The latest report by MarkNtel Advisors, titled “Light Commercial Vehicle Tire Market Report By Vehicle Type (Light Truck, Light Bus, Pickup Trucks and Vans), By Demand (OEM, Replacement), By Tire Type (Radial, Bias), other and Region 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the Light Commercial Vehicle Tire Market research report.
What is the market outlook for Light Commercial Vehicle Tire?
The Light Commercial Vehicle Tire Market size is estimated to grow at a CAGR of around 3.5% during the forecast period 2023–28.
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Major Companies Operating in the Light Commercial Vehicle Tire Industry:
Bridgestone Corporation, Compagnie Générale des Établissements Michelin SCA, Continental AG, Goodyear Tire & Rubber Corporation, The Yokohama Rubber Co., Ltd., Toyo Tire Corporation, Pirelli, Hankook Tire & Technology Co., Ltd., Kumho Tire, Sumitomo Rubber Industries, Ltd., Zhongce Rubber Group Co., Ltd., Others
Light Commercial Vehicle Tire Market Report Segmentation:
By Vehicle Type
-Light Truck
-Light Bus
-Pickup Trucks and Vans
By Demand
-OEM
-Replacement
- Based on demand, the replacement segment dominated the global market and is likely to continue its dominance in the forecast years.
By Tire Type
-Radial
-Bias
By Rim Size
-Up to 15”
-15.1-16″
-16.1″ to 17″
-17.1″ to 18″
-Above 18″
By End Users
-Agricultural Transportation
-Ecommerce
-Dairy & Meat Transportation
-Others
By Price Range Per Unit
-Up to USD80
-USD81 to USD120
-USD121 to USD200
-Above USD200
Learn More About the Market Report – https://www.marknteladvisors.com/research-library/global-light-commercial-vehicle-tire-market.html
Regional Insights:
- North America: USA, Canada, Mexico
- Europe: Germany, UK, France, Italy, Spain, The Netherlands, Rest of Europe
- Asia-Pacific: China, Japan, India, Thailand, Indonesia, Rest of Asia Pacific
- South America: Brazil, Argentina, Columbia, Rest of South America
- Middle East & Africa: Saudi Arabia, The UAE, Egypt, South Africa, Nigeria, Ethiopia, Rest of The Middle East & Africa
Key Driver: Thriving Ecommerce and Ridesharing Platforms to Boost the Market Growth
E-commerce is one of the platforms which has experienced a boom despite the economic slowdown in the COVID-19 pandemic. The increased purchasing from online platforms as well as growing home deliveries of products through online purchases has earmarked the requirement of more Light commercial vehicles for the timely delivery of goods to customers. With the increased demand for the LCVs in Europe, North America, etc., from Ecommerce companies, the demand for LCV tires in OEM and replacement would also increase.
In another instance, the ridesharing platforms in Europe, Asia Pacific, etc., have been increasing the demand for passenger vans in the LCV segment. Many of the ridesharing companies such as Uber, Yandex, BlaBla Car, kapten, Bolt, etc. have been working in the region regions like Europe which has increased the demand for passenger vans and with the subsequent increase of the vehicle demand from the respective companies to expand the ridesharing services to the customers the demand for the LCV tires would increase between 2023-2028.
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