This industry research report identifies Bridgestone, Continental, The Goodyear Tire & Rubber Company, and Michelin as the key vendors in the global commercial vehicle tires market. This industry research report also presents a competitive analysis of the market by vehicle type (LCVs and M&HCVs), by distribution channel (replacement tires and OE tires), and by geography (the Americas, APAC, and EMEA).
Overview of the global commercial vehicle tires market
Market research analysts at Technavio predict that the global commercial vehicle tires market will grow steadily during the next four years and in terms of units, will post a CAGR of close to 4% by 2021. This market research analysis identifies the rising demand for commercial vehicles (CVs) due to increasing developments in the construction sector as one of the primary growth factors for this market. Due to the massive spending on infrastructure construction projects and mining activities and the growth in industrial activities, there is a high demand for commercial trucks, tractors, and trailers which subsequently increases the demand for commercial vehicle tires. Additionally, the improvement in the economic conditions of BRIC nations, will also fuel the growth of the commercial vehicle tires market since theeconomic growth will result in significant investments in the construction industry which is the largest user of commercial vehicles.
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One of the latest trends that will gain traction in the commercial vehicle tires market in the coming years is the emergence of self-inflating tires (SITs). SITs consist of an air tube called the peristaltic tube chamber, inside the tire and a pressure regulator or sensor that is kept at the opening of the chamber. When the regulator detects a pressure drop, the air tube chamber opens due to the rotational movement of the tire and lets the external air to flow inside. This provides various advantages including the reduction of tire wear, fuel savings, and improvement in safety.
Competitive landscape and key vendors
The commercial vehicle tires market is dominated by a few major players who also offer a wide range of lightweight tires for commercial vehicles. Bridgestone is one of the leading manufacturers in the market and the company manufactures and supplies tires and rubber products in 150 countries. This company supplies tires and tubes for passenger cars, construction and mining vehicles, aircraft, motorcycles, and scooters. Additionally, this company also sells chemical and industrial products, including anti-vibration and noise-insulating materials, industrial rubber products, building materials, belts, and hoses. The company also emphasizes on the vertical integration of its business operations to increase efficiency.
The leading vendors in the market are -
The Goodyear Tire & Rubber Company
The other prominent vendors in the market include Apollo Tyres, DUNLOP TIRES, Hankook Tire, Hendrickson, Pirelli, and THE YOKOHAMA RUBBER CO.
Segmentation by vehicle type and analysis of the commercial vehicle tires market
Light commercial vehicle (LCVs)
Medium and heavy commercial vehicle (M&HCVs)
During 2016, the LCVs segment accounted for the major shares and dominated this market. Factors such as the high growth in e-commerce logistics and transportation industries will contribute to the growth of this market segment in the coming years. Additionally, the increase in the preference for these vehicles and the availability of attractive financing programs that are fueling the sales of LCVs around the globe will also drive the growth of the commercial vehicle tires market in this segment.
Geographical segmentation and analysis of the commercial vehicle tires market
This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market by 2021. Due to the growing number of industrial and infrastructure activities, water distribution network, and the increasing mining activities, the region has a high demand for trucks, which will subsequently drive the demand for commercial vehicle tires. Additionally, factors such as the increasing construction of highways and rapid transit networks and the growing logistics market, will also contribute to the growth of the commercial vehicle tires market in APAC during the next four years.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global commercial vehicle tires market?
What are the key market trends impacting the growth of the global commercial vehicle tires market?
What are the challenges to market growth?
Who are the key vendors in the global commercial vehicle tires market?
What are the market opportunities and threats faced by the vendors in the global commercial vehicle tires market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global commercial vehicle tires market?
Technavio also offers customization on reports based on specific client requirement.
Tires are an essential component of a vehicle and experience the first contact and direct impact of the road. Since a tire is the vehicle's only contact with the road, it also functions as an important safety component. Tires carry the load of the vehicle and are the main exposed part to varying environments as well as road conditions. Technavios reports for the automotive industry entail a range of product and service markets including wheels and tires, automotive components and auto accessories. Technavios reports also include an extensive analysis of the leading vendors and the competitive landscape in addition to providing information on various factors including the changes in customer preferences and the factors, which will drive and challenge the growth of the vendors in the automotive industrys marketspace.
To accurately forecast the industrys growth prospects, our market research experts follow an exhaustive research approach of primary and secondary techniques and carry out an in-depth analysis of factors such as technological advancements and the demand-supply shifts for markets covering many geographical regions across the globe. To help clients frame new strategies for growth, our upcoming industry research report on the global commercial vehicle tires market for the forecast period of 2017 to 2021 presents vital insights constructed from the data collected from reliable sources of market information such as manufacturers, channel partners, regulatory bodies, and decision makers.
This upcoming report on the global commercial vehicle tires market also considers the growth of the related markets such as specialty tire and alloy wheels, which are expected to grow at a CAGR of almost 4% and about 3%, respectively, by 2020. According to our market research analysts, the considerable changes that contribute to the overall lighter weight of vehicles, stringent emission regulations, and fuel economy benefits are the primary forces driving the wheels and tires markets growth in the coming years. Technavio also produces reports that are customized for many clients, which will help local vendors and players aiming to consolidate their presence in the automotive market.
The upcoming industry research report for the global commercial vehicle tires market also recognizes the key drivers, emerging trends, and the challenges currently experienced by the industry and also presents insights into automotive manufacturing and automotive
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