- Bridgestone Corporation
- Compagnie Générale des Établissements Michelin SCA
- Continental AG
- The Goodyear Tire & Rubber Company
- The Yokohama Rubber Company Ltd.
- Pirelli & C. S.p.A
- Hankook Tire & Technology
- Kumho Tire
- Sumitomo Rubber Industries, Ltd.
- Zhongce Rubber Group Co. Ltd.
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Questions Addressed in this Study
1.How big is the Commercial Vehicle Tire Market Size?
2.What is the Commercial Vehicle Tire Market Growth?
3.Who are the key players of the Commercial Vehicle Tire Market?
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