Commercial fleet tire sales are growing along with population and middle-class expansion, despite recent economic and supply chain struggles. Thanks to the shift in mobility that many folks are adopting, the fleet tire market is experiencing robust growth.
In this Tire Review Continental Tire Garage Studio video, we discuss why demand for fleet tires is on the rise and how the expanding population, as well as the shift in mobility trends towards more efficient commercial transport and car- and ride-sharing fleets, play a role.
According to Smithers, the main catalyst behind commercial tire popularity came from the COVID pandemic and restrictions forcing folks to order more online.
The pandemic led to economic setbacks, reduced vehicle sales and usage for a lot of folks, and deferred fleet vehicle purchases. But there were unseen benefits. E-commerce and delivery vehicles saw significant growth, shaping the fleet tire market for years to come.
Delivery vehicles have helped to transform how fleets operate and are managed. Enhancements for tire development, management and replacement from major OEMs like Ford, General Motors, Volvo and Tesla are already coming, and OEMs in general are becoming much more active in this area of enhanced and broader commercial EV tire offerings to fleets.
According to a recent market report from Smithers titled “The Future of Fleet Tires to 2026,” estimated demand for light vehicle and truck and bus tires from fleet channels was valued at $64.6 billion as recently as 2021. It’s predicted that this segment of the market will grow at 8.7% annually, projected to continue through the year 2026.
The demand for commercial fleet tires is projected to reach 634 million units by 2026, significantly outpacing the growth rate of the overall tire market units during the same period.
Participants in the growth of fleet tires, like Continental, say fleet vehicle tire offerings, technologies and programs must be made to support fleet customers, particularly larger ones. In response, tools that can help automate tire inspection on a scale that makes sense for high-volume fleet traffic have been created and other industry players are getting more involved.