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Canada Tire Market Demand, Report 2022-2028

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Canada Tire Market was worth USD 5.42 billion in the year 2021. The market is projected to grow at a CAGR of 5.3%, earning revenues of around USD 7.68 billion by the end of 2028. The Canada Tire Market is rising on account of expanding Canadian automotive industry. Also, the market for tires is predicted to grow as vehicle sales rise as well as improved. Moreover, the Canadian tire market is reliant on tire imports from a variety of countries.

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Canada Tire Market Demand, Report 2022-2028

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  1. Canada Tire Market, By Vehicle Type- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2022-2028

  2. Canada Tire Market - Industry Trends & Forecast Report 2028 A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Canada Tire Market was worth USD 5.42 billion in the year 2021. The market is projected to grow at a CAGR of 5.3%, earning revenues of around USD 7.68 billion by the end of 2028. The Canada Tire Market is rising on account of expanding Canadian automotive industry. Also, the market for tires is predicted to grow as vehicle sales rise as well as improved. Moreover, the Canadian tire market is reliant on tire imports from a variety of countries. Additionally, as the country's automotive fleet has grown at a rapid pace in recent years, demand for tires is expected to expand from the replacement sector.

  3. Growth Drivers  Increasing Vehicle Production in Developing Regions Automobile demand in the country's developing regions is predicted to climb dramatically in the future years as a result of urbanization and increased industrial activity. Manufacturers are rapidly constructing production units and extending their presence in these nations due to the rising demand for automobiles. Automobile production has increased in developing nations as a result of factors such as favorable government policies, rising GDP, and expanding consumer expenditure. Future vehicle production in emerging countries is predicted to rise significantly, creating an opportunity for the automobile tire industry.

  4. Restraints  Volatile Raw Material Prices Considering how strongly the automobile and tire industries rely on raw materials like rubber and crude oil, the Canada Tire Market's growth is anticipated to be constrained in the years to come. Another significant factor that could impede market expansion in the next years is price volatility, which is reducing the nation's tire production and, in turn, widening the demand-supply gaps. All these factors restrain the growth of the market. Sample Copy of the Report: https://www.blueweaveconsulting.com/report/canada-tire-market/report-sample

  5. Impact of COVID-19 The Covid-19 outbreak slowed down both the Canadian tire market and the automobile sector in 2020. Since sales of both passenger and commercial vehicles, as well as the transportation of items like tires, decreased dramatically, difficulties and problems related to their import were unknown. Due to reduced manufacturing capacity brought on by declining car sales, a lack of raw materials, fluctuating pricing, travel prohibitions, and delays in production and deliveries, among other factors, the major market players experienced significant income losses throughout the crisis. Even though EV sales were also impacted, Canada saw a small increase in EV registrations, which suggested a brief increase in tire demand. However, the government was forced to ease the limitations and permit the restart of business operations because of the diminishing number of Covid-19 cases.

  6. Competitive Landscape The leading market players in the Canada Tire Market are Goodyear Canada Inc, Bridgestone Canada, Hankook Tire Canada Corporation, Continental AG, Pirelli Tire Inc, Kumho Tire Canada, and other prominent players. The Canada Tire Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

  7. Recent Development In November 2021, leading players Bridgestone & Micheline projected a joint perspective on increasing the utilization of recovered carbon black in tire manufacturing while reducing the reliance of the tire industry on petrochemicals.

  8. Recent Development Goodyear Canada Inc, Bridgestone Canada, Hankook Tire Canada Corporation, Continental AG, Pirelli Tire Inc, Kumho Tire Canada, and other prominent players.

  9. About Us: Blueweave Consulting offers a one-stop solution for your market intelligence needs for any service or product. You get well-researched comprehensive reports based on qualitative and quantitative data to put your business plan into action. Your well-informed and timely decisions using our reports avert situations of excessive risks and help you grow your business with optimum risk-return trade-off. Delivering quality insights into several product or service markets within the timeline as per the needs of the clients has earned BWC an excellent reputation among clients. BWC strives to provide timely and accurate digital market intelligence services for making your business endeavors successful.

  10. Contact Us:  +1 866 658 6826 +1 425 320 4776 +44 1865 60 0662  info(@)blueweaveconsulting.com  www.blueweaveconsulting.com

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