NEW YORK, May 10, 2016 /PRNewswire/ --
The demand for commercial vehicles is underpinned by several macro and micro economic factors impacting the sectorial growth across various countries. Construction and logistics are few of the prominent industries which have been driving the demand for commercial vehicles across the globe. However, growth of these industries is impacted by macro-economic factors such as crude oil prices, inflation, exchange rate fluctuation, interest rates and liquidity condition of the countries. Increasing commercial vehicle production and sales across developed as well as developing nations is likely to act as a catalyst in the growth of the commercial vehicle tire market at global level.
In 2015, the global commercial vehicle tire market has been witnessing an era of doldrums. Slump in the crude oil price has impacted the construction and logistics sectors across the world, thereby impeding the growth of commercial vehicles and related products such as tires. However, as per the IMF, crude oil prices are forecast to stabilize by 2017, which is likely to support the construction and logistics sector of several countries, thereby supporting the demand for commercial vehicle tires.
Global Commercial Vehicle Tire Market: Key Drivers
The market for commercial vehicle tires is anticipated to expand at a steady pace over the next five years. Most of the countries are in process of launching series of plans and programmes focusing on the development of infrastructure, construction & industrial sectors. As a consequence, it is anticipated that the demand for Light, Medium & Heavy Commercial Vehicles would witness an increase in upcoming years.
Further, several oil dependent economies such as Angola, Saudi Arabia, UAE, Kuwait, Qatar, which has witnessed slowdown in their construction sector are likely to gain momentum in the development of their construction sector in coming years. Key reasons for the same can be attributed to anticipated stabilization of crude oil prices by 2017, which is likely to generate the demand for commercial vehicles. Further, in emerging countries, stagnant economic development over past few years and shrinking demand for commercial vehicles is restricting the growth of commercial vehicle tire market. However, it is expected that these emerging nations would witness considerable growth in the forecast period on the back of growing government initiatives.
Global Commercial Vehicle Tire Market: Region Wise Outlook
The report is divided into five major regions: North America, South America, Europe & CIS, Asia Pacific and MEA. For each stated region, the market size is closely estimated and future forecasts have been given. Asia-Pacific region along with the North America region dominated the Global Commercial Vehicle Tire Market in 2015. Further, both the regional markets are expected to register promising growth during the forecast period, thereby resulting in continued dominance in the Global Commercial Vehicle Tire market over the next five years.
On the other hand, European region managed to grab the third largest market share in the Global Commercial Tire market.
Global Commercial Vehicle Tire Market: Segmentation
The Global Commercial Vehicle Tire Market can be segmented on the basis of vehicle type, demand category, and region.
Based on the Vehicle Type, the Global Commercial Vehicle Tire Market is be divided into the following segments:
- Light Commercial Vehicles (LCV) Tires
- Medium & Heavy Commercial Vehicles (M&HCV) Tires
Based on the Demand Category, the Global Commercial Vehicle Tire Market is be divided into the following segments:
Based on the Region, the Global Commercial Vehicle Tire Market is be divided into the following segments:
- Asia Pacific Region
- Europe & CIS Region
- North America Region
- South America Region
- Middle East and Africa Region
Global Commercial Vehicle Tire Market: Key Players
- Key players in the Global Commercial Vehicle Tire market include Goodyear, Continental Bridgestone, Michelin, Pirelli, Hankook, Sumitomo, Toyo, Apollo, etc.
- Information on these key players is covered in the Global Commercial Vehicle Tire Market report. The report provides detailed company profiles with key segments including business segments, product offerings, and facts and figures along with the historical data and operating history of the company.
Why You Should Buy This Report?
- To gain an in-depth understanding of Global Commercial Vehicle Tire Market
- To identify the on-going trends and anticipated growth over next five years
- To help industry consultants, tire manufacturers, and commercial vehicle OEMs to align their market-centric strategies
- To obtain research-based business decisions and add weight to presentations and marketing material
- To gain competitive knowledge of leading market players
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs
The report is an outcome of in-depth primary and secondary research by industry experts. This market research report is a strategic guide to industry players catering to the OEMs as well as replacement tire markets across the geographies. The key trends and growth drivers, challenges, etc. have been taken into consideration before devising the global as well as the regional market size and market share of the global commercial vehicle tire market. The report discusses in detail about the reasoning behind current market growth as well as historical market size and analysis, along with the forecast market size and key reasons for the same for global as well as regional segments of the report.
- Global Commercial Vehicle Tire Market Size, Share & Forecast
- Regional Analysis
- Country Level Analysis
- North America - (U.S., Canada, and Mexico)
- South America - (Brazil, Argentina, Colombia, and Chile)
- Asia Pacific - (Japan, China, India, Thailand, South Korea, and Australia)
- Europe & CIS Countries - (Russia, UK, Germany, Ukraine, Italy, and Spain)
- Middle East & Africa - (Saudi Arabia, Turkey, South Africa, UAE, Israel, and Qatar)
- Segmental Analysis - By Vehicle Type, By Region, By Country and By Company
- Market Dynamics
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape & Strategic Recommendations
Key Questions This Study Will Answer
- What are the key drivers which will drive the market to next level?
- Which are the demand dominating regions and how these regions will grow in the coming years?
- Who all are the key players providing commercial vehicle tires? What is the market share of key players in the global commercial vehicle tire market and how market share dynamics will change in the coming years?
- What are the market shares of OEM and replacement tire market across the globe?
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