Dublin, Dec. 18, 2023 (GLOBE NEWSWIRE) -- The "Light Commercial Vehicle Tire Market - Global Industry Size, Share, Trends Opportunity, and Forecast 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global light commercial vehicle (LCV) tire market surged to USD 44.6 billion in 2022 and is poised to expand at a robust 5.5% Compound Annual Growth Rate (CAGR) through the forecast period. Factors driving this growth include the escalating production and sales of LCVs, notably propelled by the surge in economic activities and the evolving automotive landscape.
Key Market Drivers:
- Economic Growth and Industrialization Economic expansions globally, especially in burgeoning markets like India and China, are amplifying the demand for LCVs in various sectors. This spike in commercial activities directly translates to an increased need for durable, high-performance LCV tires.
- E-commerce and Last-Mile Delivery The flourishing e-commerce realm has reshaped retail, elevating the requirement for LCVs in last-mile deliveries. As the sector thrives, specialized LCV tires catering to these specific demands are experiencing escalating demand.
- Urbanization and Infrastructure Development As cities grow, LCVs become indispensable in construction, waste management, and utility maintenance, spurring a parallel surge in LCV tire demands.
- Stringent Emission Regulations and Fuel Efficiency Tire innovations now revolve around low-rolling-resistance solutions to meet strict emission standards, thereby enhancing fuel efficiency and reducing carbon emissions.
- Technological Advancements in Tire Manufacturing Innovations in tire materials and manufacturing processes, including self-healing and run-flat technologies, are reshaping the LCV tire landscape by providing safer, more durable options.
Market Challenges:
- Fluctuating Raw Material Prices and Supply Chain Disruptions The volatility in raw material prices impacts production costs, leading to potential affordability issues for consumers.
- Intense Market Competition High market competition may potentially compromise product quality as manufacturers navigate price pressures.
- Regulatory Compliance and Safety Standards Adherence to evolving regulations and standards poses complexities for tire manufacturers.
- Environmental Concerns and Sustainability The focus on sustainability necessitates tire recycling initiatives and the development of eco-friendly products.
- Rapid Technological Advancements and Innovation Keeping pace with tire technology advancements is a challenge, particularly for smaller companies with limited resources.
Market Trends:
- Growing Demand for Electric LCV Tires The rise of electric mobility prompts specialized tire demands to cater to eLCVs, driving innovation in the segment.
- Emphasis on Fuel Efficiency and Sustainability Consumers' and businesses' desire for environmentally friendly and cost-effective tires is fueling tire innovations.
- Rise of All-Season and Winter LCV Tires The convenience and safety provided by all-season and winter-specific tires drive their increasing popularity.
- Advancements in Tire Technology and Connectivity Integration of smart technologies into tires enhances safety and performance, aligning with the trend toward connected vehicles.
The report segments the Global Light Commercial Vehicle Tire Market by demand category (OEM, Replacement), drive type (ICE, Electric Vehicles), and region. It delves into regional insights for North America, Europe & CIS, Asia-Pacific, South America, and Middle East & Africa, providing a comprehensive analysis of key market players and attributes.
Competitive Landscape
Detailed analysis of the major companies including:
- Bridgestone Corp.
- Continental Automotive AG
- Cooper Tire & Rubber Company
- Goodyear Tire & Rubber Company
- Hankook Tires Group
- Michelin Tires
- MRF (Madras Rubber Factory Limited)
- Pirelli & C SpA
- Apollo Tires
- Yokohama Rubber Co. Ltd
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 190 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $44.6 Billion |
| Forecasted Market Value (USD) by 2028 | $61 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research Methodology
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 Light Commercial Vehicle Tire Market
5. Global Light Commercial Vehicle Tire Market Outlook
5.1. Market Size & Forecast
5.1.1. By Volume & Value
5.2. Market Share & Forecast
5.2.3. By Regional Market Share Analysis
5.2.4. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Light Commercial Vehicle Tire Market Mapping & Opportunity Assessment
6. Asia-Pacific Light Commercial Vehicle Tire Market Outlook
7. Europe & CIS Light Commercial Vehicle Tire Market Outlook
8. North America Light Commercial Vehicle Tire Market Outlook
9. South America Light Commercial Vehicle Tire Market Outlook
10. Middle East & Africa Light Commercial Vehicle Tire Market Outlook
11. SWOT Analysis
12. Market Dynamics
13. Market Trends and Developments
14. Competitive Landscape
- Bridgestone
- Continental Automotive
- Cooper Tire & Rubber
- Goodyear Tire & Rubber
- Hankook Tires Group
- Michelin Tires
- MRF (Madras Rubber Factory Limited)
- Pirelli & Co
- Apollo Tires
- Yokohama Rubber
For more information about this report visit https://www.researchandmarkets.com/r/ltf2t7
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