Delta, BC -- (SBWire) -- 05/31/2021 --According to the MarkNtel Advisors research report, "Global Light Commercial Vehicle Tire Market Analysis, 2021," the market is likely to grow at a CAGR of 3.5% in the forecast period of 2021-26. It owes majorly to the leading companies involved in technological advancements of tires, like flat-run, budget-friendly, nitrogen-based tires, environment-friendly, etc. Besides, prominent leaders are introducing next-generation tire technology that can offer excellent fuel efficiency & inflation pressure to decrease the deformation of tires. These are crucial factors contributing to the growing demand for tires and fueling the market growth.
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Key questions answered in the study
1. What are the current and future trends in the Global Light Commercial Vehicle Tire Market?
2. How has the industry been evolving in terms of geography and services adoption?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Global Light Commercial Vehicle Tire Market?
5. What is the customer orientation, purchase behavior, and expectations from the Global Light Commercial Vehicle Tire Market service providers across various regions?
Light Trucks to Gain Fastest Growth
Based on the Type of Vehicle, Light Trucks are likely to gain the fastest market growth in the forecast years due to their wide usage in the transportation of goods across regions. There are further segments to Light Trucks, amongst which the vans & pickup trucks are widely in demand due to more seating space and reasonable prices. Therefore, based on these factors, Light Trucks shall attain the fastest growth in the Global Light Commercial Vehicle Tire Market.
Up to 15 Rim Size to Witness the Largest Market Share
Based on the rim size, the market segments into Up to 15", 15.1" to 16", and Above 16". Of all, the rim size Up to 15" is likely to witness the largest market share in the forecast years due to the rising need for passenger cars like hatchbacks & compact sedans. These car types are driving tremendous sales in numerous countries across the globe. Hence, the demand for up to 15" rim-sized tires is likely to be the highest in the forecast period.
"Global Light Commercial Vehicle Tire Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Light Commercial Vehicle Tire providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
According to MarkNtel Advisors, the major leading players in the Global Light Commercial Vehicle Tire Market are Pirelli, Continental, Bridgestone, Goodyear Tire and Rubber Company, Yokohama, Michelin, Apollo, Hangzhou Zhongce, MRF Tyres, JK Tyres, Hankook, Sumitomo, Linglong, Toyo Tire, Weifang Goldshield Tire.
Market Segmentation:
1. By Type of Vehicle (Light Truck, Light Bus, Pickup Trucks, and Vans)
2. By Demand (OEM, Replacement)
3. By Type of Tire (Radial, Bias)
4. By Rim Size (Up to 15", 15.1" to 16", Above 16")
5. By End-User (Agricultural Transportation, E-commerce, Dairy & Meat Transportation, Others)
6. By Price Range Per Unit (Upto USD 80, USD 81 to USD120, USD121 to USD200, Above USD 200)
7. By Region (North America, South America, Europe, CIS, Asia-Pacific, Middle East, and Africa)
8. By Competitors (Pirelli, Continental, Bridgestone, Goodyear Tire and Rubber Company, Yokohama, Michelin, Apollo, Hangzhou Zhongce, MRF Tyres, JK Tyres, Hankook, Sumitomo, Linglong, Toyo Tire, Weifang Goldshield Tire)
About MarkNtel Advisors
MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.
We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.
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