2025-2034 Truck And Bus Tires Market Roadmap: Insights for Competitive Advantage

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What Will the Truck And Bus Tires Industry Market Size Be by 2025?
There has been a consistent expansion in the market size for truck and bus tires in the last few years. The market is set to escalate from a worth of $45.31 billion in 2024 to an anticipated $46.96 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.7%. Factors such as worldwide economic growth, the surge in logistics and freight industries, initiation of infrastructure development projects, fleet enlargement and upgrade, urbanization, and public transportation demands have principally contributed to this growth during the past period.

What's the Long-Term Growth Forecast for the Truck And Bus Tires Market Size Through 2029?
In the upcoming years, the market size for truck and bus tires is predicted to experience consistent growth. By 2029, it is forecasted to reach $56.41 billion, with a compound annual growth rate (CAGR) of 4.7%. This growth during the forecast period is linked to the surge in e-commerce and last-mile delivery, eco-friendly measures and fuel efficiency, renewable energy and electric vehicles, government safety and emission regulations, and recovery from economic downturns. Key trends for the forecast period incorporate intelligent tire monitoring systems integration, demand for all-season and specialized tires, increased uptake of radial tires, emphasis on heavy-duty and load-carrying capacity, and the emergence of self-healing tire technology.

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What Are the Key Growth Drivers Fueling the Truck And Bus Tires Market Expansion?
The truck and bus tire market is poised for growth with a surge in demand for commercial vehicles. These vehicles, which transport goods or people for commercial reasons, rely on truck and bus tires due to their superior traction ability in various speed and weather conditions, high load-bearing capacity and low rolling resistance. For instance, data from January 2024 shows that Daimler Truck Holding AG, a Germany-based commercial vehicle manufacturer, registered a slight increase in its sales figures for trucks and buses from 520,291 in 2022 to 526,053 in 2023. The Trucks North America segment sold 195,014 units, while Trucks Asia reported a 3% increase to 161,171 units. Furthermore, Daimler Buses saw a 9% increase with 26,168 units sold. This rise in demand for commercial vehicles is consequently propelling the truck and bus tire market.

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What Are the Key Trends Driving Truck And Bus Tires Market Growth?
One of the significant trends influencing the truck and bus tire market is product innovation. Many leading companies in the market are concentrating their efforts on creating innovative products to fortify their market standings. For example, Hankook Tire & Technology, a South Korea-based company known for its advanced and innovative tires, introduced Smart iON AU06+, a novel truck and bus radial (TBR) tire designed specifically for electric vehicles (EVs) in October 2022. The tire boasts features like enhanced fuel efficiency, quick torque response, and high load support. This cutting-edge technology boosts the vehicle's mileage by 25% in contrast to conventional tires. It also improves ride quality by providing supreme comfort and reducing noise, and includes a cooling system to manage potential overheating issues.

How Is the Truck And Bus Tires Market Segmented?
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 Companies Are Leading the Charge in Truck And Bus Tires Market Innovation?
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.

Which Regions Are Leading the Global Truck And Bus Tires Market in Revenue?
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.

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