Global Wide Light Truck Tyres (WLTR) Market Report 2024-2029: Wide Light Truck Tires Powering Last-Mile Deliveries, Urbanization, Rising Demand in Industrial Sectors

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Feb 27, 2024, 21:30 ET

DUBLIN, Feb. 27, 2024 /PRNewswire/ -- The "Global Wide Light Truck Tyres (WLTR) Market: 2024 Edition" report has been added to ResearchAndMarkets.com's offering.

The Global Wide Light Trucks Tyres (WLTR) market showcased growth at a CAGR of 3.36% during 2019-2022. The market was valued at USD 1325.19 Million in 2022 which is expected to reach USD 2532.46 Million in 2029. The Global Wide Light Trucks Tyres (WLTR) Market is expected to grow in the forecast period and register a market value of USD 2532.46 Million in 2029 at a CAGR of 9.74% during the forecast period.

Increased economic activities and industrialization has led to a higher demand for transportation, including light trucks. Industries relying on the transportation of goods and materials may prefer vehicles equipped with wide tires for better load-bearing capacity and stability. Furthermore, there is an increase in industries such as mining, forestry, or construction that require off-road capabilities, the demand for wide light truck tires.

Wide light truck tires (WLTR) are versatile and suitable for various applications, including personal use, commercial fleets, and off-road activities. Their versatility makes them a preferred choice for a wide range of consumers and businesses.

Moreover, the global automotive industry has witnessed a growing demand for light trucks, including SUVs (Sports Utility Vehicles) and pickup trucks. As consumers increasingly choose these types of vehicles, there is a parallel rise in the demand for tires designed specifically for light trucks. Light trucks are widely used for commercial and industrial purposes, such as delivery vans, service vehicles, and small trucks. The demand for tires that can handle the load-bearing requirements of commercial applications contributes to the overall WLTR market demand.

Additionally, due to expansion of e-commerce and online retail has led to an increased need for efficient and reliable transportation, often provided by light trucks. Delivery vans and vehicles used for last-mile logistics contribute to the demand for wide light truck tires. Furthermore, existing tires on light trucks wear out, there is a continuous demand for replacement tires. Consumers often seek replacement tires that offer improved performance, durability, and specific features tailored to their driving preferences.

Urban growth strictly refers to the absolute number of people living in those areas. It is predicted that by 2050 about 64% of the developing world and 86% of the developed world will be urbanized. Urbanization often leads to a surge in commercial activities, including logistics, transportation, and delivery services. Businesses operating in urban areas rely on light trucks equipped with wide tires to meet the demands of frequent stop-and-go traffic and transportation of goods.

Rapid urbanization is accompanied by extensive infrastructure development, including the construction of roads, highways, and buildings. Construction and development activities often involve the use of light trucks, contributing to the demand for wide tires that can withstand the demands of construction sites and urban roads. Furthermore, as urban areas expand, people may commute between cities or suburban areas, necessitating vehicles that are well-suited for both highway and urban driving conditions. Light trucks with wide tires can provide the versatility required for such commuting patterns.

Additionally, due to expansion of e-commerce, driven by urbanization, has significantly increased the need for delivery vehicles. These vehicles, often light trucks and vans, require wide tires to navigate through urban traffic and handle the stress of frequent deliveries.

Global Wide Light Trucks Tyres (WLTR) Market: Historic and Forecast (2019-2029)

Impact Analysis of Macro Economic Factors on Global Wide Light Trucks Tyres (WLTR) Market
Tyres Import and Export Globally
Car And Light Commercial Vehicle (LCV) On World Major Markets
Global Wide Light Trucks Tyres (WLTR) Market: Dashboard
Global Wide Light Trucks Tyres (WLTR) Market: Market Size and CAGR, 2019-2029 (USD Million & CAGR)
Global Wide Light Trucks Tyres (WLTR) Market: Market Value Assessment
Assessment: Degree of Impact of COVID-19 on Global Wide Light Trucks Tyres (WLTR) Market
Global Wide Light Trucks Tyres (WLTR) Market Segmentation: By Type
- Global Wide Light Trucks Tyres (WLTR) Market, By Type Overview
- Global Wide Light Trucks Tyres (WLTR) Market Size, By Radial, By Value, 2019H-2029F (USD Million & CAGR)
- Global Wide Light Trucks Tyres (WLTR) Market Size, By Bias, By Value, 2019H-2029F (USD Million & CAGR)
Global Wide Light Trucks Tyres (WLTR) Market Segmentation: By Truck Class
- Global Wide Light Trucks Tyres (WLTR) Market, By Class Overview
- Global Wide Light Trucks Tyres (WLTR) Market Size, By Class 1, By Value, 2019H-2029F (USD Million & CAGR)
- Global Wide Light Trucks Tyres (WLTR) Market Size, By Class 2, By Value, 2019H-2029F (USD Million & CAGR)
- Global Wide Light Trucks Tyres (WLTR) Market Size, By Class 3, By Value, 2019H-2029F (USD Million & CAGR)
- Global Wide Light Trucks Tyres (WLTR) Market Segmentation: By Sales Channel
- Global Wide Light Trucks Tyres (WLTR) Market, By Sales Channel Overview
- Global Wide Light Trucks Tyres (WLTR) Market Size, By OEM, By Value, 2019H-2029F (USD Million & CAGR)
- Global Wide Light Trucks Tyres (WLTR) Market Size, By Replacement, By Value, 2019H-2029F (USD Million & CAGR)
Global Wide Light Trucks Tyres (WLTR) Market Segmentation: By Tyre Size
- Global Wide Light Trucks Tyres (WLTR) Market, By Tyre Size Overview
- Global Wide Light Trucks Tyres (WLTR) Market Size, By 33 Inch Diameter, By Value, 2019H-2029F (USD Million & CAGR)
- Global Wide Light Trucks Tyres (WLTR) Market Size, By 35 Inch Diameter, By Value, 2019H-2029F (USD Million & CAGR)
- Global Wide Light Trucks Tyres (WLTR) Market Size, By Other Tyre Size, By Value, 2019H-2029F (USD Million & CAGR)

Competitive Positioning

Companies' Product Positioning
Market Position Matrix
Market Share Analysis of Wide Light Trucks Tyres (WLTR) Market

Company Profiles

Michelin
Toyo Tire Corporation
Bridgestone Corporation
Goodyear Tire & Rubber Co.
Continental AG
Pirelli & C. SpA
Hankook Tire & Technology Co Ltd.
Yokohama Rubber Co Ltd.
Sumitomo Rubber Industries Ltd.
Cooper Tire & Rubber Company

For more information about this report visit https://www.researchandmarkets.com/r/2eutwl

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