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

Truck And Bus Radial (TBR) Tire Market Size and Trends

Truck & bus radial (TBR) tire market is estimated to be valued at USD 17.96 Bn in 2024, and is expected to reach USD 29.03 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031.

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The demand for TBR tires is expected to grow due to rising transportation and logistics industries across the globe. With growth in e-commerce and increasing transportation of goods, the demand for commercial vehicles such as trucks and buses is growing. This is expected to drive the need for replacement of tires and also demand for new vehicles which will require TBR tires. Moreover, support from governments across countries on infrastructure development is also helping to drive commercial vehicle traffic. New regulations regarding fuel-efficiency and safety are further expected to boost replacement demand for advanced TBR tires. However, rising raw material costs may pose a challenge to market players in the future. Steady growth in commercial vehicle production and fleet is anticipated to drive the market growth during the forecast period.

Rapid increase in fleet operations

The truck & bus industry has witnessed significant growth over the past decade with more companies relying on fleet operations to efficiently transport goods and people. There has been a rise in e-commerce and just-in-time delivery models adopted by numerous industries which has vastly increased demand for commercial vehicles. Fleet owners are procuring newer vehicles that can log higher mileages while keeping maintenance costs low. This has naturally driven the need for high quality tires that offer enhanced durability and fuel efficiency. TBR tires are specially designed to handle the heavy loadings of commercial vehicles and withstand frequent starts and stops during city or short-haul operations. Their deep tread patterns and extra layer of rubber also provides better traction and reduces the risk of accidents on busy roads. Most fleet owners prefer reputed TBR brands as it allows for higher vehicle uptime and lower total cost of ownership over the lifespan of trucks and buses. Over the next five years, more companies expanding their logistics networks or passenger transportation services will continue adding new vehicles to their existing fleets. This widespread fleet modernization process across industries represents a key growth opportunity for TBR tire manufacturers.

Across major developing economies, the focus on improving transportation and logistics infrastructure has intensified over the past decade. Several countries have announced ambitious plans to expand road networks, highways, ports and develop smart cities with metro rail projects. This infrastructure push involves a considerable amount of construction activity utilizing equipment such as loaders, excavators, cranes and dump trucks. It also needs a steady supply of construction raw materials to be transported on site. All this leads to higher demand for commercial vehicles as more projects are commissioned. The off-highway tires fitted in such vehicles covering mine sites, construction zones and ports require durable TBR tires that can offer grip even in muddy conditions. Increase in infrastructure spending has boosted regional and inter-city passenger and freight transportation needs. More highways incentivizes greater truck and bus traffic volumes over time. The modernization of roads and rail networks to facilitate just-in-time logistics requires reliable TBR tires on commercial fleets. As infrastructure expenditure remains a priority in developing nations, the construction sector and transportation demands will continue spurring replacement sales of TBR tires for on-highway and off-highway applications.