Canada Tire Market to be Dominated by Light Commercial Vehicles’ Segment During the Forecast Period 2028
Increasing demand for
green tires and growing transportation industry driving the growth of Canada
Tire Market in the forecast period 2024-2028.
According to
TechSci Research report, “Canada Tire
Market - By Region, Competition Forecast and Opportunities, 2028F,”
Canada Tire Market is growing at considerable rate as a result of fast-growing
logistic industry and increasing fleet size of vehicles in the country.
Pneumatic
tires, which compress air inside the tire, are the most common type used
in automobiles. Moreover, tires aid in steering, braking, and turning,
improving all aspects of driving performance. Therefore, the customer must
select the proper tire in order to optimize performance and ensure the smooth
functioning of the vehicle. The Canada Tire Market is expanding quickly, due to
the rise of the Canadian auto sector and rising demand for winter tires.
Despite a fall
in car manufacturing in Canada, total vehicle sales increased by 7.46% in 2021,
compared to 2020. Commercial vehicles accounted for more than 80% of all new
car sales in Canada in 2021, supporting the growth of the market for tires in
aftermarket industry. Furthermore, the Canadian government released its
2030 Emissions Reduction Plan in March 2022, which boosted the sales of electric
vehicles, as part of its ambition to have a totally sustainable and net-zero
economy by 2050. Canada has mandated that by 2035, all new light-duty vehicle
sales, including passenger trucks, must be emission-free. Additionally, the
demand for smart tires and sustainable tires is rapidly rising as automotive
sector develops substantially. To meet the growing demand, numerous
manufacturing companies made investments in tire industry research and
development throughout the year.
Regardless of
the driving conditions and development in tires, Goodyear Weather ready tires
deliver good performance. Also, Goodyear’s Weather Reactive Technology has
created centre 3D Tredlock Technology Blades and outboard tread ribs to assure
cornering and braking in slick conditions. As a result, new technology tires
are used, which again will help grow the Canada tire market in the coming
years.
Rapid
transportation services' growth gave manufacturers more possibilities for
expanding their product portfolios. Also, the region could gain from the global
switch to electric vehicles, which would increase the popularity of the
innovative tire business in the Canada region. Multiple businesses are
investing in the study and advancement of tire technology. For example, in November
2019, Hankook, a premium tire manufacturer, showcased their Virtual Compound
Design (VCD) system, an artificial intelligence-based predictive model for tire
compound qualities that shortens the development process by around 50%. Further,
with the development of run-flat tires, vehicles may travel a given distance
even after losing air from cuts or punctures. Generally, as more people travel
long distances, tire technology is in greater demand in the transportation
sector. From above factors, Canada tire market is anticipated to grow at a-
considerable growth rate in upcoming years.
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The Canada
tire market can be segmented
by vehicle type, by demand category, by tire construction type,
by tube type and by region. Based on vehicle type, the market is segmented into
Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial
Vehicles, Two-Wheelers, and Off Road Vehicles. On the basis of demand category,
market is divided into OEM and Aftermarket. Further, based on tire construction
type, market is divided into Radial and Bias. In terms of tube type, it is
fragmented into Tube and Tubeless. The market analysis also studies the region
wise segmentation to devise tire market, divided among West, East, North and South.
Some
of the major companies operating in the Canada Tire Market include:
- Michelin North America (Canada) Inc.
- Goodyear Canada
Inc.
- Bridgestone Canada
Inc. (BSCA)
- Hankook Tire Canada
Corporation
- Continental Tire
Canada, Inc.
- Pirelli Tire Inc.
- Kumho Tire Canada
Inc.
- Yokohama Tire
(Canada) Inc.
- Toyo Tire Canada
Inc.
- Cooper Tire &
Rubber Company Canada Ltd.
These are the
key players developing advanced technologies and launching new products to stay
competitive in the market. Other competitive strategies include mergers with
tech firms, new product developments, and marketing activities to increase
customer outreach.
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“With an
increase in the number of automobiles on the road and with the introduction of
electric vehicles, the Canada Tire Market is expanding at a rapid rate. Major
companies are ready and projected to build sales and distribution networks
across Canada for faster deliveries as demand is expected to grow in the coming
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Canada Tire Market Segmented By Vehicle
Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle, Two-Wheeler, Off The Road Vehicles), By Demand Category (OEM,
Aftermarket), By Tire Construction Type (Radial, Bias), By Tube Type (Tube,
Tubeless), By Region, Competition, Forecast & Opportunities, 2018- 2028F” has
evaluated the future growth potential of Canada Tire Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Canada Tire Market.
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