According to recently published TechSci Research report, "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. Construction and logistics sectors are the major demand generators of commercial vehicles across the globe. With the global logistics industry witnessing an upward trend and having already crossed $4 trillion, and the global construction industry projected to register revenues of $10 trillion by 2021, demand for commercial vehicle tires is expected to increase over the next five years.
The Light Commercial Vehicle (LCV) segment accounted for the largest share in the global commercial vehicle tire market in 2015, and the segment is anticipated to maintain its dominance over the next five years as well, owing to expanding demand for transportation services coupled with a booming global e-commerce industry. In 2015, Asia-Pacific (APAC) dominated the global commercial vehicle tire market, followed by North America, Europe & CIS Countries, Middle East & Africa and South America. With the launch of various infrastructure projects by various governments in the APAC region, demand for commercial vehicle tires is anticipated to increase at a robust pace during 2016-2021.
"Over the last five years, Chinese tires have become highly popular across various countries. A similar trend has been witnessed in the commercial vehicle tire industry, wherein, various Chinese companies such as Hangzhou Zhongce Rubber, Triangle Tire, Shandong Linglong Tire, etc., have been able to capitalize on the growing opportunities in the global commercial vehicle tire market. Increasing availability of Chinese commercial vehicle tires at relatively lower prices compared to premium flagship tire brands is one of the primary reasons for rising demand for Chinese commercial vehicle tires in the global commercial vehicle tire market," says Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Commercial Vehicle Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2021" has evaluated the future growth potential of commercial vehicle tire market and provides statistics and information on market structure, policies and regulations in the global commercial vehicle tire market. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global commercial vehicle tire market.