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Truck And Bus Tires Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Truck And Bus Tires Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovation is a key trend gaining popularity in the truck and bus tires market. 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.
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Major Key Players of the Market:
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.
Truck And Bus Tires Market 2024 Key Insights:
• 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%.
• Rising Demand For Commercial Vehicles Fuels Growth In Truck And Bus Tires Market
• Innovative Solutions Drive Truck And Bus Tires Market Growth
• Asia-Pacific was the largest region in the truck and bus tires market in 2023
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