As per recent research by MarkNtel Advisors, 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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E-commerce is one of the platforms which has experienced a boom despite the economic slowdown in the COVID-19 pandemic. The increased purchasing from online platforms as well as growing home deliveries of products through online purchases has earmarked the requirement of more Light commercial vehicles for the timely delivery of goods to customers. With the increased demand for the LCVs in Europe, North America, etc., from Ecommerce companies, the demand for LCV tires in OEM and replacement would also increase.
In another instance, the ridesharing platforms in Europe, Asia Pacific, etc., have been increasing the demand for passenger vans in the LCV segment. Many of the ridesharing companies such as Uber, Yandex, BlaBla Car, kapten, Bolt, etc. have been working in the region regions like Europe which has increased the demand for passenger vans and with the subsequent increase of the vehicle demand from the respective companies to expand the ridesharing services to the customers the demand for the LCV tires would increase between 2023-2028.
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”
1-16"
1" to 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
Several prominent players dominate the Light Commercial Vehicle Tire Market, including:
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
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1.What factors are driving the Light Commercial Vehicle Tire Market growth?
2.How is the Light Commercial Vehicle Tire Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Light Commercial Vehicle Tire Market?
4.What is the current size of the Light Commercial Vehicle Tire Market, and how is it projected to change in the future?
5.What is the future outlook for the Light Commercial Vehicle Tire Market in terms of technological advancements and market expansion?
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