%20Tire%20Market.jpg "Truck And Bus Radial (TBR) Tire Market Growth") |
| Truck And Bus Radial (TBR) Tire Market Growth |
The Truck and Bus Radial (TBR) tire market involves production and sales of
radial tires which are exclusively used for commercial vehicles like trucks and
buses. TBR tires offer superior driving dynamics, mileage as well as safety to
the vehicles compared to bias tires. The rising construction activities across
developing nations has significantly increased the demand for commercial
vehicles which is acting as a catalyst for the TBR tire industry.
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 flourishing e-commerce industry has opened ample opportunities for fleet
owners to lease, rent or buy more commercial vehicles hence increasing the
demand for TBR tires in the market.
Many TBR manufacturers are expanding their production facilities globally
especially in developing regions like Asia Pacific and Latin America to cater
to the increasing demand. Key players are also focusing on establishing
strategic joint-ventures with local players in regional markets.
Market Drivers and Restrains
Rising infrastructure development activities across developing countries has
significantly increased the demand for commercial vehicles which is acting as
the key driver for the TBR tire market. Growing construction of roads,
highways, ports etc. requires continuous transportation of construction
materials and equipment which is fueling the sales of trucks and buses.
However, fluctuating raw material prices remains a key challenge for TBR
manufacturers. The prices of natural rubber, nylon and synthetic rubber
components used in tire manufacturing are prone to global supply and demand
forces which hinders consistent profit margins of companies.
Segment Analysis
Truck tires sub segment dominates the TBR tire market accounting for over 60%
share. This is because truck tires experience more wear and tear compared to
bus tires due to frequent long distance hauling and transportation of heavy
goods. Truck fleets require frequent replacements to ensure safe transportation
of cargo.
Regional tires sub segment is the fastest growing segment growing at a CAGR of
over 8% during the forecast period. Countries in Asia Pacific are focused on
infrastructure development which is increasing requirement for construction
equipment and mining trucks fitted with regional tires.
Global Analysis
Asia Pacific is the largest and fastest growing region in the global TBR tire
market holding around 50% share. China, India and Southeast Asian countries are
witnessing strong economic growth leading to increased manufacturing,
construction and transportation activities. This is driving the demand for
medium and heavy commercial vehicles installed with TBR tires in the region.
Europe is another major region accounting for over 20% share due to presence of
leading automotive hubs and stringent vehicle emission regulations mandating
fitment of superior performing radial tires. Countries such as Germany, UK,
France, Italy and Russia are driving replacement demand.
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