A commercial vehicle tire is a particular kind of tire intended for use on vehicles including buses, lorries, and vans. Generally larger and heavier than regular automobile tires, commercial vehicle tires are made to offer superior traction and durability when driving over rough terrain or in bad weather. A tire is a thick layer of rubber that is typically inflated and mounted over the rim or outside edge of a car wheel. It gives the car traction and makes it easier for it to go over the road. Although natural rubber still makes up the majority of tires, synthetic rubber, steel wires, cloth, and carbon black are now also commonly used in tires. Different types of tyre could be radial tyre, bias tyre, etc.
According to SPER Market Research, ‘Commercial Vehicle Tire Market Size- By Application, By End User, By Material, By Sales Channel, By Terrain- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Global Commercial Vehicle Tire Market is estimated to reach USD 50.15 billion by 2033 with a CAGR of 4.09%.
The number of commercial cars on the road is rising as a result of increasing urbanization and the creation of smart cities. Growing need for commercial-use vehicles as a result of industrialization and globalization speeds up the demand for commercial vehicle tire market. Original Equipment Manufacturers (OEMs) are being compelled by stringent pollution regulations in industrialized nations to provide tires for commercial vehicles that are more fuel-efficient. The boom in online shopping and the expansion of e-commerce have increased demand for last-mile delivery trucks. Due to their ability to cover vast agricultural regions quickly, internal combustion engines and tractors brought about a revolution in the agriculture industry. This, in turn, is expected to increase demand for tires in the years to come. The growth of e-commerce and international trade has increased demand for commercial vehicle tires.
The price fluctuations of raw materials used in the production of tires can be attributed to global commodities markets. These price swings result in higher tire costs for consumers. Tire manufacturers who follow government regulations about safety requirements and environmental sustainability poses a challenge for tire manufacturers and drives up production costs. Due to the exorbitant cost of the automobiles and their accessories, only few people choose to purchase them. Furthermore, the upkeep of the automobile's add-ons, such tires, shock absorbers, car washes, and other items, is expensive. To prevent car slides, the already costly tires need to be maintained and replaced. It is predicted that these issues will impede the expansion of the vehicle tire market.
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The production and sales of new vehicle experienced a fall, which directly had a substantial impact on the vehicle tires market due to the COVID-19 pandemic. In addition, because of these limitations, car owners drove less, which meant that maintenance or tire replacement appointments were postponed. But the e-commerce industry has also expanded as a result of the COVID-19 pandemic. The need for commercial vehicle parts for transportation during the outbreak may increase as a result of this circumstance.
Asia-Pacific is expected to dominate the Commercial Vehicle Tire Market. Some of the key players are Continental AG, Hankook Tire and Technology Group, Bridgestone Corporation, Goodyear Tyre and Rubber Company.
For More Information, refer to below link:-
Heavy Commercial Vehicle Tire Market Outlook
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