Light Commercial Vehicle Tire Market Investment Opportunities: Where to Focus in the Coming Decade

A Quick Overview of Light Commercial Vehicle Tire Market

• Base Year: 2022

• Historical Years: 2018-2021

• Forecast Years: 2023-2028

• Market Growth Rate: 3.5% (2023-2028)

The key object of this report on the Light Commercial Vehicle Tire Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

According to the latest report, the Global Light Commercial Vehicle Tire Market is projected to grow at a CAGR of around 3.5% from 2023 to 2028. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.

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Market Dynamics:

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.

Light Commercial Vehicle Tire Market Report Segmentation:

The report by MarkNtel Advisors on Light Commercial Vehicle Tire Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

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. It owes to prominent factors like the expanding production of vehicles and numerous technological advancements in the industry. Furthermore, the gradual shift toward living a better lifestyle, and environment-friendly tires, with growing tire sales in the replacement segment are other crucial factors contributing to the continuously increasing market size.

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

By Region

• North America

• South America

• Europe

• The Middle East & Africa

• Asia Pacific

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Some of the Top Light Commercial Vehicle Tire Companies in the Market

In the fast-changing Light Commercial Vehicle Tire Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top players of the industry ruling the industry are:

• 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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