A new report on the commercial tire industry shows that the market will see tremendous CAGR through 2025. The report includes expert opinions and assessments on the commercial tire market with regards to key drivers, effective strategies and factors that may hinder growth.
The market is expected to expand at an impressive rate during the forecasted period.
The aim of the report is to help key players and investors understand the changing global tire market. Detailed competitor profiling can help readers identify and understand the factors that are driving growth in the market and key strategies they can adopt to take advantage of growth opportunities.
Included in the report is a detailed profile of key players in the market, market research, pre- and post-launch surveys, pain point surveys, product testing, effectiveness studies and more. All of this information can be used to strengthen your growth plans.
Company profiling includes information on structure, market share, product portfolios, mergers and acquisitions, revenue analysis and more. This data is useful for investors and key market players looking for opportunities for growth.
The report also looks at the sub-segment market as well as analysis from reliable information sources and input from industry professionals.
Several applications are analyzed, including:
Data shows that growth is occurring in markets across the globe, and some regions have greater opportunities for expansion.
The commercial tire market has a complex value chain with many moving parts, from material suppliers to product manufacturers, manufacturing equipment manufacturers and technology developers. The partnerships between researchers and manufacturers helps streamline the process from concept to commercialization. Collaboration is also important to advance innovation in the industry. Data in this report can help support these efforts.
Additionally, the report covers emerging trends in the commercial tire market as well as analysis of new technologies. Private businesses and governments across the United States are investing in the commercial tire market due to these technological developments.
Growth in last-mile deliveries has led to increased sales in Class 4 to 7 tires, as more consumers, even in the B2B space, are relying on delivery services. Consumer demand grew in the second quarter of 2020 and has remained high for online sales fueling last-mile deliveries.
Trends going into Q1 2021 show growth in the Class 8 tire market for medium-duty freight.
Trucks haul 75% of tonnage in the United States and this is expected to continue into 2024. Short- and medium-haul trucking is expected to remain high over the next two years and keep up with the pace of long-haul trucking as consumers continue to shift their purchases to online goods.
The truck tire market is diverse and driven by a variety of factors. New truck models, driving patterns, fuel costs and other factors influence the industry.
The data in the report supports other reports showing that the tire market, as a whole, is growing across the globe.
This separate report also looks at the truck tire market across core segments. The light truck market is expected to outperform the heavier truck segment, growing at a rate of 4% year-on-year. Medium truck tires will maintain a 3.3% yearly expansion through 2027.