MarkNtel Advisors recently published a report, titled, ” Global Light Commercial Vehicle Tire Market By Vehicle Type (Light Truck, Light Bus, Pickup Trucks and Vans), By Demand (OEM, Replacement), By Tire Type (Radial, Bias), By Rim Size (Up to 15”, 15.1-16. As per as the report The Global Light Commercial Vehicle Tire Market is projected to grow at a CAGR of around 3.5% during the forecast period, i.e., 2023-28.
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Growth Opportunity: Increasing Light Commercial Vehicle Manufacturing Units to Support the Market Growth
The growing light commercial vehicle (LCV) manufacturing units in the region like North America, Europe, Asia Pacific, etc., are expected to facilitate the demand for light commercial vehicle tires during the forecast period. The booming agricultural farming, rising shared mobility platforms, etc., are some of the driving factors in the establishment of LCV production plants. Along with this, the surging demand for electric LCVs in line with reducing carbon emissions from transportation is also one of the key aspects estimated to amplify the market growth. For instance:
In 2023, Tesla announced to invest around USD3.6 billion in Nevada truck factory expansion.
Leading Companies in Global Light Commercial Vehicle Tire Market:
Bridgestone Corporation, Compagnie Générale des Établissements Michelin SCA, Continental AG, Goodyear Tire & Rubber Corporation, The Yokohama Rubber Co., Ltd., Toyo Tire Corporation, Pirelli, Hankook Tire & Technology Co., Ltd., Kumho Tire, Sumitomo Rubber Industries, Ltd., Zhongce Rubber Group Co., Ltd., Others.
Global Light Commercial Vehicle Tire Market Segmentation:
By Vehicle Type
-Light Truck
-Light Bus
-Pickup Trucks and Vans
By Demand
-OEM
-Replacement
By Tire Type
-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
-Up to USD80
-USD81 to USD120
-USD121 to USD200
-Above USD200
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By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia Pacific.
Key questions answered in the Global Light Commercial Vehicle Tire Market are:
•What is Global Light Commercial Vehicle Tire Market?
•What was the market size in 2022?
•What is the growth rate of the Global Light Commercial Vehicle Tire Market?
•Which are the factors expected to drive the market growth?
•What are the different segments of the Global Light Commercial Vehicle Tire Market?
•What segments are covered in the Market?
•Who are the key players in the Global Light Commercial Vehicle Tire Market?
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