MarkNtel Advisors analyses the growth rate of the Light Commercial Vehicle Tire market in the forecast period from 2023 to 2028. In addition to comprehensive market insights such as market value, growth rate, market segmentation, key market players, and market dynamic. This detailed analysis aims to provide valuable information for stakeholders in the Light Commercial Vehicle Tire market, helping them make informed decisions.
Market Outlook – 2023-2028:
The Global Light Commercial Vehicle Tire Market is projected to grow at a CAGR of around 3.5% during the forecast period, i.e., 2023-28. This is due to the factors like the easy availability of vehicle investment schemes by various governments & key market players, the growing e-commerce sector, the increasing number of multiple infrastructural projects, and the flooding logistics around the globe.
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Key Company Profiles
This report explores recent significant developments in the Light Commercial Vehicle Tire Market, focusing on the leading companies and their innovative profiles. The major players in the Light Commercial Vehicle Tire Market, featured in this report, include:
- 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
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Market Segmentation & Coverage
This research report by MarkNtel Advisors categorizes the Light Commercial Vehicle Tire Market to forecast revenues and analyse trends across each of the following sub-markets:
- By Vehicle Type
- Light Truck
- Light Bus
- Pickup Trucks and Vans
- By Demand
- OEM
- Replacement
- By Tire Type
- Radial
- Bias
- By Rim Size
- Up to 15”
- 1-16″
- 1″ to 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
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
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Global Light Commercial Vehicle Tire Market 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.
Key Questions Addressed:
- Market Size and Growth Projections: What is the current size of the market, and how is it expected to grow?
- Investment Opportunities: Which products, segments, and regions present the most attractive investment opportunities?
- Technology Trends and Regulatory Influences: What are the prevailing technology trends and regulatory factors influencing the market?
- Competitive Ranking: How do top vendors rank regarding market share and competitive positioning?
- Revenue Sources and Strategic Opportunities: What revenue sources and strategic opportunities guide vendors’ market entry or exit decisions?
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