Commercial Vehicle Tire Market Poised for 5.29% CAGR Growth Through 2028 – MarkNtel Advisors
MarkNtel Advisors has released its comprehensive analysis of Commercial Vehicle Tire Market, projecting a steady 5.29% CAGR growth from 2023-2028. Our team of industry specialists has exactly compiled the latest market intelligence to support stakeholders—entrepreneurs, financial analysts, and corporate strategists—in making informed, data-backed decisions.
Commercial Vehicle Tire Market Statistics:
Study Period- Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028): 5.29%
Market Study Report Coverage:
- Market Fundamentals: Size, share, Revenue, and historical performance metrics.
- Market Trend: Multi-Brand Tire Stores Remain the Most Preferred Purchase Point
- Geographical Analysis: Growth hotspots across North America,South America,Europe,Middle East,Africa,Asia-Pacific
- Competitive Benchmarking: Market leaders vs. emerging players.
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Commercial Vehicle Tire Market Segmentation Analysis (2023–2028)
The study analyzes significant trends in each segment of Commercial Vehicle Tire Market report, as well as growth estimates for 2023–2028 at the geographical levels.
As per the Report the market segment bifurcated into:
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, backed by their multiple functional benefits, such as better traction, improved stability at high speeds, better load handling, and enhanced heat dissipation over cross-ply/bias tires, which is one of the major causes of the degradation of commercial tires.
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.)
By Region
- North America
- South America
- Europe
- Middle East & Africa
- Asia-Pacific
Commercial Vehicle Tire Market Sector Growth Driver:–
Mounting Sales of Agricultural Vehicle Tires, Pushed by Farm Mechanization Trends: Agriculturally deprived economies have begun to incorporate farm machinery equipped with the IoT and automation techniques in order to ramp up their yields. Due to labor shortages and the increased need for enhanced agricultural productivity, farm mechanization trends are gaining traction in various countries worldwide and, in turn, augmenting the demand for heavy agricultural machinery, such as tractors, combines, & harvesters, among others, which require reliable & durable tires for heavy-duty operations.
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Commercial Vehicle Tire Market Competitive Outlook (2023–2028)
This section discusses the major participants in Commercial Vehicle Tire Market, with a focus on securing new contracts in developing nations to strengthen their footprint
Competitive Analysis Cover:
- Business Description
- Product Segments
- Strategic Alliances or Partnerships
- Recent Developments
- Financial Details
- Others
List of Major Commercial Vehicle Tire Market Competitor
- 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
Commercial Vehicle Tire Industry Recent Developments –
- In May 2023, Yokohama Off-Highway Tires (YOHT) launched Agri Star II R – I, a radial tire equipped with SLT (Stratified Layer Technology) that ensures higher lug competency, and after 40% wear, a multi-angle profile layer of the lug comes in contact with the ground, resulting in increased contact area at the central portion, enhanced grip, and better roadability of the tire.
- In February 2023, Continental launched its largest tractor tire to date, the VF TractorMaster in size VF900/60R42. With a diameter of 2,147 millimeters, the tire is larger than a door frame and weighs 450 kilograms with a load index of 189 (10,300 kilograms). The tire size has been developed by the company specifically to be able to carry the weight of agricultural machinery with over 300 horsepower.
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