Press release
Truck And Bus Tires Market Size, Segments And Growth Forecast Report 2024 To 2033
Truck And Bus Tires Market
Market Size And Growth Forecast:
The truck and bus tires market size has grown steadily in recent years. It will grow from $44 billion in 2023 to $45.61 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to global economic growth, expansion of logistics and freight industries, infrastructure development projects, fleet expansion and modernization, urbanization and public transportation needs.
The truck and bus tires market size is expected to see steady growth in the next few years. It will grow to $53.17 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to e-commerce boom and last-mile delivery, green initiatives and fuel efficiency, renewable energy and electric vehicles, government regulations on safety and emissions, recovery from economic downturns. Major trends in the forecast period include integration of intelligent tire monitoring systems, demand for all-season and specialized tires, rising adoption of radial tires, focus on heavy-duty and load-carrying capacity, development of self-healing tire technology.
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Market Segmentation:
The truck and bus tire market covered in this report 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
Major Driver - Rising Demand For Commercial Vehicles Fuels Growth In Truck And Bus Tires Market
An increase in demand for commercial vehicles is expected to propel the truck and bus tires market going forward. 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. For instance, in July 2022, according to Daimler Truck Holding AG, a Germany-based manufacturer of commercial vehicles, the sales of its trucks and buses globally increased to 455,400 units by 20% in 2021 and further incoming orders for trucks in 2021 amounted to 590,000 units by 37% globally. Therefore, the increase in demand for commercial vehicles is driving the truck and bus tires market.
Competitive Landscape:
Major companies operating in the truck and bus tires market report are Continental AG, Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Hankook Tire & Technology, Pirelli & Co SPA, Yokohama Tire Corporation, Zhongce Rubber Group Company Limited, Hangzhou Zhongce Rubber Co Ltd., Trelleborg AB, Toyo Tire Corporation, Sailun Group, Giti Tire Corporation, Kumho Tire, Cooper Tire & Rubber Company, Linglong Tire Co Ltd., Apollo Tyres Limited, Nokian Tyres Plc., Nexen Tire Corporation, Double Coin Holdings Ltd., JK Tyre & Industries Ltd., Ceat Ltd., Prometeon Tyre Group, Aeolus Tyres, MAXXIS International, Falken Tire Corporation, Hercules Tire & Rubber Company, Triangle Group, Shandong Hengfeng Rubber & Plastic Co Ltd., Xingyuan Tire Group Co Ltd., Cordiant Company, Federal Corporation, Kenda Rubber Industrial Co Ltd.
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Top Trend - Strategic Collaborations Drive Innovation And Sustainability In The Truck And Bus Tires Market
Major companies operating in the truck and bus tires market are undergoing into strategic collaborations for developing innovative products to strengthen their market position. Strategic collaborations in the truck and bus tires market drive innovation, efficiency, and competitiveness. Leveraging strengths, companies navigate challenges, seize market opportunities, and collectively advance the industry. For instance, in July 2023, CEAT, an India-based multinational tire manufacturing company, and Marangoni S.p.A., an Italy-based green tire manufacturing company, have joined forces to boost tire retreading for trucks and buses in India. The partnership combines CEAT's quality tire casings with Marangoni's advanced retreading tech for superior performance. Emphasizing sustainability, the collaboration aims to extend tire life, reducing the environmental impact of the transport industry.
The Table Of Content For The Market Report 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
…..
27. Truck And Bus Tires Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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