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Global commercial vehicle tire market: 1.8 billion units sold by 2016

Press Release   •   Feb 25, 2013 12:35 GMT

The Global Commercial Vehicle Tire market is to reach 1.81 billion units by 2016. One of the key factors contributing to this market growth is the steady economic growth in the APAC region. The Global Commercial Vehicle Tire market has also been witnessing increasing demand for radial and tubeless tires. However, the increase in retreading of tires poses the biggest challenge in the Global Commercial Vehicle Tire market.

The Global Commercial Vehicle Tire market is witnessing increasing demand for radial and tubeless tires. The Truck and Bus segment, which is a major segment in terms of capacity, is witnessing a steady increase in the proportion of radial tires being adopted. In addition, as a result of the development of road infrastructure worldwide and the increasing importance of fuel-efficient products in the Global Automobile market, the proportion of radial tires in various segments of the Global Commercial Vehicle Tire market is anticipated to increase rapidly. Further, the Global Commercial Vehicle Tire market is witnessing the increasing adoption of tubeless tires in all vehicle segments. The demand for radial and tubeless tires will boost the growth of the Global Commercial Vehicle Tire market.

The steady economic growth in the APAC region is a major growth driver in the Global Commercial Vehicle Tire market. The economic growth in the region has improved the financial status of large sections of the population, which in turn is leading to an increase in the per capita income of the population and increased demand for automobiles and other vehicles. Japan and China in particular are two major markets for tires in the Global Commercial Vehicle Tire market. Therefore, the demand for tires has increased in the APAC region, which is leading to the growth of the Global Commercial Vehicle Tire market.

The key vendors dominating this market space are Bridgestone Corp., Continental AG, Michelin SCA, The Goodyear Tire and Rubber Co. The other vendors mentioned in the report are Accuride Corp., and Yokohama Tire Corp.

For more information on the Global commercial vehicle tire market, please click here: Global commercial vehicle tire market

For more information on the Automotive and Parts market, please click here: Automotive and Parts Reports

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