TRUCK AND BUS RADIAL (TBR) TIRE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The truck & bus radial (TBR) tire market faces several challenges. Raw material costs have risen significantly over the past year, squeezing manufacturer margins. Furthermore, economic uncertainty has led to decreased fleet purchases of new commercial vehicles. This has slowed the replacement cycle for tires. Stricter emission regulations requiring lower rolling resistance are increasing R&D costs. Market saturation in key regions like North America and Europe leaves little room for volume growth.

Market Opportunities: Replacement demand strong in emerging markets

Replacement demand remains strong in emerging markets as the commercial vehicle parc expands. Many markets such as India and Brazil are in the early to middle stages of the replacement cycle, promising future growth. Manufacturers can gain share by developing tires that offer improved fuel efficiency and safety to help customers lower operating costs. There is also scope to increase market penetration in off-highway.