New York – The global market for commercial vehicle tires is expected to be more than $117 billion (€105 billion) by 2021, with a rising demand for Chinese products in particular, a recent study suggests.
According to a report published by market research TechSci Research on 11 July, the growth in demand will mainly be driven by construction and logistics sectors. Both sectors, the report said, are picking up and are currently worth $10 trillion and $4 trillion each respectively.
The light commercial vehicle (LCV) segment accounted for the largest share in the global commercial vehicle tire market in 2015.
The segment is expected to maintain its dominance over the next five years, due in part to demand for transportation services and the booming e-commerce industry.
Region-wise, Asia-Pacific dominated the global commercial vehicle tire market in 2015, followed by North America, Europe & CIS countries, Middle East & Africa and South America.
Commenting on the rising demand for Chinese products, research director Karan Chechi, said Chinese tires had become “highly popular” over the last five years.
“Increasing availability of Chinese commercial vehicle tires at relatively lower prices compared to premium flagship tire brands, is one of the primary reasons for rising demand for Chinese commercial vehicle tires,” he added.
According to Chechi, some Chinese companies such as Hangzhou Zhongce Rubber, Triangle Tire, Shandong Linglong Tire, have been able to capitalise on the growing opportunities.