Medium & Heavy Commercial Vehicle Tire Market Segmented By Vehicle Weight (Less than 3.5 Tons, 3.5 and 16 Tons, and Greater than 16 Tons), By Application (Construction, Mining, Agriculture, Transport, and Others), By Demand Category (OEM and Aftermarket), By Regional, By Competition Forecast & Opportunities 2018-2028F

  • Industry : Automotive
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2024-2028

Market Size (2022)

220.16 Million Units

CAGR (2023-2028)

9.14%

Fastest Growing Segment

Agriculture

Largest Market

Asia-Pacific

 

Market Overview

Global Medium & Heavy Commercial Vehicle Tire Market has valued at 220.16 Million Units in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 9.14% through 2028. Construction activity has increased because of rising urbanization, and advancements in transportation infrastructure are fueling the expansion of commercial vehicles and commercial vehicle tires. The improved economic climate in emerging nations, as well as the increased emphasis on mechanization of agricultural operations, are projected to drive market expansion soon. The commercial vehicle tire market is influenced by fluctuating raw material prices, foreign taxes, conversion costs, and production facility utilization.

The Global Commercial Vehicle Tire Market is a dynamic and essential sector within the automotive industry, driven by the ever-evolving landscape of transportation, logistics, and infrastructure. Commercial vehicle tires play a critical role in ensuring the efficient movement of goods, services, and people across diverse terrains and under varying conditions. This market encompasses a wide range of vehicles, including trucks, buses, vans, and specialized commercial vehicles, each with distinct tire requirements based on their intended usage.

The market's growth is propelled by factors such as increasing global trade, rapid urbanization, the expansion of e-commerce, and advancements in manufacturing technologies. The commercial vehicle tire market is witnessing a shift towards sustainability, with manufacturers focusing on developing tires that offer reduced rolling resistance, improved fuel efficiency, and minimal environmental impact. Additionally, the integration of smart tire technologies has revolutionized fleet management practices, enabled real-time monitoring of tire conditions and optimized maintenance schedules. Fuel efficiency is a primary concern for fleet operators, as it directly impacts operational costs. As a result, there is a rising demand for tires designed with advanced tread patterns, low rolling resistance, and enhanced durability. The trend of tire retreading has gained momentum as a cost-effective and eco-friendly solution, appealing to fleet managers looking to extend tire lifespan and minimize waste.

Digitalization has also left its mark on the commercial vehicle tire market, transforming how tires are sold, serviced, and managed. Online platforms and e-commerce channels provide a convenient way for fleet managers and consumers to access a wide range of tire options and related services. Customization has become a key trend, with manufacturers offering specialized tires optimized for specific applications, catering to the diverse needs of commercial vehicle operators. The market is not without its challenges. Fluctuating raw material prices, intense competition, regulatory compliance, and economic uncertainties pose significant hurdles for manufacturers. However, these challenges have spurred innovation, encouraging tire manufacturers to develop sustainable, high-performance solutions that meet safety standards and customer expectations.

Key Market Drivers

Increasing Global Trade and Transportation Demand

The global economy's continuous expansion, driven by globalization and the growth of emerging markets, has led to a substantial rise in demand for commercial transportation services. Commercial vehicles are the lifeblood of freight and Medium & Heavy Duty transportation networks. As the volume of goods transported across borders and within countries escalates, the demand for durable, reliable, and high-performance commercial vehicle tires also surges. These tires play a critical role in ensuring the seamless movement of goods and people, driving the growth of the Commercial Vehicle Tire Market.

Infrastructure Development and Construction Activities

Infrastructure projects, including roads, bridges, airports, and buildings, necessitate heavy-duty construction vehicles and trucks. These vehicles operate in diverse and often challenging terrains, ranging from construction sites to unpaved roads. As a result, commercial vehicle tires must be built to withstand extreme conditions, heavy loads, and rugged surfaces. The growth of infrastructure development and construction activities translates into increased demand for specialized commercial vehicle tires that offer enhanced durability, traction, and performance in demanding environments.


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E-commerce and Last-Mile Delivery Growth

The exponential growth of e-commerce has revolutionized the retail landscape and dramatically altered logistics and delivery operations. Last-mile delivery, in particular, has seen a significant increase in demand due to online shopping. Light and medium commercial vehicles are the backbone of last-mile delivery networks, requiring tires that provide excellent maneuverability, tread life, and resistance to wear from frequent stops and starts. This trend propels the need for commercial vehicle tires specifically designed to optimize urban driving conditions and support efficient last-mile deliveries.

Stringent Safety and Regulatory Standards

Ensuring road safety is a top priority for governments and regulatory bodies worldwide. Commercial vehicles are subject to stringent safety standards to protect drivers, passengers, pedestrians, and other road users. Tires are crucial components in meeting these standards, influencing factors such as braking distance, stability, and traction. Manufacturers are compelled to develop commercial vehicle tires that comply with or exceed these safety regulations. This emphasis on safety drives tire innovations and advancements, leading to enhanced performance, durability, and reliability.

Emphasis on Fuel Efficiency and Sustainability

Growing concerns about environmental sustainability and fuel consumption have placed a premium on fuel-efficient and eco-friendly commercial vehicle operations. Fleet operators and logistics companies are increasingly seeking tires with low rolling resistance, as these tires contribute to reduced fuel consumption and operational costs. The development of innovative tire technologies, such as advanced tread patterns and low-resistance materials, addresses this demand for fuel efficiency. By offering tires that enhance fuel economy, tire manufacturers contribute to sustainable transportation practices.

Adoption of Electric and Autonomous Vehicles

The transportation industry is undergoing a transformative shift with the adoption of electric and autonomous commercial vehicles. Electric commercial vehicles (ECVs) require tires that accommodate the weight of batteries while providing optimal performance and efficiency. Autonomous vehicles demand tires with precise grip, handling, and sensor integration to support safe and efficient self-driving capabilities. The growing integration of ECVs and autonomous vehicles in commercial fleets drives the demand for specialized tires that cater to their unique requirements, thus expanding the Commercial Vehicle Tire Market.

Fleet Modernization and Operational Efficiency

Fleet operators and logistics companies are constantly seeking ways to optimize operational efficiency, reduce maintenance costs, and enhance the overall performance of their vehicles. This involves the modernization of commercial vehicle fleets to include technologically advanced vehicles equipped with the latest safety features and efficient engines. Tire manufacturers play a pivotal role in this process by providing tires that contribute to extended tread life, improved fuel efficiency, reduced downtime, and enhanced durability. As the industry strives for operational excellence, the demand for tires that align with these goals drives the growth of the Commercial Vehicle Tire Market.

Key Market Challenges

Fluctuating Raw Material Prices

The Global Commercial Vehicle Tire Market heavily relies on raw materials such as natural rubber, synthetic rubber, steel, and other chemicals. Fluctuations in the prices of these raw materials can significantly impact production costs for tire manufacturers. Factors such as weather conditions affecting rubber plantations, geopolitical tensions, and global economic conditions can lead to unpredictable price fluctuations. Tire manufacturers must carefully manage their supply chains, negotiate with suppliers, and develop strategies to mitigate the impact of raw material price volatility on their operational costs and profitability.

Intense Competitive Landscape

The commercial vehicle tire market is characterized by intense competition among numerous manufacturers, both established companies and emerging players. This competitive environment exerts pressure on manufacturers to continuously innovate, offer high-quality products, and maintain competitive pricing. Differentiating their products in terms of performance, durability, and technological advancements is a challenge, especially when numerous brands offer similar types of commercial vehicle tires. Manufacturers need to invest in research and development, branding, and customer engagement to stand out in the crowded market.

Regulatory Compliance and Standards

Compliance with evolving safety, environmental, and performance standards poses a challenge for commercial vehicle tire manufacturers. Different regions and countries have varying regulations governing aspects such as load-carrying capacity, noise emissions, rolling resistance, and tread depth. Adapting to these regulations requires constant monitoring and adjustments in tire design and manufacturing processes. Ensuring compliance while catering to the diverse needs of various markets requires a comprehensive understanding of regulatory frameworks and the ability to implement changes promptly.

Technological Complexity and Adaptation

The commercial vehicle tire market is witnessing rapid technological advancements, including the integration of smart tire technologies, advanced tread patterns, and materials for improved performance. Incorporating these technological advancements into tire designs requires tire manufacturers to invest in research, development, and testing. Ensuring that new technologies enhance tire performance without compromising safety or adding unnecessary complexity presents a challenge. Additionally, manufacturers must educate customers about the benefits and proper use of these advanced technologies.

Sustainability and Environmental Pressures

The emphasis on sustainability and environmental responsibility poses a challenge for the commercial vehicle tire market. Manufacturers are under pressure to develop tires with reduced rolling resistance to improve fuel efficiency and lower emissions. Additionally, the tire industry is seeking eco-friendly materials and sustainable manufacturing processes to minimize the environmental impact. Achieving a balance between performance, durability, and sustainability while meeting market demands is a complex challenge that requires innovative approaches and investments in research.

Shifting Consumer Preferences

Consumer preferences for commercial vehicle tires are constantly evolving, driven by factors such as fuel efficiency, safety, durability, and cost-effectiveness. Manufacturers need to anticipate and respond to these shifting preferences to stay relevant in the market. For instance, the demand for electric and autonomous vehicles may lead to specific tire requirements, such as those optimized for electric vehicle weight distribution or sensor integration. Adapting to these changing preferences while maintaining product quality and consistency poses a challenge.

Economic Uncertainty and Demand Variability

The commercial vehicle tire market is influenced by economic conditions, including GDP growth, trade dynamics, and industrial activity. Economic downturns can lead to decreased commercial vehicle sales, impacting tire demand. Additionally, global events such as pandemics, geopolitical tensions, and trade disputes can lead to demand variability and supply chain disruptions. Manufacturers must establish flexible production and distribution strategies to respond to fluctuations in demand and mitigate the impact of economic uncertainties.

Key Market Trends

Sustainable Tire Solutions

A prominent trend in the Global Commercial Vehicle Tire Market is the increasing focus on sustainability. Manufacturers are adopting environmentally friendly practices by developing tires with reduced rolling resistance, which enhances fuel efficiency and lowers emissions. Additionally, there is a growing demand for tires made from eco-friendly materials and manufactured using sustainable processes. This trend aligns with global efforts to reduce carbon footprints and promote responsible manufacturing practices, making sustainability a key driver of innovation and differentiation in the market.

Smart Tire Technology Integration

The integration of smart tire technologies is revolutionizing the commercial vehicle tire landscape. Sensors embedded within tires provide real-time data on tire pressure, temperature, tread wear, and road conditions. This data helps fleet managers optimize tire maintenance schedules, improve fuel efficiency, and enhance overall vehicle safety. The trend of smart tire technology is reshaping fleet management practices, as it allows for proactive maintenance and performance monitoring, reducing downtime and operational costs.

Growing Demand for Fuel-Efficient Tires

As fuel costs remain a significant operational expense for commercial vehicle fleet operators, the demand for fuel-efficient tires continues to rise. Manufacturers are designing tires with advanced tread patterns, materials, and construction techniques that minimize rolling resistance. Fuel-efficient tires contribute to cost savings by reducing fuel consumption, making them a sought-after choice for fleet managers aiming to improve operational efficiency and decrease their environmental impact.

Increased Focus on Tire Retreading

Tire retreading, a process where worn tire treads are replaced with new treads, is gaining traction as a cost-effective and sustainable solution in the commercial vehicle tire market. Retreading extends the lifespan of tires, reduces waste, and offers considerable cost savings for fleet operators. This trend is driven by advancements in retreading technology, ensuring that retreaded tires offer comparable performance to new tires. As sustainability and cost-efficiency become priorities, the popularity of tire retreading is on the rise.

Digitalization of Tire Sales and Services

The digital transformation is permeating the commercial vehicle tire market. Online platforms and e-commerce channels are becoming increasingly important for tire sales, allowing fleet managers and consumers to browse, compare, and purchase tires conveniently. Additionally, digital platforms are used to provide tire-related services such as tire tracking, maintenance scheduling, and performance analytics. This trend enhances customer engagement, simplifies procurement processes, and streamlines tire management for fleet operators.

Customization and Specialty Tires

The commercial vehicle tire market is witnessing a trend towards customization and specialization. Fleet operators have diverse requirements based on factors such as the type of commercial vehicle, operating conditions, and geographic location. Manufacturers are responding by offering specialized tires optimized for specific applications, such as long-haul transportation, off-road operations, and urban delivery. Customization ensures that tires deliver the required performance characteristics and durability, addressing the unique demands of different commercial vehicles.

Collaborations for Technological Advancements

Collaborations between tire manufacturers, technology companies, and automotive industry stakeholders are driving technological advancements in the commercial vehicle tire market. Joint ventures and partnerships are formed to leverage expertise and resources for developing innovative tire technologies. These collaborations accelerate the introduction of new features, such as smart tire sensors and advanced tread designs, leading to enhanced safety, efficiency, and performance in commercial vehicle tires.

Segmental Insights

Application Type Analysis

The cyclical nature of sales has a significant impact on the agricultural sector. OEMs are attempting to construct machinery equipped with IoT, GPS, and Automation approaches to obtain more from the land in agriculturally impoverished economies and to fulfil the food needs of a growing population. Farmers in emerging economies are progressively embracing mechanization practices. Farm mechanization is becoming more popular in China, owing to increased agricultural investment and the government's drive for farm mechanization. Furthermore, the expansion in the number of big agricultural producers and new rural organizations involved in farming has contributed to this tendency. The introduction of large-scale farming equipment leasing in India has supported the rise of the tractor market.


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Regional Insights

With increasing construction activity in nations such as India and ASEAN countries (including Thailand, Singapore, and Vietnam), the Asia-Pacific region is likely to be a significant market fueling the global construction industry. Heavy truck sales in the Asia Pacific area increased by 1.4% in 2019 to 27872 units, up from 27493 units in 2018.This area has significant future growth potential due to expanding population and rising disposable income, as well as an intensive focus on development operations by most enterprises. The construction sector is very dynamic, with several elements impacting market growth such as the general economy, budgets, and global economic condition. Volatility in these areas has an impact on the companies of construction equipment OEMs and construction rental equipment.

Recent Developments

  • Michelin North America, Inc. has released the Michelin X Mine D2 Extra Load L5 35/65R33 tyre, an enhanced version of one of the company's most popular mining tyres, in August 2022. According to the company, the new tyre, developed for quarry and underground mining operations, is built to endure the harshest mining conditions and can now bear heavier loads.
  • JK Tyre & Industries released four brand-new off-road tyre models in May 2022. One of the new items is the 45/65-45 58PR VEM 63 L5 TL; 14,00 to 24, GTL Champ 16, PR G3 TT; Hard Rock Champion 20PR E4 TT from 12 to 24, and VEM 045 44PR E3 TT from 16 to 25.
  • BKT has added a new 875/65 R 29 L-5 size to its EARTHMAX SR 51 OTR (off-the-road tyre) portfolio in March 2022. The new 65-series tyre line was created exclusively for wheeled loaders working in difficult areas such as rock quarries and landfills, according to the firm. The cut-resistant extra deep L-5 tread delivers outstanding cut and puncture protection as well as a longer wear life, according to the company.

 Key Market Players

  • Bridgestone Corporation
  • Continental AG
  • Balkrishna Industries Limited
  • The Michelin Group
  • Trelleborg Corporation
  • ATG Tires Private Limited
  • Sumitomo Corporation
  • Hankook Tire and Technology Group
  • McLaren Industries
  • Goodyear Tire And Rubber Company

 By Vehicle Weight

By Application Type

By Demand Category

By Region

  • Less than 3.5 Tons
  • 3.5 and 16 Tons
  • Greater than 16 Tons
  • Construction
  • Mining
  • Agriculture
  • Transport
  • Others
  • OEM
  • Aftermarket
  • North America
  • Europe & CIS
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Medium & Heavy Commercial Vehicle Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Medium & Heavy Commercial Vehicle Tire Market, By Vehicle Weight:

o   Less than 3.5 Tons

o   3.5 and 16 Tons

o   Greater than 16 Tons

  • Medium & Heavy Commercial Vehicle Tire Market, By Application Type:

o   Construction

o   Mining

o   Agriculture

o   Transport

o   Others

  • Medium & Heavy Commercial Vehicle Tire Market, By Demand Category:

o   OEM

o   Aftermarket

  • Medium & Heavy Commercial Vehicle Tire Market, By Regional:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe & CIS

§  Germany

§  Spain

§  France

§  Russia

§  Italy

§  United Kingdom

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  Turkey

§  Iran

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Medium & Heavy Commercial Vehicle Tire Market.

Available Customizations:

Global Medium & Heavy Commercial Vehicle Tire Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Medium & Heavy Commercial Vehicle Tire Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.     Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Global Medium & Heavy Commercial Vehicle Tire Market

5.    Global Medium & Heavy Commercial Vehicle Tire Market Outlook

5.1.  Market Size & Forecast

5.1.1.     By Volume & Value

5.2.  Market Share & Forecast

5.2.1.     By Vehicle Weight Market Share Analysis (Less than 3.5 tons, Between 3.5 and 16 tons, and Greater than 16 tons)

5.2.2.     By Application Type Market Share Analysis (Construction, Mining, Agriculture, Transport, and Others)

5.2.3.     By Demand Category Market Share Analysis (OEM and Aftermarket)

5.2.4.     By Regional Market Share Analysis

5.2.4.1.         Asia-Pacific Market Share Analysis

5.2.4.2.         Europe & CIS Market Share Analysis

5.2.4.3.         North America Market Share Analysis

5.2.4.4.         South America Market Share Analysis

5.2.4.5.         Middle East & Africa Market Share Analysis

5.2.5.     By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

5.3.  Global Medium & Heavy Commercial Vehicle Tire Market Mapping & Opportunity Assessment

5.3.1.     By Vehicle Weight Market Mapping & Opportunity Assessment

5.3.2.     By Application Type Market Mapping & Opportunity Assessment

5.3.3.     By Demand Category Market Mapping & Opportunity Assessment

5.3.4.     By Regional Market Mapping & Opportunity Assessment

6.    Asia-Pacific Medium & Heavy Commercial Vehicle Tire Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Volume & Value

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Weight Market Share Analysis

6.2.2.     By Application Type Market Share Analysis

6.2.3.     By Demand Category Type Market Share Analysis

6.2.4.     By Country Market Share Analysis

6.2.4.1.         China Market Share Analysis

6.2.4.2.         India Market Share Analysis

6.2.4.3.         Japan Market Share Analysis

6.2.4.4.         South Korea Market Share Analysis

6.2.4.5.         Australia Market Share Analysis

6.2.4.6.         Rest of Asia-Pacific Market Share Analysis

6.3.  Asia-Pacific: Country Analysis

6.3.1.     China Medium & Heavy Commercial Vehicle Tire Market Outlook

6.3.1.1.         Market Size & Forecast

6.3.1.1.1.             By Volume & Value

6.3.1.2.         Market Share & Forecast

6.3.1.2.1.             By Vehicle Weight Market Share Analysis

6.3.1.2.2.             By Application Type Market Share Analysis

6.3.1.2.3.             By Demand Category Type Market Share Analysis

6.3.2.     India Medium & Heavy Commercial Vehicle Tire Market Outlook

6.3.2.1.         Market Size & Forecast

6.3.2.1.1.             By Volume & Value

6.3.2.2.         Market Share & Forecast

6.3.2.2.1.             By Vehicle Weight Market Share Analysis

6.3.2.2.2.             By Application Type Market Share Analysis

6.3.2.2.3.             By Demand Category Type Market Share Analysis

6.3.3.     Japan Medium & Heavy Commercial Vehicle Tire Market Outlook

6.3.3.1.         Market Size & Forecast

6.3.3.1.1.             By Volume & Value

6.3.3.2.         Market Share & Forecast

6.3.3.2.1.             By Vehicle Weight Market Share Analysis

6.3.3.2.2.             By Application Type Market Share Analysis

6.3.3.2.3.             By Demand Category Type Market Share Analysis

6.3.4.     South Korea Medium & Heavy Commercial Vehicle Tire Market Outlook

6.3.4.1.         Market Size & Forecast

6.3.4.1.1.             By Volume & Value

6.3.4.2.         Market Share & Forecast

6.3.4.2.1.             By Vehicle Weight Market Share Analysis

6.3.4.2.2.             By Application Type Market Share Analysis

6.3.4.2.3.             By Demand Category Type Market Share Analysis

6.3.5.     Australia Medium & Heavy Commercial Vehicle Tire Market Outlook

6.3.5.1.         Market Size & Forecast

6.3.5.1.1.             By Volume & Value

6.3.5.2.         Market Share & Forecast

6.3.5.2.1.             By Vehicle Weight Market Share Analysis

6.3.5.2.2.             By Application Type Market Share Analysis

6.3.5.2.3.             By Demand Category Type Market Share Analysis

7.    Europe & CIS Medium & Heavy Commercial Vehicle Tire Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Volume & Value

7.2.  Market Share & Forecast

7.2.1.     By Vehicle Weight Market Share Analysis

7.2.2.     By Application Type Market Share Analysis

7.2.3.     By Demand Category Type Market Share Analysis

7.2.4.     By Country Market Share Analysis

7.2.4.1.         Germany Market Share Analysis

7.2.4.2.         Spain Market Share Analysis

7.2.4.3.         France Market Share Analysis

7.2.4.4.         Russia Market Share Analysis

7.2.4.5.         Italy Market Share Analysis

7.2.4.6.         United Kingdom Market Share Analysis

7.2.4.7.         Belgium Market Share Analysis

7.2.4.8.         Rest of Europe Market Share Analysis

7.3.  Europe & CIS: Country Analysis

7.3.1.     Germany Medium & Heavy Commercial Vehicle Tire Market Outlook

7.3.1.1.         Market Size & Forecast

7.3.1.1.1.             By Volume & Value

7.3.1.2.         Market Share & Forecast

7.3.1.2.1.             By Vehicle Weight Market Share Analysis

7.3.1.2.2.             By Application Type Market Share Analysis

7.3.1.2.3.             By Demand Category Type Market Share Analysis

7.3.2.     Spain Medium & Heavy Commercial Vehicle Tire Market Outlook

7.3.2.1.         Market Size & Forecast

7.3.2.1.1.             By Volume & Value

7.3.2.2.         Market Share & Forecast

7.3.2.2.1.             By Vehicle Weight Market Share Analysis

7.3.2.2.2.             By Application Type Market Share Analysis

7.3.2.2.3.             By Demand Category Type Market Share Analysis

7.3.3.     France Medium & Heavy Commercial Vehicle Tire Market Outlook

7.3.3.1.         Market Size & Forecast

7.3.3.1.1.             By Volume & Value

7.3.3.2.         Market Share & Forecast

7.3.3.2.1.             By Vehicle Weight Market Share Analysis

7.3.3.2.2.             By Application Type Market Share Analysis

7.3.3.2.3.             By Demand Category Type Market Share Analysis

7.3.4.     Russia Medium & Heavy Commercial Vehicle Tire Market Outlook

7.3.4.1.         Market Size & Forecast

7.3.4.1.1.             By Volume & Value

7.3.4.2.         Market Share & Forecast

7.3.4.2.1.             By Vehicle Weight Market Share Analysis

7.3.4.2.2.             By Application Type Market Share Analysis

7.3.4.2.3.             By Demand Category Type Market Share Analysis

7.3.5.     Italy Medium & Heavy Commercial Vehicle Tire Market Outlook

7.3.5.1.         Market Size & Forecast

7.3.5.1.1.             By Volume & Value

7.3.5.2.         Market Share & Forecast

7.3.5.2.1.             By Vehicle Weight Market Share Analysis

7.3.5.2.2.             By Application Type Market Share Analysis

7.3.5.2.3.             By Demand Category Type Market Share Analysis

7.3.6.     United Kingdom Medium & Heavy Commercial Vehicle Tire Market Outlook

7.3.6.1.         Market Size & Forecast

7.3.6.1.1.             By Volume & Value

7.3.6.2.         Market Share & Forecast

7.3.6.2.1.             By Vehicle Weight Market Share Analysis

7.3.6.2.2.             By Application Type Market Share Analysis

7.3.6.2.3.             By Demand Category Type Market Share Analysis

7.3.7.     Belgium Medium & Heavy Commercial Vehicle Tire Market Outlook

7.3.7.1.         Market Size & Forecast

7.3.7.1.1.             By Volume & Value

7.3.7.2.         Market Share & Forecast

7.3.7.2.1.             By Vehicle Weight Market Share Analysis

7.3.7.2.2.             By Application Type Market Share Analysis

7.3.7.2.3.             By Demand Category Type Market Share Analysis

8.    North America Medium & Heavy Commercial Vehicle Tire Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Volume & Value

8.2.  Market Share & Forecast

8.2.1.     By Vehicle Weight Market Share Analysis

8.2.2.     By Application Type Market Share Analysis

8.2.3.     By Demand Category Type Market Share Analysis

8.2.4.     By Country Market Share Analysis

8.2.4.1.         United States Market Share Analysis

8.2.4.2.         Canada Market Share Analysis

8.2.4.3.         Mexico Market Share Analysis

8.3.  North America: Country Analysis

8.3.1.     United States Medium & Heavy Commercial Vehicle Tire Market Outlook

8.3.1.1.         Market Size & Forecast

8.3.1.1.1.             By Volume & Value

8.3.1.2.         Market Share & Forecast

8.3.1.2.1.             By Vehicle Weight Market Share Analysis

8.3.1.2.2.             By Application Type Market Share Analysis

8.3.1.2.3.             By Demand Category Type Market Share Analysis

8.3.2.     Mexico Medium & Heavy Commercial Vehicle Tire Market Outlook

8.3.2.1.         Market Size & Forecast

8.3.2.1.1.             By Volume & Value

8.3.2.2.         Market Share & Forecast

8.3.2.2.1.             By Vehicle Weight Market Share Analysis

8.3.2.2.2.             By Application Type Market Share Analysis

8.3.2.2.3.             By Demand Category Type Market Share Analysis

8.3.3.     Canada Medium & Heavy Commercial Vehicle Tire Market Outlook

8.3.3.1.         Market Size & Forecast

8.3.3.1.1.             By Volume & Value

8.3.3.2.         Market Share & Forecast

8.3.3.2.1.             By Vehicle Weight Market Share Analysis

8.3.3.2.2.             By Application Type Market Share Analysis

8.3.3.2.3.             By Demand Category Type Market Share Analysis

9.    South America Medium & Heavy Commercial Vehicle Tire Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Volume & Value

9.2.  Market Share & Forecast

9.2.1.     By Vehicle Weight Market Share Analysis

9.2.2.     By Application Type Market Share Analysis

9.2.3.     By Demand Category Type Market Share Analysis

9.2.4.     By Country Market Share Analysis

9.2.4.1.         Brazil Market Share Analysis

9.2.4.2.         Argentina Market Share Analysis

9.2.4.3.         Colombia Market Share Analysis

9.2.4.4.         Rest of South America Market Share Analysis

9.3.  South America: Country Analysis

9.3.1.     Brazil Medium & Heavy Commercial Vehicle Tire Market Outlook

9.3.1.1.         Market Size & Forecast

9.3.1.1.1.             By Volume & Value

9.3.1.2.         Market Share & Forecast

9.3.1.2.1.             By Vehicle Weight Market Share Analysis

9.3.1.2.2.             By Application Type Market Share Analysis

9.3.1.2.3.             By Demand Category Type Market Share Analysis

9.3.2.     Colombia Medium & Heavy Commercial Vehicle Tire Market Outlook

9.3.2.1.         Market Size & Forecast

9.3.2.1.1.             By Volume & Value

9.3.2.2.         Market Share & Forecast

9.3.2.2.1.             By Vehicle Weight Market Share Analysis

9.3.2.2.2.             By Application Type Market Share Analysis

9.3.2.2.3.             By Demand Category Type Market Share Analysis

9.3.3.     Argentina Medium & Heavy Commercial Vehicle Tire Market Outlook

9.3.3.1.         Market Size & Forecast

9.3.3.1.1.             By Volume & Value

9.3.3.2.         Market Share & Forecast

9.3.3.2.1.             By Vehicle Weight Market Share Analysis

9.3.3.2.2.             By Application Type Market Share Analysis

9.3.3.2.3.             By Demand Category Type Market Share Analysis

10.  Middle East & Africa Medium & Heavy Commercial Vehicle Tire Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Volume & Value

10.2.              Market Share & Forecast

10.2.1.  By Vehicle Weight Market Share Analysis

10.2.2.  By Application Type Market Share Analysis

10.2.3.  By Demand Category Type Market Share Analysis

10.2.4.  By Country Market Share Analysis

10.2.4.1.      Turkey Market Share Analysis

10.2.4.2.      Iran Market Share Analysis

10.2.4.3.      Saudi Arabia Market Share Analysis

10.2.4.4.      UAE Market Share Analysis

10.2.4.5.      Rest of Middle East & Africa Market Share Analysis

10.3.              Middle East & Africa: Country Analysis

10.3.1.  Turkey Medium & Heavy Commercial Vehicle Tire Market Outlook

10.3.1.1.      Market Size & Forecast

10.3.1.1.1.           By Volume & Value

10.3.1.2.      Market Share & Forecast

10.3.1.2.1.           By Vehicle Weight Market Share Analysis

10.3.1.2.2.           By Application Type Market Share Analysis

10.3.1.2.3.           By Demand Category Type Market Share Analysis

10.3.2.  Iran Medium & Heavy Commercial Vehicle Tire Market Outlook

10.3.2.1.      Market Size & Forecast

10.3.2.1.1.           By Volume & Value

10.3.2.2.      Market Share & Forecast

10.3.2.2.1.           By Vehicle Weight Market Share Analysis

10.3.2.2.2.           By Application Type Market Share Analysis

10.3.2.2.3.           By Demand Category Type Market Share Analysis

10.3.3.  Saudi Arabia Medium & Heavy Commercial Vehicle Tire Market Outlook

10.3.3.1.      Market Size & Forecast

10.3.3.1.1.           By Volume & Value

10.3.3.2.      Market Share & Forecast

10.3.3.2.1.           By Vehicle Weight Market Share Analysis

10.3.3.2.2.           By Application Type Market Share Analysis

10.3.3.2.3.           By Demand Category Type Market Share Analysis

10.3.4.  UAE Medium & Heavy Commercial Vehicle Tire Market Outlook

10.3.4.1.      Market Size & Forecast

10.3.4.1.1.           By Volume & Value

10.3.4.2.      Market Share & Forecast

10.3.4.2.1.           By Vehicle Weight Market Share Analysis

10.3.4.2.2.           By Application Type Market Share Analysis

10.3.4.2.3.           By Demand Category Type Market Share Analysis

11.  SWOT Analysis

11.1.              Strength

11.2.              Weakness

11.3.              Opportunities

11.4.              Threats

12.  Market Dynamics

12.1.              Market Drivers

12.2.              Market Challenges

13.  Market Trends and Developments

14.  Competitive Landscape

14.1.              Company Profiles (Up to 10 Major Companies)

14.1.1.  Bridgestone Corporation

14.1.1.1.      Company Details

14.1.1.2.      Key Product Offered

14.1.1.3.      Financials (As Per Availability)

14.1.1.4.      Recent Developments

14.1.1.5.      Key Management Personnel

14.1.2.  Continental AG

14.1.2.1.      Company Details

14.1.2.2.      Key Product Offered

14.1.2.3.      Financials (As Per Availability)

14.1.2.4.      Recent Developments

14.1.2.5.      Key Management Personnel

14.1.3.  Balkrishna Industries Limited

14.1.3.1.      Company Details

14.1.3.2.      Key Product Offered

14.1.3.3.      Financials (As Per Availability)

14.1.3.4.      Recent Developments

14.1.3.5.      Key Management Personnel

14.1.4.   The Michelin Group

14.1.4.1.      Company Details

14.1.4.2.      Key Product Offered

14.1.4.3.      Financials (As Per Availability)

14.1.4.4.      Recent Developments

14.1.4.5.      Key Management Personnel

14.1.5.  Trelleborg Corporation

14.1.5.1.      Company Details

14.1.5.2.      Key Product Offered

14.1.5.3.      Financials (As Per Availability)

14.1.5.4.      Recent Developments

14.1.5.5.      Key Management Personnel

14.1.6.  ATG Tires Private Limited

14.1.6.1.      Company Details

14.1.6.2.      Key Product Offered

14.1.6.3.      Financials (As Per Availability)

14.1.6.4.      Recent Developments

14.1.6.5.      Key Management Personnel

14.1.7.  Sumitomo Corporation

14.1.7.1.      Company Details

14.1.7.2.      Key Product Offered

14.1.7.3.      Financials (As Per Availability)

14.1.7.4.      Recent Developments

14.1.7.5.      Key Management Personnel

14.1.8.  Hankook Tire and Technology Group

14.1.8.1.      Company Details

14.1.8.2.      Key Product Offered

14.1.8.3.      Financials (As Per Availability)

14.1.8.4.      Recent Developments

14.1.8.5.      Key Management Personnel

14.1.9.  Goodyear Tire And Rubber Company

14.1.9.1.      Company Details

14.1.9.2.      Key Product Offered

14.1.9.3.      Financials (As Per Availability)

14.1.9.4.      Recent Developments

14.1.9.5.      Key Management Personnel

14.1.10.                McLaren Industries

14.1.10.1.    Company Details

14.1.10.2.    Key Product Offered

14.1.10.3.    Financials (As Per Availability)

14.1.10.4.    Recent Developments

14.1.10.5.    Key Management Personnel

15.  Strategic Recommendations

15.1.              Key Focus Areas

15.1.1.  Target Regions

15.1.2.  Target Application Type

15.1.3.  Target Demand Category

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Medium & Heavy Commercial Vehicle Tire Market was estimated to be 220.16 Million Units in 2022.

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The cyclical nature of sales has a significant impact on the agricultural sector. OEMs are attempting to construct machinery equipped with IoT, GPS, and Automation approaches to obtain more from the land in agriculturally impoverished economies and to fulfil the food needs of a growing population. Farmers in emerging economies are progressively embracing mechanization practices. Farm mechanization is becoming more popular in China, owing to increased agricultural investment and the government's drive for farm mechanization.

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With increasing construction activity in nations such as India and ASEAN countries (including Thailand, Singapore, and Vietnam), the Asia-Pacific region is likely to be a significant market fueling the global construction industry. Heavy truck sales in the Asia Pacific area increased by 1.4% in 2019 to 27872 units, up from 27493 units in 2018.This area has significant future growth potential due to expanding population and rising disposable income, as well as an intensive focus on development operations by most enterprises.

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Increasing global Trade and Transportation demand, and infrastructure development and construction activities and E-commerce and Last mile delivery growth are the major drivers for the Global Medium & Heavy Commercial Vehicle Tire Market.

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Srishti Verma

Business Consultant
Press Release

Medium & Heavy Commercial Vehicle Tire market to Grow with a CAGR of 6.5% through 2028

Sep, 2023

Global Economic Growth and Trade, Fleet Expansion and Replacement, Rise in E-Commerce and Last-Mile Delivery and Technological Advancements are the factors driving the Global Medium & Heavy Commercia

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