A recent research study by MarkNtel Advisors, a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals, cited that the Canada Tire Market is projected to grow at a CAGR of around 2% during the forecast period, i.e., 2022-27 The report methodically analyses several aspects that have influenced the market dynamics in the past few years.
Apart from this, the probable factors, based on primary & secondary research, which shall shape the Canada Tire Market landscape in the future have also been included in the study to make stakeholders well-versed with the industry and help them stay ahead of their competitors. Moreover, to ensure that the analysis is accurate & precise, our analysts deeply examine the recent market patterns as well as historical milestones to project lucrative prospects while facilitating exponential growth for businesses.
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Key Trend in the Canada Tire Market: Growing adoption of Winter Tires in Canada
While winters in Canada are usually cold & snowy, the adoption of winter tires witnessed an upswing in the coldest months as they provide a better grip on snowy & icy terrains. As a result, the government of Canada is encouraging the adoption of these tires to enhance safety & reduce the number of road accidents in the country.
Additionally, since winter tires are meant to perform at low temperatures, they have better cornering grip, braking, & traction and deliver greater vehicle control. Hence, winter tires are swiftly gaining traction across Canada. Besides, growing consumer awareness about the benefits of winter tires, such as easy cut through snow, enhanced durability & road safety, and superior traction, among others, are other crucial aspects projected to boost their adoption and drive the market through 2027
Key Offerings from the Canada Tire Market Research Report:
- Estimated CAGR of the Canada Tire Marketduring 2022-27.
- Detailed insights into factors expected to drive and challenge the growth of the Canada Tire Marketin the coming years
- Precise estimation of the size of the Canada Tire Market
- Accurate predictions about upcoming trends in the Canada Tire Marketand changes in consumer behavior
- Growth of the Canada Tire Marketacross different
- An in-depth analysis of the Canada Tire Market’s competitive dynamics and detailed information about key vendors
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Competitive Benchmarking in the Canada Tire Market
The prominent players profiled in the Canada Tire 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
Each company operating in this industry is vetted based on their products’ values, abilities, and other significant characteristics. The study also covers numerous mergers & acquisitions, along with the recent products launched by these players, to familiarize the stakeholders with the most recent market trends.
How has the Canada Tire Market been segmented?
The report comprehensively analyses each high-performing segment, elucidating the factors contributing to their success and larger market share. It examines their significant impact on the Canada Tire Market regarding sales, expansion, job opportunities, and other crucial factors. Categorizing the components as follows:
By Type of Vehicles
-Passenger Car
-Light Commercial Vehicle
-Buses and Trucks
-Medium and Heavy Commercial Vehicles
-Off the Road (OTR)
-Two Wheelers
By Demand Category
-OEM
-Replacement
By Type of Tire
-Radial
-Bias
By Sales Channel
-Dealer/Exclusive Outlets
-Online
-Direct Sales
By Season
-All season
-Summer
-Winter
By Price Category
-Budget (Up to USD90)
-Economy (USD91-USD140
-Premium (Above USD140)
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
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Key Questions Answered in Canada Tire Market Report:
- What are the growth projections for the Canada Tire Market during 2022-27?
- What are the different patterns, obstacles, & trends will affect the growth and scope of the Canada Tire Market?
- What are the critical opportunities for each segment & sub-segment enlisted in the Canada Tire Market research report?
- What are the primary growth tactics used by the leading participants operating in the Canada Tire Market?
Note: We also offer customized research services & reports tailored to meet our client's specific requirements, including market sizing, demand & supply assessment, company profiling, competitive assessment, & trend analysis, among others, to help them succeed in today's fast-paced markets.
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