Rockville, June 22, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market global truck and bus radial tire provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, a market research and competitive intelligence provider, the global truck and bus radial tire market stands at US$ 16.77 billion in 2023 and is predicted to rise at a CAGR of 6% between 2023 and 2033.
Truck and bus radial (TBR) tires are built with advanced technologies and materials to withstand heavy loads and provide reliable performance in various road conditions. The market for truck and bus radial tires is growing healthily owing to the increasing demand for commercial vehicles and improvements in tire technologies.
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Rapidly growing demand for truck transportation and public transportation services is boosting the growth of the truck and bus radial tire market. The development of road networks in several countries is stimulating a higher production of trucks, buses, and other forms of public transportation, consequently boosting the demand for radial tires.
Manufacturers are developing innovative tire solutions that offer improved fuel efficiency, longer tread life, enhanced traction, and better load-carrying capacity. The adoption of these advanced tire technologies is predicted to fuel demand for improved truck and bus radial tires during the forecast period. Key market players are also focusing on the production of eco-friendly tires, which are manufactured from recycled materials.
North America and Europe hold leading positions in the global market. Emerging economies, particularly in Asia Pacific and Latin America, are witnessing significant economic growth and urbanization. This growth is accompanied by high investments in infrastructures, including transportation systems. The expanding commercial vehicle fleet in these regions is also driving the demand for truck and bus radial tires.
Key Takeaways from Market Study
- The global truck and bus radial tire market is predicted to reach US$ 30.3 billion by 2033.
- Sales of truck and bus radial tires in Germany are predicted to increase at a CAGR of 7.6% from 2023 to 2033.
- The market in the United States is projected to reach US$ 7.60 billion by 2033.
- The China truck and bus radial tire market is expected to reach US$ 7.75 billion by 2023.
- Sales of truck and bus radial tires through OEMs are anticipated to increase at a CAGR of 6.1% over the next 10 years.
“Introduction of smart and sustainable tire solutions are generating potential growth opportunities for TBR tire manufacturers,” says a Fact.MR analyst.
Recent Market Developments
- Bridgestone Americas’ (Bridgestone) truck and bus radial tire plant in Warren County, Tennessee, underwent extensive development and modernization in August 2022 with an investment of US$ 550 million, which is projected to generate 380 new jobs, increase the plant’s current size by 850,000 square feet, and hasten the adoption of cutting-edge technologies that enable safer, cleaner, and more efficient commercial truck and bus fleets.
- To increase its footprint in America through supply chain management and industry-leading retail channels, Goodyear purchased Cooper Tyre & Rubber Company in March 2021 for US$ 2.8 billion for enhancing its product offerings for SUVs and light trucks.
Competitive Landscape
Global demand for truck and bus radial tires for heavy-duty vehicles is experiencing a significant increase. Prime TBR tire manufacturers are actively investing in the creation of specialized web portals and selling their tires through digital stores and third-party marketplaces to capitalize on revenue opportunities. Additionally, key market players are emphasizing the development of sustainable and smart tires as a means to expand their customer base.
- As part of its mid-term business plan (2021-2023), Bridgestone Corporation announced in December 2021 the consolidation of its TBR tire manufacturing operations in China. The objective of this initiative is to enhance growth opportunities by strengthening the company's earning power and facilitating strategic investments for future expansion.
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Key Companies Profiled
- 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.
Truck and Bus Radial Tire Market – Segmentation
Fact.MR’s research study assesses the global truck and bus radial tire market in terms of application, sales channel, and region. This report presents extensive market dynamics and trends associated with different segments of the market and their influence on the growth prospects of the global TBR tire market.
- By Application:
- Trucks
- Buses
- By Sales Channel:
- OEMs
- Aftermarket
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global truck and bus radial tire market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on application (trucks, buses), sales channel (OEMs, aftermarket), and across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
What differences can the truck and bus radial tire report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the Truck and bus radial tire and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the Truck and bus radial tire.
- Micro-economics factors that may hamper the prospects of some of the key segments.
- Recent spate of research and development (R&D) funding on key Truck and bus radial tire.
- New business models paving way for disruptions in demand dynamic of key segments.
- Regional markets that will be future engine of growth and the industry trends that will support these markets.
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