Press Release

Canada Tire Market to be Dominated by Light Commercial Vehicles’ Segment During the Forecast Period 2028

Increasing demand for green tires and growing transportation industry driving the growth of Canada Tire Market in the forecast period 2024-2028.

According to TechSci Research report, “Canada Tire Market - By Region, Competition Forecast and Opportunities, 2028F,” Canada Tire Market is growing at considerable rate as a result of fast-growing logistic industry and increasing fleet size of vehicles in the country.

Pneumatic tires, which compress air inside the tire, are the most common type used in automobiles. Moreover, tires aid in steering, braking, and turning, improving all aspects of driving performance. Therefore, the customer must select the proper tire in order to optimize performance and ensure the smooth functioning of the vehicle. The Canada Tire Market is expanding quickly, due to the rise of the Canadian auto sector and rising demand for winter tires.

Despite a fall in car manufacturing in Canada, total vehicle sales increased by 7.46% in 2021, compared to 2020. Commercial vehicles accounted for more than 80% of all new car sales in Canada in 2021, supporting the growth of the market for tires in aftermarket industry.  Furthermore, the Canadian government released its 2030 Emissions Reduction Plan in March 2022, which boosted the sales of electric vehicles, as part of its ambition to have a totally sustainable and net-zero economy by 2050. Canada has mandated that by 2035, all new light-duty vehicle sales, including passenger trucks, must be emission-free. Additionally, the demand for smart tires and sustainable tires is rapidly rising as automotive sector develops substantially. To meet the growing demand, numerous manufacturing companies made investments in tire industry research and development throughout the year.

Regardless of the driving conditions and development in tires, Goodyear Weather ready tires deliver good performance. Also, Goodyear’s Weather Reactive Technology has created centre 3D Tredlock Technology Blades and outboard tread ribs to assure cornering and braking in slick conditions. As a result, new technology tires are used, which again will help grow the Canada tire market in the coming years.

Rapid transportation services' growth gave manufacturers more possibilities for expanding their product portfolios. Also, the region could gain from the global switch to electric vehicles, which would increase the popularity of the innovative tire business in the Canada region. Multiple businesses are investing in the study and advancement of tire technology. For example, in November 2019, Hankook, a premium tire manufacturer, showcased their Virtual Compound Design (VCD) system, an artificial intelligence-based predictive model for tire compound qualities that shortens the development process by around 50%. Further, with the development of run-flat tires, vehicles may travel a given distance even after losing air from cuts or punctures. Generally, as more people travel long distances, tire technology is in greater demand in the transportation sector. From above factors, Canada tire market is anticipated to grow at a- considerable growth rate in upcoming years.

Browse more than XX market data Figures spread through XX Pages and an in-depth TOC on "Canada Tire Market"

The Canada tire market can be segmented by vehicle type, by demand category, by tire construction type, by tube type and by region. Based on vehicle type, the market is segmented into Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Two-Wheelers, and Off Road Vehicles. On the basis of demand category, market is divided into OEM and Aftermarket. Further, based on tire construction type, market is divided into Radial and Bias. In terms of tube type, it is fragmented into Tube and Tubeless. The market analysis also studies the region wise segmentation to devise tire market, divided among West, East, North and South.

Some of the major companies operating in the Canada Tire Market include:

  • Michelin North America (Canada) Inc.
  • Goodyear Canada Inc.
  • Bridgestone Canada Inc. (BSCA)
  • Hankook Tire Canada Corporation
  • Continental Tire Canada, Inc.
  • Pirelli Tire Inc.
  • Kumho Tire Canada Inc.
  • Yokohama Tire (Canada) Inc.
  • Toyo Tire Canada Inc.
  • Cooper Tire & Rubber Company Canada Ltd.

These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.

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“With an increase in the number of automobiles on the road and with the introduction of electric vehicles, the Canada Tire Market is expanding at a rapid rate. Major companies are ready and projected to build sales and distribution networks across Canada for faster deliveries as demand is expected to grow in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

 “Canada Tire Market Segmented By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Off The Road Vehicles), By Demand Category (OEM, Aftermarket), By Tire Construction Type (Radial, Bias), By Tube Type (Tube, Tubeless), By Region, Competition, Forecast & Opportunities, 2018- 2028F” has evaluated the future growth potential of Canada Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Canada Tire Market.

Mr. Ken Mathews
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New York – 10017
Tel: +1-646-360-1656
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