July 14, 2024
Truck And Bus Radial (TBR) Tire Market
Ict

Truck And Bus Radial (TBR) Tire Market to be valued at US$17.96 Billion by 2024 fueled by Demand for Enhanced Driving Experience

Truck and bus radial (TBR) tires are widely used for commercial vehicles like trucks and buses due to their superior features such as high durability and strength when compared to bias truck tires. TBR tires offer improved traction on roads, reduced maintenance costs, and superior handling and ride comfort. Growing international trade and thriving logistics sector have fueled the demand for commercial vehicles, which in turn has propelled the growth of the TBR tire market globally.

The global truck and bus radial (TBR) tire market is estimated to be valued at US$17.96 billion in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the TBR tire market 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 growth in the logistics and transportation sector has surged the demand for commercial vehicles like trucks and buses globally. This rising demand for commercial vehicles is expected to propel the demand for TBR tires during the forecast period.

Key tire manufacturers are expanding their global footprint to leverage the growth opportunities in developing nations. They are investing heavily in building manufacturing plants in countries across Asia Pacific, Latin America, Middle East and Africa to cater to the rising local demand.

Market Key Trends

One of the key trends gaining prominence in the global TBR tire market is the increased focus of manufacturers on developing fuel-efficient and lightweight tires. With rising concerns about carbon emissions, tire manufacturers are investing in advanced tire technologies and materials that can enhance fuel economy of vehicles and reduce rolling resistance of the tires. Adoption of green tire technologies like use of natural rubber and sustainable materials in tire manufacturing is expected to grow further in the coming years.

Truck And Bus Radial (TBR) Tire Market Regional Analysis Threat of new entrants: Low economies of scale and brand loyalty make market entry difficult for new companies.

Bargaining power of buyers: Large fleet operators and government agencies can negotiate lower prices due to high volume purchases.

Bargaining power of suppliers: Major tire manufacturers have established global supply chains for raw materials.

Threat of new substitutes: Transportation trends like electric vehicles pose a long term threat, but conventional trucks remain dominant.

Competitive rivalry: The market is dominated by well-established global brands that compete on product quality, technology, and pricing.

Geographical Regions

The Asia Pacific region accounts for the major share in terms value due to large vehicle parc and consumption in China, India and Southeast Asian countries. Growing transportation and logistics sectors support continued demand.

Fastest Growing Region

The Middle East and Africa region is expected to rise at the fastest pace due to infrastructure development projects, rising disposable incomes and ownership of commercial vehicles. Government initiatives to boost transportation and freight transport networks drive replacement market 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, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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, chemical and materials, defense and aerospace, consumer goods, etc.  LinkedIn Profile

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