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

Truck & bus radial (TBR) tire market is estimated to be valued at USD 17.96 Bn in 2024, and, growing at a compound annual growth rate (CAGR) of 7.1% from 2024 to 2031. Global truck & bus radial (TBR) tire market has been witnessing steady growth in the past few years. TBR tires are generally used in heavy trucks, buses, haulers and machinery vehicles to provide added durability, traction, and safety. As compared to bias tires, TBR tires offer benefits such as better mileage, enhanced braking capabilities, improved handling, longer tread life and superior stability. Further, rising demand for commercial vehicles across industries coupled with stringent norms regarding fuel efficiency and safety is creating a conducive environment for the growth of TBR tires.

 Market Dynamics:

Global truck & bus radial (TBR) tire market growth is driven by growing construction, mining and logistics sectors that require robust tire solutions for heavy-duty vehicles. Rapid industrialization and infrastructure development especially in emerging nations of Asia Pacific has significantly boosted demand for commercial vehicles. This boosts need for efficient and durable TBR tires. However, volatility in raw material prices remains a key challenging factor. Increasing preference for retreading old tires to reduce replacement costs can hamper the market growth.  The development of advanced tire technologies focused on fuel efficiency, wear resistance and self-inflation is opening new avenues for industry players.

 Key features of the study:

• This report provides in-depth analysis of the global TBR tire market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, and competitive strategies adopted by key players.
• It profiles key players in the global TBR tire market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include 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, and Prometeon Tyre Group S.R.L. are the major players.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• Global TBR tire market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.

Market Segmentation

• Application:
  • Trucks
  • Buses
• Sales Channel:
  • Aftermarket
  • OEMs
• Region:
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
• Company Profiles:
  • 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.