According to TechSci Research report, “Canada Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Tube Vs Tubeless, Competition, Forecast & Opportunities, 2024”, tire market across Canada is projected to cross $ 6 billion by the end of 2024. Increasing vehicle population, the launch of new products and growing replacement tire demand are some of the major factors expected to drive the country’s tire market during the forecast period. Moreover, rising urbanization, expanding industrialization and infrastructure development would have a positive impact on the tire market across the country in the coming years.
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Owing to growing carbon emissions, sales of hybrid and electric vehicles have been growing at an exponential rate over last few years in the country. To capitalize on the growing demand for hybrid and electric vehicles, manufacturing giants are also increasing their focus and resources in order to better penetrate the market with their hybrid and electric car variants, thus generating demand for high-performance tires. Passenger car tire segment dominated the country’s tire market in 2018 and is expected to maintain its leading market position in coming years, backed by expanding passenger car fleet, the launch of new products and increasing inclination of customers towards passenger cars.
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“Several tire manufacturing companies such as Bridgestone, Michelin, Goodyear, Kumho, Hankook and Continental are expanding their dealer and distribution network in the country, which is expected to fuel the tire market. Moreover, growing construction industry and expanding vehicle fleet would offer growth opportunities to players operating in Canada tire market during the forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Canada Tire Market By Vehicle Type, By Demand Category, By Radial Vs Bias, By Tube Vs Tubeless, Competition, Forecast & Opportunities, 2024” has analyzed the potential of tire market across Canada, and provides statistics and information on market size, shares and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the industry.
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