Rubber and Roads: Mapping the Growth of the Commercial Vehicle Tire Market

A tire is a ring-shaped component that surrounds a wheel's rim on a vehicle. It is made of rubber and provides traction and cushioning when a vehicle is in motion. Tire is essential for keeping a vehicle stable on the road, and this also help absorb shock from bump and pothole. A commercial vehicle tire is designed for use on commercial vehicles such as buses, trucks, and vans. This is typically designed to be durable and able to withstand the heavy load, high speed, and frequent braking of commercial vehicle. Commercial vehicle tires are also designed to provide better traction and stability than passenger car tires, which are designed for lighter loads and less frequent braking.

𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐬- https://www.alliedmarketresearch.com/commercial-vehicle-tire-market-A48317

The growth of the market is mainly attributed to the increasing demand for commercial vehicles from the industries such as transportation, construction, and logistics, along with the growing demand for tires with improved performance and longer life cycle. In addition, the increasing demand for fuel-efficient tires in commercial vehicles is expected to boost the market growth during the forecast period. The rising demand for commercial vehicles in developing countries, such as India, China, and Brazil, is also expected to create opportunities for the tire manufacturers globally.

However, the fluctuations in raw material prices are expected to restrict the market growth during the forecast period. The major raw materials used to manufacture tires are natural rubber, synthetic rubber (poly butadiene rubber, styrene butadiene rubber), nylon cord fabric and wire, carbon black and others. The negative effects of COVID-19 pandemic and Russia-Ukraine war can be seen in tire raw material prices. In 2022, the natural rubber prices rose by around 20% and crude-based raw material (carbon black, nylon) prices surged by around 45%. These two raw materials accounted for more than 60% share in tire manufacturing. Hence, increasing cost is hitting the overall profitability of tire manufacturers.
Technological Advancements and Augmenting Demand for Retreaded Tires

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 - https://www.alliedmarketresearch.com/request-toc-and-sample/A48317

Retreaded tires are tires that have been worn down and then had new rubber applied to the treads. This process is done to extend the life of the tire and reduce the cost of purchasing new tires. They are generally considered safe to use, but they may not have the same performance as new tires. Retreaded tires are becoming increasingly popular among commercial vehicle operators due to their low cost and improved performance. Companies such as Continental, Michelin, and others offer these tires in the global market. For instance, in June 2021, Michelin North America launched two premold retreads namely X Multi T-SA and X One Line Energy T2 to expand its portfolio of retread technologies.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰
By type: The commercial vehicle tire market is categorized by type; radial and bias.
By rim size: The commercial vehicle tire market is segmented by rim size namely; 15 to 17 inches, 18 to 20 inches, and greater than 20 inches.
By vehicle type: The commercial vehicle tire market is divided by vehicle type; light commercial vehicles, medium, and heavy commercial vehicles.
By sales channel: The commercial vehicle tire market is divided by sales channel; OEM and aftermarket.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 - https://www.alliedmarketresearch.com/commercial-vehicle-tire-market/purchase-options

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰
North America has a significant market share in commercial vehicle industry. According to the International Organization of Motor Vehicle Manufacturers, in 2021, the region accounted for around more than 50% share in total commercial vehicle sales globally. Government in this region is focusing on increasing safety of vehicles and cargo. Moreover, increasing demand for replacement tires is also gaining traction in the market. For instance, in December 2021, Goodyear Tire and Rubber Company launched first replacement tire for electric vehicles in North America. This tire was specifically designed for the Tesla Model Y, a crossover, which was launched in 2019 by Tesla.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬
Competitive analysis and With the increased focus on safety, the market is becoming increasingly competitive. Companies are vying for market share, creating a highly competitive landscape. This has led to competitive prices, as well as an increase in the number of features and services being offered. The companies are competing on various grounds like price, geographical presence, automation, innovation, and others and implementing different strategies like acquisition, new product development to expand their businesses. For instance, in January 2021, Bridgestone India launched a new commercial vehicle tire namely V-Steel M721, which is specially designed for long haul, general cargo, and highway application. It provides enhanced tire fuel mileage and cut-chip resistance. In addition, the company announced to launch radio-tagged tires for commercial vehicles in 2024. This technology will link these tires to a cloud-based system, which will maximize the tires life and minimize their carbon footprint.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A48317

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
Bridgestone Corporation
JK Tyre & Industries
Continental AG
The Yokohama Rubber Company
Pirelli & C. S.p.A.
MRF Tyres
Goodyear Tire and Rubber Company
Michelin
Apollo Tyres Limited
Sumitomo Rubber Industries, Ltd

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 -
Scooter Tire Market- https://www.alliedmarketresearch.com/scooter-tire-market-A09112

Automotive Tire Mounted Sensor Market- https://www.alliedmarketresearch.com/automotive-tire-mounted-sensor-market-A09138

Off-the-Road (OTR) Tire Market- https://www.alliedmarketresearch.com/off-the-road-otr-tire-market-A10084

Tire Air Gauge Market- https://www.alliedmarketresearch.com/tire-air-gauge-market-A10148

Run Flat Tire Market- https://www.alliedmarketresearch.com/run-flat-tire-market-A12264

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