Passenger Car Tires Market in Canada 2015-2019
About Passenger Car Tire Market in Canada
The passenger car tires market in Canada is a competitive market marked with the presence of global players such as Bridgestone, Continental, Goodyear, and Hankook. Being a developed country with population close to 35 million, Canada has a large vehicle fleet that has been growing over the years. An increase in vehicle sales and high vehicle fleet size have resulted in high demand for tires, both from OEM and replacement segments.
Highly developed infrastructures, especially roads, have acted as a catalyst for the expansion of the automotive market and allied industries such as tires. Due to the global economic recession, the automotive and allied industries suffered a decline in growth in the past few years. The Canadian economy is now showing signs of recovery that would translate into the revival of new car sales and subsequently lead to the market growth in both the OEM and replacement segments.
Technavio's analysts forecast the passenger car tires market in Canada to grow at a CAGR of 2.56% during 2014-2019.
Covered in this Report
The passenger car tires market in Canada can be segmented into two divisions based on distribution channels: OEM and replacement. To calculate the market size, the report considers the combined sales of these two segments.
Technavio's report, Passenger Car Tires Market in Canada 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It also covers the market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Passenger Car Tires Market in Canada 2015-2019
Technavio recognizes the following companies as the key players in the Passenger Car Tires Market in Canada: Bridgestone Canada , Continental, Goodyear Canada, Hankook Tire Canada, Kumho Tire Canada, Michelin North America, Pirelli and Toyo Tire & Rubber
Other Prominent Vendors in the market are: Cooper Tire & Rubber, Nexen Tires, Performa Tires.
Commenting on the report, an analyst from Technavio’s team said: “A new trend of buying tires online has evolved globally, and this trend is catching on in many countries. Young Internet users are more receptive to buying tires online. Consumers are impressed by the benefits associated with buying tires online, such as savings in both time and cost, being able to compare prices, and finding reasonably priced tires.”
According to the report, regulations mandating a significant reduction in automotive emission levels have been enforced, which has resulted in the form of new drivetrains and hybrid vehicles. In Canada, the concept of hybrid and electric vehicles is gaining popularity. The rapid growth in hybrid car sales over the past four years and their gaining popularity among consumers.
Further, the report states that retread tires are an excellent example of tire reuse. They are manufactured by mill buffing the tread surface up to a predetermined depth. A new rubber is bonded and vulcanized, so that it can be re-used. In this way, the consumption of raw materials is lowered and the environment is saved from the harmful effects of increased tire disposal.
Bridgestone Canada , Continental, Goodyear Canada, Hankook Tire Canada, Kumho Tire Canada, Michelin North America, Pirelli, Toyo Tire & Rubber, Cooper Tire & Rubber, Nexen Tires, Performa Tires
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook