Press release
Truck & Bus Radial Tire Market Poised to Reach USD 36.13 billion by 2034, Growing at an 6.4% CAGR
Truck & Bus Radial Tire Market
The truck & bus radial tire market is poised to register sustained growth in the coming years, according to the latest research report by Polaris Market Research. The market was valued at USD 19.50 billion in 2024 and is projected to grow to USD 36.13 billion by 2034.
Market Overview
Truck and bus radial tires are specialized tires designed specifically for commercial vehicles like heavy-duty trucks and passenger buses. These tires feature a radial structure, where the internal ply cords are arranged at 90 degrees to the direction of travel and run radially from bead to bead. This design improves flexibility, reduces rolling resistance, and enhances fuel efficiency.
Truck and bus radial tires are ideal for long-haul and urban transportation. They offer superior traction, better heat dissipation, and increased durability compared to traditional bias-ply tires, which is crucial for vehicles that cover long distances or operate under heavy loads. In addition, these tires provide a smoother ride and improved stability, resulting in improved patient comfort and patient safety.
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Market Dynamics
Increasing Commercial Vehicle Road Accidents Globally: Accidents are often caused by tire failures like tread separations or blowouts. This has prompted companies to use higher-quality radial tires offering better stability and grip. In addition, road accidents involving heavy commercial vehicles has led to increased awareness and enforcement of safety regulations.
Rising Industrialization Worldwide: The rising industrialization across the globe has led to the expansion of new manufacturing units, spurring the volume of freight management. This surge in transportation facility is directly fueling the usage and replacement rate of trucks and bus radial tires. Impacting the truck & bus radial tire market expansion favorably.
Market Key Companies
The market has the presence of both established players and new entrants. A few of the major market participants include:
• Apollo Tires
• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• CEAT
• Continental AG
• Giti Tire
• Kumho Tir
• MICHELIN
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries, Ltd.
• The Goodyear Tire & Rubber Company
• Yokohama Rubber Corporation
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Truck & Bus Radial Tire Market Report Highlights
📚 In terms of application, the trucks segment dominated the truck & bus radial tire market in 2024 due to the rapid expansion of logistics and freight transportation services across both developed and emerging economies.
📚 Based on sales channel, the aftermarket segment held the major market share in 2024 due to the high replacement rate of tires in commercial vehicles, especially trucks.
📚 The OEMs segment is expected to grow in the coming years owing to the rising production of new commercial trucks and the increasing focus on vehicle performance and fuel efficiency.
📚 In the global market, Asia Pacific held the largest truck & bus radial tire market share in 2024 due to the rapid growth of commercial transportation and robust infrastructure development across major economies.
📚 The market in North America is expected to grow at the fastest pace during the projected period, owing to high freight volumes and a strong interstate highway system.
Segmental Analysis
• The market segmentation is primarily based on application, sales channel, and region.
• By application, the trucks segment led the global market in 2024. The segment's leading market position is primarily fueled by the rapid expansion of logistics and freight transportation services across both developed and emerging nations.
• By sales channel, the aftermarket segment led the market in 2024. This is primarily due to the high replacement rates of tires in commercial vehicles. Frequent long-distance travel needs high replacement rate of tire in commercial vehicles. In addition, the rise in average vehicle age and growing number of trucks in service fuels the regional market demand.
By Application Outlook (Revenue, USD Billion, 2020-2034)
• Trucks
• Buses
By Sales Channel Outlook (Revenue, USD Billion, 2020-2034)
• Aftermarket
• OEMs
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Regional Analysis
By Regional Outlook (Revenue, USD Billion, 2020-2034)
🔹 North America
» US
» Canada
🔹 Europe
» Germany
» France
» UK
» Italy
» Spain
» Netherlands
» Russia
» Rest of Europe
🔹 Asia Pacific
» China
» Japan
» India
» Malaysia
» South Korea
» Indonesia
» Australia
» Rest of Asia Pacific
🔹 Middle East & Africa
» Saudi Arabia
» UAE
» Israel
» South Africa
» Rest of Middle East & Africa
🔹 Latin America
» Mexico
» Brazil
» Argentina
» Rest of Latin America
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Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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