Press release
Truck and Bus Tires Global Market Report 2025: Steady Growth, 3.7% CAGR, Global Economic Growth and Infrastructure Development among Drivers, Integration of Intelligent Tire Monitoring Systems among Key Trends
Truck And Bus Tires Market Overview
What Is The Projected Market Size Of The Global Truck And Bus Tires Market And Its Growth Rate?
• 2024 Market Size: $45.31 billion
• 2025 Market Size: $46.96 billion (3.7% CAGR)
• 2029 Market Size: $56.41 billion (4.7% CAGR)
The growth in the market is driven by global economic growth, expansion of logistics and freight industries, infrastructure development projects, and modernization and expansion of vehicle fleets.
What Is Driving The Growth In The Truck And Bus Tires Market?
The truck and bus tires market is being significantly propelled by a surge in demand for commercial vehicles. Commercial vehicles, being used for transporting goods or passengers for business purposes, require truck and bus tires for optimal traction, high load-carrying capacity, and low rolling resistance. For instance, Daimler Truck Holding AG, a prominent commercial vehicles manufacturer, reported a slight increase in its total sale of trucks and buses from 520,291 in 2022 to 526,053 in 2023, indicating a growing demand for commercial vehicles which, in turn, is driving the truck and bus tires market.
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Who Are The Key Players Driving Truck And Bus Tires Market Growth?
• 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.
What Are The Key Trends In The Truck And Bus Tires Market?
• 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
What Are The Segments Of The Global Truck And Bus Tires Market?
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
Which Region Leads The Global Truck And Bus Tires Market?
Asia-Pacific was the largest region in the global truck and bus tires market in 2024. The regions covered in the market report comprise Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Truck And Bus Tires Global Market Report?
- Market Size Analysis: Analyze the Truck And Bus Tires Global Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Truck And Bus Tires Global Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Truck And Bus Tires Global Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Truck And Bus Tires Global Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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