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The Increasing Demand For Commercial Vehicles Driving The Growth Of The Market Due To The Need For Durable And High-performance Transportation Solutions Emerges as a Core Driver of the Commercial Vehicle Tire Cords Market in 2025
Commercial Vehicle Tire Cords
What Is the Expected CAGR for the Commercial Vehicle Tire Cords Market Through 2025?
Over the past few years, the market size for commercial vehicle tire cords has seen robust growth. The market, which stood at $4.94 billion in 2024, is forecasted to increase to $5.26 billion in 2025, representing a compound annual growth rate (CAGR) of 6.4%. The surge witnessed during the historical period can be linked to the rise in global commercial vehicle manufacturing, the growing demand for long-lasting tires, the expansion of the logistics and freight sectors, urbanization and infrastructure progress, and heightened commercial activity.
What's the Projected Size of the Global Commercial Vehicle Tire Cords Market by 2029?
Expectations are high for the commercial vehicle tire cords market to undergo significant growth in the coming years. The market size is forecasted to swell to $6.66 billion by 2029, following a compound annual growth rate (CAGR) of 6.1%. The projected growth during the forecast period is attributed to various factors including the emergence of smart tires and telematics, expansion of last-mile delivery fleets, substantial investments in cold chain and specialty transport, advancements in raw material innovations, and a boost in aftermarket demand. Key trends anticipated during the forecast period encompass environment-friendly cord materials, hybrid cord structures, advanced dipping technologies, AI-assisted quality monitoring, and smart cords outfitted with embedded sensors.
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Top Growth Drivers in the Commercial Vehicle Tire Cords Industry: What's Accelerating the Market?
The growth of the commercial vehicle tire cords market is projected to be propelled by the rising demand for commercial vehicles. These vehicles, primarily designed for business rather than personal purposes, transport goods, cargo, or passengers for commercial uses. The influx in commercial vehicles is attributed to the growing necessity for efficient goods and service transportation throughout various sectors. Commercial vehicle tire cords contribute to the betterment of commercial vehicles by enhancing their durability, strength, and load-bearing capacity, enabling them to gratify the intense demands of long-distance and high-load transport. As an illustration, data from the Society of Motor Manufacturers and Traders (SMMT, a UK-based trade body representing the motor industry), revealed that in 2023, the demand for new light commercial vehicles (LCVs) in the UK escalated by 21.0%, amassing a total of 341,455 units. Consequently, the escalating demand for commercial vehicles is fuelling the expansion of the commercial vehicle tire cords market.
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Which Fast-Growing Trends Are Poised to Disrupt the Commercial Vehicle Tire Cords Market?
Leading enterprises in the commercial vehicle tire cords sector are placing emphasis on technological innovations such as environmentally friendly tire cords. These new advancements permit the production of high-performance tires while also decreasing their environmental footprint through the utilization of recycled polyester. The eco-friendly tire cord is an enduring reinforcement material, made from recycled fibres and adhered with harmless adhesives like formaldehyde-free compounds. This significantly reduces ecological damage while still ensuring strength, longevity and functionality required for top-quality tire production. For example, Teijin Frontier Co., Ltd., a Japanese firm known for its expertise in fibres and textiles and the development and production of materials for various sectors, unveiled an eco-friendly adhesive tire cord in September 2022. This reinforcement material for tires incorporates recycled polyester and an eco-friendly adhesive, augmenting the inner structure of the tire, promoting durability, shape preservation, and resistance to impact and degradation. Furthermore, the usage of such sustainable resources aids commercial fleets in lessening their environmental impact, aligning with the sector's shift towards green logistics and sustainability.
What Are the Main Segments in the Commercial Vehicle Tire Cords Market?
The commercial vehicle tire cords market covered in this report is segmented -
1) By Type Of Cord: Steel Cords, Fabric Cords, Polyester Cords, Aramid Cords, Other Type Of Cords
2) By Vehicle Type: Light Commercial Vehicles, Heavy Commercial Vehicles, Buses And Coaches
3) By Distribution Channel: Direct Sales, Distributors Or Wholesalers, Online Retail, Original Equipment Manufacturers (OEMs)
4) By Application: On-Road Applications, Off-Road Applications, Urban Commercial Transportation, Long-Distance Hauling
Subsegment:
1) By Steel Cords: High-Tensile Steel Cords, Low-Tensile Steel Cords, Stainless Steel Cords, Galvanized Steel Cords
2) By Fabric Cords: Nylon Fabric Cords, Polyester Fabric Cords, Rayon Fabric Cords, Cotton Fabric Cords
3) By Polyester Cords: High-Strength Polyester Cords, Low-Strength Polyester Cords
4) By Aramid Cords: Para-Aramid Cords, Meta-Aramid Cords
5) By Other Types Of Cords: Glass Fiber Cords, Carbon Fiber Cords, Polyamide Cords, Natural Rubber Cords
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Which Top Companies are Driving Growth in the Commercial Vehicle Tire Cords Market?
Major companies operating in the commercial vehicle tire cords market are Continental AG, Bridgestone Corporation, Michelin Group, Goodyear Tire And Rubber Company, Toray Industries, Sumitomo Rubber Industries Ltd., Yokohama Rubber Co. Ltd., Hankook Tire And Technology Co. Ltd., Bekaert, ZC Rubber Group Co. Ltd., Sailun Group Co. Ltd., Kolon Industries, Toyo Tire Corporation, Apollo Tyres Ltd., Giti Tire Pte. Ltd., Kumho Tire Co. Inc., Hyosung Corporation, SRF Ltd, Nokian Tyres plc, Triangle Tyre Co. Ltd., Double Coin Holdings Ltd., Maxxis International, Linglong Tire.
Which Regions Will Dominate the Commercial Vehicle Tire Cords Market Through 2029?
Asia-Pacific was the largest region in the commercial vehicle tire cords market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the commercial vehicle tire cords market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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