The most recent study conducted by Report Ocean, titled “Global Truck-Bus Tires Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Truck-Bus Tires. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
The global truck-bus tires market was valued at USD 40,192.8 Million in 2020 and is projected to reach USD 57,261 Million by the year 2027 at a CAGR of 5.5%. The market volume for truck-bus tires was about 212.21 million units in 2020.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Truck and bus tires are bands or rings of rubber, either hollow or solid and inflated or made of metal, placed over a rim of the wheel for providing resistance to wear, traction, and other such necessary properties. The market is anticipated to be driven by government investments in logistics and transportation and favorable trade agreements and entry of commercial vehicle manufacturers. Furthermore, rising technological advancements by market players are also anticipated to boost market growth.
However, fluctuation in raw material prices is expected to hinder market growth. Also, during the pandemic, the market was negatively hampered due to the closing of borders, lockdowns, and negligible movement of vehicles, which resulted in low demand for these tires.
Growth Influencers:
Government investments in logistics and transportation
The government of various countries is investing heavily in the logistics and transportation sectors. This is because both these sectors are responsible for propelling the overall development of a country. For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), the logistics sector of India is growing at a growth rate of 10.5% and was expected to reach USD 215 billion in 2020. Furthermore, the Indian government in its budget announced in March 2020, unveiled USD 23 billion investment in the logistics and transport infrastructure. All such investments are expected to boost market growth.
Entry of commercial vehicle manufacturers and favorable trade agreements
Various trade agreements between government as well as non-government organizations are expected to boost market growth. For instance, in November 2020, ESR India, a Warburg Pincus-backed logistics real estate firm entered into an agreement with the government of Maharashtra, India for investing about USD 578.88 million for setting up 11 logistics and industrial parks across Pune and Mumbai. The entry of commercial vehicle manufacturers in the truck-bus tires business is also expected to fuel the market growth.
Segments Overview:
The global truck-bus tires market is segmented into tire type, operation type, applications, weight, and distribution channel.
By Tire Type,
• Radial
• Bias
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The radial segment is expected to surpass a market volume of 212.06 million units by 2027 owing to its increasing demand as compared to the bias tire type segment. Also, radial tires dissipate heat better as compared to bias tires, which contributes to the market growth.
By Operation Type,
• Steer
• Drive
• Trailer
The drive segment held the largest market share of about 49% owing to the rising adoption of truck-bus tires in this segment. The trailer segment is expected to grow at the fastest CAGR of 6.7%.
By Application,
• Truck
• Bus
The bus segment is estimated to cross a market volume of 19 million units by 2025 owing to the rising bus traffic globally. Furthermore, buses are highly preferred as a public mode of transport globally, which is also expected to boost the market growth. Trucks are mostly used for purpose of transporting goods in many countries, especially the emerging ones, which fuels the market growth.
By Weight,
• <50 kg
• 50-80 kg
• 80-100 kg
• 100-150 kg
• 150 kg
The 50-80 kg segment is expected to hold the largest market share of around 45%, owing to the rising demand for these tires for buses. The 80-100 kg segment is expected to grow at the fastest CAGR of 5.8%.
By Distribution Channel,
• OEM
• Aftermarket
o Brand Stores
o Independent Tire Dealers
o Retail Tire Chains
The aftermarket segment held the largest market share of over 75% owing to a high preference for aftermarkets for distribution of the truck-bus tires. Within this segment, the retail tire chains segment is expected to grow at a CAGR of 6.8%. The OEM segment is expected to surpass a market volume of 63 million units by 2025.
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Regional Overview
On a regional basis, the global truck-bus tires market is segmented into North America, Europe, Asia Pacific, Middle East, Africa, and South America.
The European region is expected to surpass a market volume of USD 8,861.6 million by 2027 owing to the presence of major players in the region and high demand for truck and bus tires. The North American market is also expected to witness significant growth over the forecast period.
The Asia Pacific region accounted for the largest market share of more than 60% owing to the growing automotive industry in the region. Also, the truck and bus traffic in the region is rising, which is also expected to boost the demand for their tires. Also, Africa, South America, and Asian markets are emerging markets for truck tires, as they are highly cost-conscious. Furthermore, India and China are major manufacturers of cost-effective bus and truck tires, which boosts the market growth.
Competitive Landscape
Key players operating in the global truck-bus tires market include Aeolus Tyre, Bridgestone, Cheng Shin Rubber, Continental, Cooper tire, Double Coin, Giti Tire, Goodyear, Hankook, KUMHO TIRE, Linglong Tire, Michelin, Pirelli, Sumitomo Rubber, Toyo Tires, Triangle Tire Group, Xingyuan group, YOKOHAMA, and ZC Rubber, among others.
The approximate market share of the top 17 major players is near about 67%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in August 2021, Bridgestone was selected by Fisker, as its tire partner for Fisker’s all-electric vehicle, Fisker Ocean. Fisker will start the vehicle’s production in 2022.
The global Truck-bus tires market report provides insights on the below pointers:
• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Truck-bus tires market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The global Truck-bus tires market report answers questions such as:
• What is the market size and forecast of the Global Truck-bus tires Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Truck-bus tires Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Truck-bus tires Market?
• What is the competitive strategic window for opportunities in the Global Truck-bus tires Market?
• What are the technology trends and regulatory frameworks in the Global Truck-bus tires Market?
• What is the market share of the leading players in the Global Truck-bus tires Market?
• What modes and strategic moves are considered favorable for entering the Global Truck-bus tires Market?
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