Canada Automotive Tires Market Growth, Share, Demand, Upcoming Trends, Challenges, Key Manufactures, Future Opportunities and Competitive Analysis 2033: SPER Market Research
The rubber tire on the car is circular and covers the outside wheel rim. The two main functions of tires are to protect the wheel rim and to create tractive force between the vehicle and the road surface. It also provides a flexible cushion due to its rubber construction, lessening the stress and vibration caused by moving cars. Rubber tires consist of five main components: tread, jointless cap pile, synthetic rubber, fabric, and carbon black.
According to SPER market research, ‘Canada Tire Market Size- By Source, By Vehicle Type, By Demand Category, By Type of Tires, By Sales Channel, By Tube Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Canada Tire Market is predicted to reach USD 10.07 billion by 2033 with a CAGR of 5.57%.
Drivers:
Increasing Car Production in Developing Nations: Urbanization and increased industrial activity are expected to cause a strong rise in automotive demand in the country’s growing regions in the upcoming years. Manufacturers are establishing themselves more strongly in these nations and constructing production facilities at a breakneck rate in response to the rising demand for automobiles. Auto production has increased in emerging countries because of factors like rising GDP, rising consumer expenditure, and pro-auto legislation. Future automobile production is expected to rise sharply in developing countries, which would be advantageous for the auto tire industry.
Technological Development: A growing number of manufacturing companies are choosing to increase productivity and profitability through automation as a result of significant technology developments.
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Challenges: Due to the tire and automotive sectors’ dependency on raw resources like rubber and crude oil, the growth rate of the Canadian tire market is anticipated to be constrained in the upcoming years. Another significant aspect that can impede market expansion in the next years is price volatility, which is decreasing the country’s tire output and, as a result, expanding demand-supply voids. The market’s potential expansion is constrained by all those obstacles.
In 2020, the automobile sector and tire market in Canada experienced a slowdown because to the Covid-19 pandemic. Since tire sales and shipping both saw steep drops, there were unidentified challenges and barriers associated with the import of passenger automobiles and commercial vehicles. The key market participants had huge income losses during the crisis as a result of their reduced capacity to manufacture due to plummeting automobile sales, a shortage of raw materials, unstable pricing, travel restrictions, and manufacturing and delivery delays, among other issues.
Additionally, some of the market key players are; Continental AG, Goodyear Canada Inc., and Bridgestone Canada.
Canada Tire Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Canada Tire Market is segmented as; Passenger Car, Light Commercial Vehicle, Medium And Heavy Commercial Vehicles, Off The Road, Two Wheelers.
By Demand Category: Based on the Demand Category, Canada Tire Market is segmented as; OEM, Replacement.
By Type of Tires: Based on the Type of Tires, Canada Tire Market is segmented as; Radial, Bias.
By Sales Channel: Based on the Sales Channel, Canada Tire Market is segmented as; Dealer/Exclusive Outlets, Online, Others.
By Tube Type: Based on the Tube Type, Canada Tire Market is segmented as; Tube, Tubeless.
By Region: This research also includes data for Eastern, Western, Southern, Northern.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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