Canada Tire Market Surpasses USD 5.1 Billion Value in 2023 and Projects 2.4% CAGR Growth by 2030 | Bridgestone, Goodyear, Michelin

This comprehensive Canada Tire Market report by “MarkNtel Advisors: Leading Market research Company” offers valuable insights into the current and future market landscape, providing clarity on potential challenges and strategies for optimal brand positioning. It features detailed market segmentation, in-depth analysis of key market players, emerging trends in consumer behavior and supply chain dynamics, and opportunities in new geographical markets. With the insights from this report, you can manage your marketing strategies for goods and services more effectively.

According to recent market analysis report, the Canada Tire Market which was USD 5.1 billion in 2023, expected to grow at a CAGR of 2.4% during the forecast period of 2024 to 2030.

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Driving Force Behind the Growth of the Canada Tire Market through 2030

Stringent Norms Associated with Vehicle Safety - With an escalating number of road accidents, the Canadian government is encouraging automakers to manufacture tires with utmost safety while urging vehicle owners to replace tires timely and have periodic inspections on their conditions to ensure vehicle & passenger safety at all times. These aspects are likely to instigate the leading companies in the Canada Tire Market to introduce new products and enhance their overall product portfolio while delivering safer tires to the customers.

Market Segment Highlights:

• By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers)
• By Demand Category (OEMand Replacement)
• By Type of Tires (Radial and Bias)
• By Sales Channel (Dealer/Exclusive Outlets, Online and Others)
• By Season (All season, Summer)
• By Price Category (Budget, Economy, Premium)
• By Rim Diameter (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
• By Region (West, North, South, East)

Radial Tires Dominated the Canada Tire Market

Radial tires have dominated the Canada Tire Market in recent years due to the surging number of industrial projects, which has led to escalating sales of heavy vehicles. These vehicles require robust grip, low rolling resistance, minimal vibrations, and enhanced stability on different terrains, making radial tires the preferred choice. Radial tires offer various advantages, including low rolling resistance, reduced fuel consumption, high performance, and safer rides, making them the preferred choice for heavy-duty trucks.

Additionally, the rapidly growing transportation and logistics sector is expected to boost the adoption of radial tires to facilitate convenience in transportation. Furthermore, the encouragement of public transportation by the Canadian government to reduce traffic congestion and carbon emissions is leading to the swift increase in production and sales of commercial vehicles, positively influencing the demand for radial tires in Canada.

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Canada Tire Market Competition Analysis:

Some of the top Canada Tire companies operating in the market are Continental Tire Canada, Bridgestone Canada (BSCA), Yokohama Tire (Canada), Hankook Tire Canada, Goodyear Canada, Michelin North America (Canada), Kumho Tire Canada, Pirelli Tire, Toyo Tire Canada, Others.

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