Tires are the only component of a vehicle which comes in direct contact with the road. Tires in commercial vehicles are equipped to handle all sort of rough conditions including unpaved roads, sand, dirt and rocks can even be the norm in some places. They are exposed to several unsuitable environments and road conditions that entail the manufacturers to produce specific tires for a particular environment and whether conditions such as all-season, winter, and summer tires.
Often overlooked from the safety point of view, tires do play a critical role in the smooth running of the vehicle. Due to this reason, major players in the vehicle industry are now investing in improving the overall quality of tires as well.
Driving growth and delivering safety: Big opportunity
With the increasing investment in infrastructure, economic expansion and growing transport volumes, the growth in the sale of commercial vehicles has been impressive over the past few years. This, in return, calls for an extreme demand for commercial vehicle tires market.
The mining industry is flourishing in the emerging markets especially in BRICS. This has resulted in not only high demand for commercial vehicles, but for sustainable tires as well. With huge investments from domestic and international players, industry experts believe that the tire industry is all set to grow at an immense pace. The massive demand for mining unlocks the doorways for the growth in CV tires market.
Lastly, tires are one of the most replaced parts in a vehicle. CVs that runs more than five years of service entail replacement of parts or the entire vehicle. Hence, the aging of vehicles drives the demand for spare tires and OE tires. These influences generate a vast opening for players in the market.
Business growth inhibitor: Changing competitive landscape
The automotive tire market is dominated by a few vendors that hold the majority of the share in the market. Key players like Bridgestone, Continental, MICHELIN, and The Goodyear Tire & Rubber Company are dominating the global automotive industry. The vendors also operate in the CV tires segment with a wide range of lightweight tires. The competition is intense with the presence of giant vendors and many small firms dominating with innovative technologies. While major vendors hold a major share in the global tire industry, regional players too are making an impact through adoption of innovative technologies.
Technavio: Driving into the future
The global commercial vehicle tires market is an ever-evolving sector with growing number of technological innovations. Technavio’s market insights provides the pragmatic solutions which assist vendors in the industry to gain viable knowledge on several facets of the market.
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