Emerging Trends and Key Drivers Fueling the Commercial Vehicle Tire Market Growth forecast 2028: Backed by a CAGR of 5.29% – MarkNtel Advisors

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Harry Ambrose
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Global Commercial Vehicle Tire Market

How big is the Global Commercial Vehicle Tire market?

According to MarkNtel Advisors study, 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.

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Global Commercial Vehicle Tire Market Trend:

Multi-Brand Tire Stores Remain the Most Preferred Purchase Point: Multi-brand tire stores have gained traction in the past few years owing to the extensive presence of companies like MRF, Bridgestone, etc., around numerous countries. The absence of a legal framework to govern the e-commerce industry in the region has resulted in marginal sales of tires through online platforms. Moreover, the lack of awareness among individuals about the variety of tires & specifications that suit their operational requirements is another prominent factor that has promoted tire sales from multi-brand outlets & not online platforms.

Leading Companies in the Global Commercial Vehicle Tire market:

  • 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.
  • CEAT Limited
  • MRF Tyres
  • JK Tyre & Industries
  • Apollo Tyres Limited
  • Others

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Global Commercial Vehicle Tire Market Segmentation:

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

Among the two, Radial Tires dominate the Global Commercial Vehicle Tire Market, and the same trend is likely during 2023-28.

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.)

Regional/ Countries Insight:

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

Of all regions globally, Asia-Pacific is expected to emerge as the largest Commercial Vehicle Tire Market during 2023-28.

Note: Should you require specific information beyond the current scope of the report, we are prepared to furnish it as part of our customization services.

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