Commercial Vehicle Tire Market Projected to Cross USD117 Billion by 2021

A report that has recently been published by TechSci Research titled, “Global Commercial Vehicle Tire Market By Vehicle Type, By Demand Category, By Region, Competition Forecast & Opportunities, 2021”, projects that the demand for commercial tires in the global market is slated to cross USD117 billion by 2021. This positive outlook is based on the boom in the logistics and construction sectors at the global level. These segments generally drive the demand for commercial vehicles.

The global logistics industry is currently experiencing a significant upward trend and has already crossed USD4 trillion. The construction sector is expected to reach revenues of USD 10 trillion by 2021, and the rosy scenario for these two segments is expected to drive an increase in the demand for commercial vehicle tires over the next five years.

In 2015, it was the Light Commercial Vehicle (LCV) segment which accounted for the largest share in the global commercial vehicle tire market and this segment is slated to dominate the commercial tire segment in the next five years too, due to the growing prevalence of global e-commerce and the demand for transportation services.

From a regional perspective, in the past year, Asia-Pacific dominated the global commercial vehicle tire market, with North America, Europe & CIS Countries, Middle East & Africa and South America taking the second, third, fourth and fifth spots respectively. Many countries belonging to the Middle East and APAC region have announced large scale infrastructure projects and this is expected to contribute significantly to the increase in demand for commercial vehicle tires during 2016-2021.