The Truck And Bus Radial (TBR) Tire market has witnessed significant growth over the past few years owing to growing demand for commercial vehicles across the globe. TBR tires are specifically designed for commercial vehicles such as trucks, buses, and haulers to provide durability, strength and withstand higher loads. These tires have steel cord belts below the tread area to reinforce the tire and provide longer service life.
The Global Truck And Bus Radial (TBR) Tire Market is estimated to be valued at US$ 17.96 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Truck And Bus Radial (TBR) Tire Market Growth are Apollo Tyres, Balkrishna Industries Limited, Bridgestone Corporation, China National Tire & Rubber Co., Ltd., Continental AG, Cooper Tire & Rubber Company, Giti Tire, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co. Ltd., Kumho Tire Co., Inc., MICHELIN, Nokian Tyres plc., Pirelli & C.S.p.A., Sumitomo Rubber Industries, Ltd., Toyo Tire Corporation, Yokohama Rubber Industries Co., Ltd., ZC Rubber, Prometeon Tyre Group S.R.L.
The market is expected to witness high growth opportunities in regions with increasing demand for new commercial vehicles such as North America, Europe and Asia Pacific. Key players are focusing on expanding their manufacturing facilities as well as distribution network in high growth countries to leverage opportunities.
With the growing international trade, there has been a surge in demand for commercial vehicles for transportation of goods across borders. This is expected to drive the growth of TBR tire market globally during the forecast period.
Market drivers
One of the key drivers for the TBR tire market is the increasing demand for commercial vehicles. With rapid industrialization and growth of e-commerce sectors globally, the demand for transportation of goods has increased significantly. This has propelled the sales of medium and heavy commercial vehicles which in turn is driving the demand for TBR tires during the forecast period. The market is expected to witness consistent growth owing to this driver.
PEST Analysis
Political: The government regulations regarding vehicle emission standards directly impact the tire industry. Stricter emission norms lead to increased demand for fuel-efficient and low rolling resistance tires.
Economic: Strong economic growth and rising disposable incomes in developing nations are increasing demand for commercial vehicles which is positively impacting the TBR tire market. Higher infrastructure spending by governments also drives market growth.
Social: Rapid urbanization is leading to growth in logistics and transportation sectors utilizing more trucks and buses. This social trend increases replacement demand for TBR tires.
Technological: Advancements in tire technology enhance performance characteristics like braking, traction and mileage. Companies are developing self-inflating and self-sealing tires utilizing smart technologies for commercial vehicles.
Around 500 million commercial vehicle tires are sold annually worldwide. The geographical regions accounting for the highest TBR tire market share in terms of value currently are Asia Pacific and North America. Asia Pacific alone accounts for over 50% of global tire sales led by China, India and other developing countries with large vehicle parc and replacement market.
The fastest growing regional market for TBR tires during the forecast period is expected to be Asia Pacific fueled by rising vehicle production and ownership in China, India as well as other Association of Southeast Asian Nations (ASEAN) countries experiencing rapid economic growth. Increased government spending on infrastructure projects will further drive demand for commercial vehicles and replacement tires in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it