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Truck And Bus Tires Market Report 2023-2032: Market Size, Share, Growth And Forecast | Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Continental AG, Pirelli & Co SPA
Truck And Bus Tires Market
The Business Research Company's Truck And Bus Tires Global Market Report 2023 identifies increase in demand for commercial vehicles as the major driver for the Truck And Bus Tires market's growth in the forecast period. Commercial vehicles refer to motor vehicle that transports goods or passengers for business purposes. Commercial vehicles use truck and bus tires as they offer good traction at various speeds and weather conditions with high load-carrying capacity and low rolling resistance.
The global truck and bus tires market size is expected to grow from $42.43 billion in 2022 to $43.93 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global truck and bus tires market size is expected to grow to $49.88 billion in 2027 at a CAGR of 3.2%.
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Major competitors in the Truck And Bus Tires market are Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Continental AG, Pirelli & Co SPA.
A key trend in the Truck And Bus Tires market includes Product innovation. Major companies operating in the truck and bus tires market are focused on developing innovative products to strengthen their market position. For instance, in October 2022, Hankook Tire & Technology, a South Korea-based manufacturer of innovative, high-tech performance tires, launched Smart iON AU06+, a new truck and bus radial (TBR) tire for electric vehicles (EVs). It has a unique feature of improving fuel efficiency, fast torque response, and high load support. The new technology increases the vehicle's mileage by 25% compared to regular tires. The tire improves the ride quality through optimal ride comfort and lower noise with a cooling system to control overheating.
Read More On The Global Truck And Bus Tires Market Report Here:
https://www.thebusinessresearchcompany.com/report/truck-and-bus-tires-global-market-report
The Truck And Bus Tires market is segmented -
1. By Type: Radial, Bias
2. By Vehicle Type: Light Duty Vehicle, Heavy Duty Vehicle, Passenger Bus Vehicle
3. By Distribution Channel: OEM (Original Equipment Manufacturer), Aftermarket
4. By Application: Truck Tire, Bus Tire
5. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Truck And Bus Tires market.
The Business Research Company's "Global Truck And Bus Tires Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Truck And Bus Tires Market Include:
1. Executive Summary
2. Truck And Bus Tires Market Characteristics
3. Truck And Bus Tires Market Trends And Strategies
4. Truck And Bus Tires Market - Macro Economic Scenario
5. Truck And Bus Tires Market Size And Growth
……
26. Africa Truck And Bus Tires Market
27. Truck And Bus Tires Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Truck And Bus Tires Market
29. Truck And Bus Tires Market Future Outlook and Potential Analysis
30. Appendix
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