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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Canada Tire Market Share
Light commercial vehicles, among other vehicle types, support the market growth by aiding town and uptown deliveries, shipping goods, and running as service vehicles
According to the Canda tire industry analysis, light commercial vehicles (LCVs) have become essential for urban deliveries, goods transportation, and service roles, especially with the rise of e-commerce. Their flexibility, productivity, metropolitan manoeuvrability, and protection are pivotal factors in tire selection. The rising demand for last-mile deliveries, notably with e-commerce growth, strengthens the need for LCVs.
Medium and heavy commercial vehicles (MHCVs) require tires with strong load abilities, stressing robustness, competence in long-haul journeys, safety, stability, and friction. These advantages are crucial for carrying heavy loads across distinct terrains over extended distances. Tire companies are launching different type of tires for different terrains and weathers.
Canada Tire Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 7.67 billion.
The Canadian tire market is expected to grow at a CAGR of 6.23% between 2024 and 2032.
The tire market in Canada is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 13.37 billion by 2032.
The tire market is categorised according to design, which includes radial and bias.
Key players in the market are Bridgestone Corporation, Continental AG, Hankook Tire & Technology Co., Ltd., Pirelli & C. S.p.A, Yokohama Rubber Co., Ltd., Toyo Tire Corporation, NEXEN TIRE Co., Ltd., The Goodyear Tire & Rubber Company, Michelin Group, Giti Tire, and others.
The market is divided into OEM and aftermarket based on the price range.
British Columbia, Alberta, The Prairies, Central Canada, and Atlantic Canada are the significant Canadian markets for tire.
The growth of the automotive industry is the major factor supporting the market for tires in Canada.
Volatile raw material prices, stringent environmental regulations and standards, and economic downturns are the key challenges faced by the tire industry.
Key trends aiding the market expansion include the increasing demand for eco-friendly tires and the rapidly growing demand from the EV sector.
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