July 21, 2024
Truck And Bus Radial (TBR) Tire Market

Truck And Bus Radial (TBR) Tire Market Poised for Growth Fueled by Rising Global Trade and Transportation

The Truck And Bus Radial (TBR) Tire Market is a specialized segment focused on providing tires for medium and heavy duty vehicles including trucks and buses. TBR tires are characterized by their radial construction which offers advantages over bias tires such as better handling, reduced rolling resistance and improved wear resistance leading to better fuel efficiency. The growing transportation and logistics industry have driven the demand for commercial vehicles which in turn is estimated to propel the TBR tire market during the forecast period.

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 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. Major players are focusing on expansions, mergers, and acquisitions to strengthen their market position.

The global TBR tire market is expected to witness significant growth opportunities due to the rising demand for commercial vehicles from developing nations in Asia Pacific and Latin America. Key players are expanding their manufacturing facilities in these emerging economies to leverage the market potential.

Increasing global trade activities have necessitated higher transportation leading to robust demand for commercial vehicles. This is encouraging key players to expand globally by establishing manufacturing and distribution network across major markets to cater to the growing needs.

Market drivers

The growth of the global TBR tire market is majorly driven by the rising global trade and transportation industry. Expansion of e-commerce and logistics services have significantly increased transportation through trucks, trailers and buses. Developing road infrastructure in emerging markets is also helping propel the demand for commercial vehicles and associated tires. Growing international trade and transportation are expected to remain key growth drivers for the TBR tire market over the forecast period.

PEST Analysis

Political: The TBR tire market is influenced by various governmental regulations and policies related to vehicle production and transportation. Environmental regulations regarding fuel efficiency and emission standards can impact tire design and performance characteristics.
Economic: Factors such as vehicle production and sales, economic growth, industrial production have a direct impact on demand for commercial vehicles and thus influence consumption of TBR tires. Global economic conditions and trade policies also affect the competitive landscape.
Social: Increased international trade activities and growing focus on logistics and transportation of goods boost utilization of commercial vehicles, augmenting demand for TBR tires. Road construction projects in developing nations expand commercial vehicle fleet.
Technological: Advancements in tire design through technological innovations like enhanced sidewalls, improved tread compounds and optimized tread patterns help improve mileage and ride quality of TBR tires. Usage of simulation tools during product development aid functional performance.

Geographical Concentration

In terms of value, the commercial hub of Asia Pacific region accounts for a major share of the global TBR tire market led by China, India and other Association of Southeast Asian Nations (ASEAN) countries. This is attributed to high production volumes of commercial vehicles in China along with growing fleet across ASEAN countries. Countries like Japan, South Korea are also prominent manufacturers and consumers of TBR tires in the region.

Truck And Bus Radial (TBR) Tire Market Regional Analysis Europe is anticipated to witness the fastest growth during the forecast period. This can be attributed to rising investments in logistics infrastructure across Central and Eastern European nations coupled with implementation of stringent regulations regarding fuel economy and emissions. Government initiatives to promote freight transportation are also augmenting commercial vehicle fleet in Western European countries, driving the demand for TBR tires.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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