According to MarkNtel Advisors, the Global Commercial Vehicle Tire Market is projected to grow at a CAGR of around 5.29% during the forecast period, i.e., 2023-28. The market has shown significant growth in the past few years due to factors, including the high demand from end-users like mining, oil & gas, logistics, e-commerce, public transportation, etc.
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The increasing production of pickup trucks, pickup vans, light buses, and heavy trucks & buses has led to the significant popularity of commercial vehicle tires. The rapid expansion of public transit and the increasing proliferation of EVs (Electric Vehicles), particularly in countries like India, Brazil, & Japan, is also widening the market size.
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Multi-Brand Tire Stores Remain the Most Preferred Purchase Point: Multi-brand tire stores have gained traction in the past few years owing to the extensive presence of companies like MRF, Bridgestone, etc., around numerous countries. The absence of a legal framework to govern the e-commerce industry in the region has resulted in marginal sales of tires through online platforms. Moreover, the lack of awareness among individuals about the variety of tires & specifications that suit their operational requirements is another prominent factor that has promoted tire sales from multi-brand outlets & not online platforms.
1. By Vehicle Type
2. By Tire Type
3. By Price Category
4. By Sales Channel
5. By Demand Type
6. By Application
7. By Tire Size
8. By Region
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