Truck And Bus Tires Market Anticipated To Witness Robust Growth, Surpassing $56.41 Billion By 2029

The Truck And Bus Tires Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Truck And Bus Tires Market?
In the past few years, the market size of bus and truck tires has been experiencing a consistent growth. It has been predicted that the market will increase from $45.31 billion in 2024 to $46.96 billion in 2025, with a compound annual growth rate (CAGR) of 3.7%. The growth, witnessed during the historic period, is due to factors such as the growth of the global economy, expansion of the freight and logistics industries, development of infrastructure projects, modernization and expansion of the fleet, and the demand for public transportation due to urbanization.

Anticipated to witness consistent growth in the coming years, the truck and bus tires market is projected to escalate to a value of $56.41 billion by 2029, growing at a compound annual growth rate of 4.7%. The upsurge predicted over the forecast phase can be accredited to factors like the flourish of e-commerce and last-mile delivery, green initiatives and fuel efficiency, renewable energy and electric vehicles, government safety and emission control measures, and revival from economic slumps. The forecast period is likely to see significant trends such as the inclusion of smart tire monitoring systems, emerging demand for all-season and specialized tires, increased use of radial tires, an emphasis on heavy-duty and load-bearing capacity, and the progression of self-healing tire technology.

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What Are the Different Truck And Bus Tires Market Segments?
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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What Are the Primary Drivers Shaping the Truck And Bus Tires Market?
The truck and bus tires market is anticipated to be driven by a growing demand for commercial vehicles. These vehicles, mainly used for business purposes, may be for transporting goods or passengers. The choice of tires for these vehicles is particularly important as they need to have good traction in any weather, carry heavy loads and have low rolling resistance. In support of this, Daimler Truck Holding AG, a significant commercial vehicle manufacturer based in Germany, shared stats from 2024 illustrating a slight sales increase. The company sold a total of 526,053 trucks and buses that year, a small rise from 520,291 in 2022. The data revealed that the Trucks North America division sold 195,014 units, and Trucks Asia made 161,171 sales. This presented a 3% growth from the previous year. Sales of Daimler Buses also saw a boost, with 26,168 units being sold that year, marking a 9% increase. Consequently, this surge in commercial vehicle demand bolsters the truck and bus tire market.

Which Companies Are Leading in the Truck And Bus Tires Market?
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.

What Are the Major Trends Shaping the Truck And Bus Tires Market?
Product creativity is a rising trend being observed in the market for truck and bus tires. The principal firms in this market are concentrating on engineering innovative products to enhance their standing in the market. For example, in October 2022, Hankook Tire & Technology, an innovative performance tires manufacturer based in South Korea, unveiled the Smart iON AU06+, a fresh truck and bus radial (TBR) tire catered for electric vehicles (EVs). This tire possesses a distinct characteristic of enhancing fuel efficiency, immediate torque response, and considerable load support. The innovative technology boosts the mileage of the vehicle by 25% compared to standard tires. This tire augments the quality of the ride through optimum comfort, low noise and has a cooling system to manage overheating.

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What Are the Top Revenue-Generating Geographies in 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Truck And Bus Tires Market?
2. What is the CAGR expected in the Truck And Bus Tires Market?
3. What Are the Key Innovations Transforming the Truck And Bus Tires Industry?
4. Which Region Is Leading the Truck And Bus Tires Market?

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