Market Size of Commercial Vehicles Tires Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 34.16 Billion |
| Market Size (2029) | USD 42.72 Billion |
| CAGR (2024 - 2029) | > 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Commercial Vehicles Tires Market Analysis
The Commercial Vehicles Tires Market size is estimated at USD 34.16 billion in 2024, and is expected to reach USD 42.72 billion by 2029, growing at a CAGR of greater than 3.80% during the forecast period (2024-2029).
- The COVID-19 pandemic had a significant effect on the automotive tires market directly in the short term as the production and sales of new vehicles witnessed a decline in 2020. Moreover, owing to restrictions, vehicle owners reduced the amount of driving, resulting in delayed visits for maintenance or tire replacement. However, the COVID-19 outbreak has also resulted in the growth of the e-commerce sector. This factor can propel the demand for commercial vehicle components for transportation purposes during the outbreak.
- Over the medium term, The growing focus on fuel economy, rising demand for convenience, and high maintenance or replacement costs of conventional tires are driving the growth of the automotive tires market. Another factor that is responsible for the growth of the industry is the adoption of cutting-edge manufacturing technology by OEMs to offer product differentiation through sustainability, durability, and affordability.
- Due to rapid urbanization, construction activities have seen a surge, and developments in transport infrastructure are fuelling the growth of commercial vehicles and commercial vehicle tires. The improving economic environment in developing countries and the increasing emphasis on the mechanization of agricultural activities are also factors expected to drive the growth of the market in the coming years.
- Increasing mining production volume acts as a catalyst for higher demand for OTR tires as it leads to fleet expansion, frequent tire replacements, and maintenance requirements. OTR tires play a critical role in ensuring operational efficiency, minimizing downtime, and maximizing productivity in mining operations. As the mining industry grows, the demand for OTR tires rises to meet the heavy-duty requirements and enhance the performance of mining equipment. This is likely to witness major growth for the market during the forecast period.
