Press release
Truck And Bus Tires Market Forecast 2025-2034: Analysing Major Trends, Opportunities, and Growth Drivers
Truck And Bus Tires
The truck and bus tire market is predicted to surge on the back of the escalating demand for commercial vehicles. Commercial vehicles, specifically those that function for the carriage of goods or commuters for business-related activities, rely on truck and bus tires due to their impressive traction on assorted speeds and under a myriad of weather conditions, their notable high load-carrying strength, and minimal rolling resistance. For instance, in January 2024, Daimler Truck Holding AG, a commercial vehicle manufacturer stationed in Germany, recorded a minor surge in the sales of trucks and buses, selling a total of 526,053 units in 2023 compared to the 520,291 units in 2022. The former's Trucks North America division registered a sale of 195,014 units, whereas the latter's Trucks Asia unit witnessed a sale of 161,171 units, marking a 3% rise from the previous year. Daimler Buses also showcased an outstanding performance, selling 26,168 units, which mirrors a 9% uplift. Consequently, the burgeoning demand for commercial vehicles is fuelling the truck and bus tires market.
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What Is the projected market size and growth rate for the truck and bus tires market?
In the past few years, there has been a steady increase in the market size of truck and bus tires. It's projected to expand from $45.31 billion in 2024 to $46.96 billion in 2025, with a compound annual growth rate (CAGR) of 3.7%. The previous growth can be attributed to international economic development, the thriving expansion of logistics and freight sectors, infrastructural development projects, fleet augmentation and contemporization, urbanization, and the need for public transport.
In the upcoming years, the truck and bus tire market is projected to experience consistent growth. It's expected to reach a value of $56.41 billion in 2029 with a 4.7% Compound Annual Growth Rate (CAGR). Several factors driving this growth during the forecast period include the e-commerce surge, last-mile delivery, green initiatives for fuel efficiency, use of renewable energy, electric vehicle adoption, government safety and emission regulations, and rebounding from economic recessions. Furthermore, the forecast period will see significant trends such as the implementation of smart tire monitoring systems, increased demand for all-season and specialized tires, a surge in adoption of radial tires, a focus on heavy-duty and load-carrying capacities, and the introduction of self-healing tire technology.
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What new trends are reshaping the truck and bus tires market and its opportunities?
The trend of product innovation is escalating in the truck and bus tires market. Major players in the market are honing their focus on the development of innovative products to solidify their market standing. For example, Hankook Tire & Technology, a trailblazer in the manufacturing of cutting-edge, high-performance tires from South Korea, unveiled a new truck and bus radial (TBR) tire for electric vehicles (EVs) in October 2022, the Smart iON AU06+. This new TBR tire possesses the unique attribute of enhancing fuel efficiency, rapid torque response, and excessive load support. Its pioneering technology boosts the vehicle's mileage by a quarter compared to standard tires. The tire augments ride quality by ensuring optimal comfort and reduces noise, coupled with a cooling system to keep overheating in check.
What major market segments define the scope and growth of the truck and bus tires market?
The truck and bus tires 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), After market
4) By Application: Truck Tire, Bus Tire
Subsegments:
1) By Radial: Truck Radial Tires, Bus Radial Tires
2) By Bias: Truck Bias Tires, Bus Bias Tires
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Which region dominates the truck and bus tires market?
Asia-Pacific was the largest region in the truck and bus tires market in 2024. The regions covered in the truck and bus tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the truck and bus tires industry growth?
Major companies operating in the truck and bus tires market include 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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What Is Covered In The Truck And Bus Tires Global Market Report?
•Market Size Forecast: Examine the truck and bus tires market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the truck and bus tires market for a structured understanding.
•Key Players Overview: Analyze major players in the truck and bus tires market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the truck and bus tires market.
•Segment Contributions: Evaluate how different segments drive overall growth in the truck and bus tires market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the truck and bus tires market.
•Industry Challenges: Identify potential risks and obstacles affecting the truck and bus tires market.
•Competitive Landscape: Review strategic developments in the truck and bus tires market, including expansions, agreements, and new product launches.
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