What is Global Commercial Vehicle Tyre Market?
The Global Commercial Vehicle Tyre Market is a vast and dynamic sector that encompasses a wide range of products and services. It refers to the global market for tyres used in commercial vehicles, such as trucks, buses, and vans. These tyres are specifically designed to withstand heavy loads and long-distance travel, making them an essential component of the global transportation and logistics industry. The market is influenced by a variety of factors, including technological advancements, changes in consumer preferences, and economic conditions. It's a highly competitive market, with numerous players vying for a share of the pie. The market's value was estimated at US$ 54860 million in 2022, and it's expected to grow to US$ 61820 million by 2029.
Radial Tyre, Bias Tyre in the Global Commercial Vehicle Tyre Market:
The Global Commercial Vehicle Tyre Market is segmented into two main types of tyres: Radial Tyres and Bias Tyres. Radial Tyres are the most popular, accounting for over 90% of the market. They are characterized by their unique design, which allows the tyre's sidewall and tread to function independently. This results in improved handling, fuel efficiency, and longevity. On the other hand, Bias Tyres are constructed with multiple layers of rubber and fabric that crisscross over each other. This design provides a stiffer ride and is more resistant to damage, making them ideal for heavy-duty and off-road vehicles. However, they are less fuel-efficient and have a shorter lifespan compared to Radial Tyres. Despite these differences, both types of tyres play a crucial role in the Global Commercial Vehicle Tyre Market.
Aftermarket, OEM in the Global Commercial Vehicle Tyre Market:
The Global Commercial Vehicle Tyre Market serves two primary areas: the Aftermarket and Original Equipment Manufacturers (OEM). The Aftermarket refers to the market for replacement parts, accessories, and equipment for vehicles. This includes everything from routine maintenance and repairs to upgrades and customizations. The demand in this sector is driven by the need for regular tyre replacements due to wear and tear, damage, or the desire for improved performance. On the other hand, OEMs are companies that manufacture the original equipment used in vehicles. They require tyres for the production of new commercial vehicles. The demand in this sector is influenced by the rate of production of new vehicles and the specific tyre requirements of different vehicle models. Both these sectors contribute significantly to the overall Global Commercial Vehicle Tyre Market.
Global Commercial Vehicle Tyre Market Outlook:
The Global Commercial Vehicle Tyre Market is a thriving sector with a promising future. In 2022, the market was valued at a staggering US$ 54860 million. The market is projected to grow at a steady Compound Annual Growth Rate (CAGR) of 1.7% from 2023 to 2029, reaching an estimated value of US$ 61820 million. This growth can be attributed to the continuous advancements in tyre technology and the increasing demand for commercial vehicles globally. The market is dominated by the top three manufacturers, who collectively hold a 40% market share. The most popular product in this market is the Radial Tyre, which holds a commanding share of over 90%. This dominance is due to the numerous advantages offered by Radial Tyres, such as improved fuel efficiency, better handling, and longer lifespan.
| Report Metric | Details |
| Report Name | Commercial Vehicle Tyre Market |
| Accounted market size in 2022 | US$ 54860 in million |
| Forecasted market size in 2029 | US$ 61820 million |
| CAGR | 1.7% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Bridgestone, Michelin, Goodyear, Continental, ZC Rubber, Sumitomo Rubber, Double Coin, Pirelli, Aeolus Tyre, Sailun Group, Cooper tire, Hankook, Yokohama, Giti Tire, KUMHO TIRE, Triangle Tire Group, Cheng Shin Rubber, Linglong Tire, Toyo Tires, Xingyuan group |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
