Global Commercial Vehicle Tires Market 2017-2021

Overview of the global commercial vehicle tires market

Market research analysts at Technavio predict that the global commercial vehicle tires market will grow steadily during the next four years and in terms of units, will post a CAGR of close to 4% by 2021. This market research analysis identifies the rising demand for commercial vehicles (CVs) due to increasing developments in the construction sector as one of the primary growth factors for this market. Due to the massive spending on infrastructure construction projects and mining activities and the growth in industrial activities, there is a high demand for commercial trucks, tractors, and trailers which subsequently increases the demand for commercial vehicle tires. Additionally, the improvement in the economic conditions of BRIC nations, will also fuel the growth of the commercial vehicle tires market since the economic growth will result in significant investments in the construction industry which is the largest user of commercial vehicles.  

One of the latest trends that will gain traction in the commercial vehicle tires market in the coming years is the emergence of self-inflating tires (SITs). SITs consist of an air tube called the peristaltic tube chamber, inside the tire and a pressure regulator or sensor that is kept at the opening of the chamber. When the regulator detects a pressure drop, the air tube chamber opens due to the rotational movement of the tire and lets the external air to flow inside. This provides various advantages including the reduction of tire wear, fuel savings, and improvement in safety.

Competitive landscape and key vendors