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

Regional Analysis

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North America has established itself as the dominating region with 51.3% share in the market over the years. The region is home to some of the largest commercial vehicle fleets as well as tire manufacturers in the world. Countries such as the U.S. and Canada have robust commercial transportation and logistics infrastructure which generates steady demand for TBR tires. Most global tire companies have established a strong manufacturing and distribution footprint in the region to cater to the massive market. The presence of leading OEMs along with an extensive aftermarket ensures a continuous demand for replacement tires as well. Furthermore, stringent vehicle emission and fuel efficiency regulations have propelled adoption of advanced radial tires.

The Asia Pacific region has been witnessing exponential growth in the TBR tire market and is emerging as the new hotspot. Rapid economic development and industrialization across developing nations like China and India has boosted infrastructure and commercial vehicle parc. This has translated into higher consumption of TBR tires for applications such as trucks, buses, mining and construction. Local and global tire companies are aggressively expanding capacity in the region to leverage the lucrative opportunities. The preference for Chinese tires is increasing in domestic as well as export markets due to competitive pricing and quality improvement. Most global players now source China as a key base to supply Asia and other developing markets. The rising intra-regional trade and growing transportation networks in Southeast Asia are further stimulating demand.