World Commercial Vehicle Tire Market to Touch Value of USD 117 Bn by 2021, Says TechSci Research in Its Report Available at MarketPublishers.com22 Jul 2016 • by Natalie Aster
LONDON – Across the globe, commercial vehicle tires are traditionally used in vehicles with the load limit of 3.5-7 tons or even more than 7 tons. Such commercial vehicles, including medium and heavy commercial vehicles (M&HCV) and light commercial vehicles (LCV), are usually used for load carriage, public transport, logistics activities, long-haulage, etc. logistics and construction industries are the major end-use sectors for commercial vehicles worldwide.
Governments from pole to pole are continuously launching various programs and plans aimed at stimulation of growth in construction, industrial and infrastructure sectors. This trend is likely to spur demand for M&HCVs and LCVs during the upcoming 5 years, consequently driving demand for commercial vehicle tires.
From 2011 to 2015, the worldwide logistics market increased at a nearly 32% CAGR, primarily owing to robust growth in the e-commerce sector. Ongoing expansion of the logistics industry, in its turn, propelled growth of demand for commercial vehicle tires during 2011-2015.
By 2021, the world’s market for commercial vehicle tires is anticipated to exceed USD 117 billion. The APAC regional market is likely to continue holding the dominant position in the global commercial vehicles tire market through 2021.
Cutting-edge report “Global Commercial Vehicle Tire Market” developed by TechSci Research provides a detailed guide to the global commercial vehicle tire market and also offers a detailed assessment of the market on the basis of vehicle types, geography, demand category and competition. The report traces the historical evolution of the global commercial vehicle market, scrutinizes key trends in the marketplace, evaluates competitive pressures and also reviews the market dynamics. In addition, data on the emerging challenges and opportunities as well as forecasts through 2021 are provided in this new report.
More reports by the publisher are provided at the TechSci Research page.