LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global commercial vehicle tires market to grow at a CAGR of almost 4% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global commercial vehicle tires market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global commercial vehicle tires market:
Emerging markets driving demand for CV tires
Varying market conditions, maturity in demand, and strict emission norms are some of the factors that adversely affect the CV market in triad countries. However, emerging markets, such as China and India, are experiencing growth in the CV market due to the increasing investment in infrastructure, economic expansion, and increasing transport volumes.
Praveen Kumar, a lead wheels and tires research analyst at Technavio, says, “Many global OEMs have entered emerging markets, such as India and China, to increase the revenue and improve market share. The high GDP growth rates, a large gap in demand, and a large supply-demand mismatch drive these OEMs to the emerging markets.”
Rising demand for CVs due to increasing developments in construction sector
Infrastructure development has an impact on various sectors of the economy. Commercial trucks, tractors, and trailers are used for transportation in construction activities. The demand for such vehicles rises with the increase in the development of infrastructure, which will drive the demand for CV tires in this segment.
“Massive spending on infrastructure construction projects and mining activities and the growth in industrial activities drive the development in BRICS nations. The economic conditions of these nations are expected to improve during the forecast period, which will drive the CV tires market in these countries. The construction industry is the largest user of CVs,” adds Praveen.
Revival of mining industry increasing the demand for CVs and tire replacements
BRICS have the largest share of the world's natural resources. Hence, the mining industry is flourishing in these countries. Most mining activities are concentrated in BRICS partner countries like Brazil, Russia, India, China, and South Africa. The mining industry in these nations attracts huge domestic and international investments.
Over the last five years, the mining industry in this region of the world has seen rapid growth. Due to the high demand, many countries are investing in overseas mining operations in BRICS nations. There is a huge demand for mining machines across the globe, which is driving the demand for CV tires.
Top vendors:
- Bridgestone
- Continental
- The Goodyear Tire & Rubber Company
- Michelin
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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