Global Commercial Vehicle Tire Market By Vehicle Type (LCV and M&HCV), By Demand Category (OEM Vs Replacement), By Region (APAC, Americas, Europe & CIS and MEA), Competition Forecast & Opportunities, 2021
Globally, commercial vehicle tires are usually deployed in vehicles with the load limit of either 3.5 tons to 7 tons or over 7 tons. Commercial vehicles, comprising Light Commercial Vehicle (LCV) and Medium & Heavy Commercial Vehicle (M&HCV), are majorly used for public transportation, load carriage, long-haulage, logistics activities, etc. Construction and logistics industries are the major demand generators of commercial vehicles across the globe. Governments in various major developing and developed countries are continuously launching plans and programs for stimulating growth in infrastructure, construction & industrial sectors. This is expected to positively influence demand for LCVs and M&HCVs over the next five years, consequently boosting demand for LCV and M&HCV tires through 2021. During 2011-2015, global logistics market grew at a CAGR of over 32%, predominantly owing to robustly expanding e-commerce industry. Expanding logistics sector has been augmenting demand for commercial vehicle tires over the last five years, globally.
According to “Global Commercial Vehicle Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2021”, the global market for commercial vehicle tires is projected to cross $ 117 billion by 2021. In 2015, Asia-Pacific dominated the global commercial vehicle tire market, followed by North America, Europe & CIS Countries, Middle East & Africa and South America. Asia-Pacific region is anticipated to maintain its dominance over the next five years as well owing to expanding commercial vehicle fleet in the major regional economies such as China, India and Japan. In 2015, China accounted for the largest share in Asia-Pacific commercial vehicle tire market on account of booming logistics and transportation sector. Pirelli, Continental, Goodyear, Bridgestone and Michelin are few of the leading global commercial vehicle tire companies. These companies are anticipated to continue their dominance through the forecast period, on account of their strong brand acceptance among consumers and widespread dealership network, globally. “Global Commercial Vehicle Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2021” discusses the following aspects of global commercial vehicle tire market:
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