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The global truck and bus tires market is expected to witness a significant increase in revenue, with an estimated rise from US$ 39,417 Mn in 2022 to US$ 64,729 Mn by 2031. This represents a CAGR of 5.5% during the forecast period of 2023-2031. In terms of volume, the market is expected to register a CAGR of 5.2% over the same period.
The truck and bus tires market has seen significant growth over the past few years, and this growth is expected to continue over the forecast period. One of the major factors contributing to this growth is government investment in logistics and transportation. In many countries, the government is investing in infrastructure projects such as highways and bridges to improve transportation and logistics. For instance, the Indian government has invested $1.4 billion in its "Bharatmala" project, which aims to build highways and other road infrastructure to improve the country's logistics and transportation capabilities. Similarly, the Chinese government's "One Belt One Road" initiative is also expected to drive demand for truck and bus tires.
Another factor contributing to the growth of the truck and bus tires market is the entry of commercial vehicle manufacturers into the market. With the increasing demand for commercial vehicles, major manufacturers are focusing on expanding their market share in the global truck and bus tires market. For instance, in 2020, Bridgestone announced its plans to invest $120 million to expand its truck and bus tire production capacity in Japan, reflecting the growth potential of this market.
Furthermore, the rapid pace of e-commerce and growing industrial sector is leading to an increased demand for logistics, which in turn is driving the growth of the truck and bus tires market. According to a report by the International Transport Forum, the volume of goods transported by road in OECD countries is expected to grow by 50% by 2050.
However, the fluctuation in raw material prices is a challenging factor for tire manufacturers, as they heavily rely on materials such as synthetic rubber, natural rubber, and crude oil. The price of natural rubber, for instance, has been fluctuating due to various factors such as weather conditions, demand-supply dynamics, and government policies. This has a direct impact on the cost of manufacturing tires, which could potentially affect the growth of the market.
UK Construction and Use Regulations 24 and 27: These regulations allow tires that are identified on the sidewall as "regroovable" to be legally regrooved, whether they are new or retreaded. However, it is a legal requirement that the regrooving must follow the pattern specified by the manufacturer.
UN ECE Regulation 109: This regulation ensures that retreaded tires meet the same standard for structural integrity under endurance testing as new tires. Additionally, retreaded tires must bear the UN ECE type approval mark and the word "RETREAD" on at least one sidewall. The regulation also requires certain sidewall markings on a retreaded tire.
FMSCA and DOT tire regulations code section 393.75 (c): This regulation specifies that tires must have a tread groove pattern depth of at least 2/32 of an inch when measured in a major tread groove. It also includes a provision that measurements cannot be taken "where tie bars, humps, or fillets are located." However, DOT steer tire regulations require a minimum depth of at least 4/32 of an inch. Failure to comply with these regulations may result in the driver being cited.
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The demand for commercial vehicles is a major driver for the global Truck and Bus Tires Market. The logistics and transportation industry has witnessed significant growth in recent years, driven by the rise of e-commerce and increasing globalization. This growth has led to a surge in demand for commercial vehicles, which in turn has boosted the demand for Truck and Bus Tires. The expanding industrial sector and infrastructure development are also contributing to the growth of the market.
Governments in various countries are investing heavily in infrastructure development, including highways, bridges, and ports. These investments are driving the demand for commercial vehicles, which in turn is boosting the demand for Truck and Bus Tires. For example, the Indian government's ambitious infrastructure development plan, Bharatmala, aims to improve the country's road network, which will lead to an increase in demand for commercial vehicles and Truck and Bus Tires.
The global Truck and Bus Tires Market is highly dependent on raw materials such as synthetic rubber, natural rubber, and crude oil. Fluctuations in the prices of these raw materials can significantly impact the production and pricing of Truck and Bus Tires, which can restrain the growth of the market. This creates a challenge for manufacturers, who need to balance production costs while keeping prices competitive.
The trend towards radial tires is one of the significant developments in the global Truck and Bus Tires Market. Radial tires have several advantages over bias tires, such as better fuel efficiency, longer lifespan, and better handling. The rising demand for medium-sized trucks is also driving the growth of the radial tire segment. In addition, technological advancements in tire manufacturing, such as the use of high-strength steel belts and advanced rubber compounds, are further driving the adoption of radial tires.
The growing focus on sustainability is a trend in the global Truck and Bus Tires Market. Many tire manufacturers are developing sustainable solutions, such as eco-friendly tires, to reduce their environmental impact. For example, Bridgestone has developed a technology that uses natural rubber derived from guayule plants, which reduces the dependence on traditional sources of rubber. Additionally, retreaded tires are becoming increasingly popular, as they reduce the waste generated by discarded tires and are also cost-effective.
Based on tire type, the radial segment is estimated to have the highest market share and highest CAGR in the global Truck and Bus Tires Market during forecast period owing to the rise in demand for medium-sized trucks.
Radial tires have been gaining popularity in the global Truck and Bus Tires Market due to their superior performance over bias tires. Radial tires dissipate heat better, offer better fuel efficiency, and provide better handling, making them ideal for medium-sized trucks. The increase in the demand for medium-sized trucks globally is expected to contribute significantly to the growth of the radial tire segment in the market. Additionally, radial tires have a longer lifespan compared to bias tires, which further drives their demand in the market.
The drive segment has contributed the major share in the global Truck and Bus Tires Market in 2022, driven by the rising adoption of Truck and Bus Tires in this segment. Drive tires are designed to provide better traction and grip on the road surface, making them ideal for use in vehicles that require high torque. The trailer segment is expected to project the highest CAGR in the global Truck and Bus Tires Market during the forecast period, driven by the growing demand for trailers in the logistics and transportation industry.
The truck segment has contributed the major share in the global Truck and Bus Tires Market in 2022, driven by the increasing demand for commercial vehicles globally. The growth of the e-commerce sector and logistics industry has also contributed significantly to the demand for Truck and Bus Tires in this segment. The bus segment is projected to grow at the highest CAGR during the forecast period, driven by the increasing demand for public transportation in urban areas and the growing adoption of electric buses.
The 50-80 Kg segment dominated the major share in the global Truck and Bus Tires Market in 2022, driven by the rising demand for these tires for buses and the growing demand for multi-axle vehicles in the market. These tires are designed to provide better grip and handling on the road, making them ideal for use in buses and multi-axle vehicles.
The 80-100 Kg segment is expected to project the highest CAGR in the global Truck and Bus Tires Market over the forecast period, driven by the increasing demand for heavy-duty vehicles and the growing adoption of radial tires in this segment. The 80-100 Kg tires are designed to carry heavy loads and provide better traction and durability on the road surface.
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Asia Pacific is the dominating region in the global Truck and Bus Tires Market in 2022, with a significant share of the market. This can be attributed to the high demand for commercial vehicles in the region, driven by the growth of the logistics and transportation industry, as well as the rise of e-commerce.
The sales volume of medium and heavy commercial vehicles in Asia Pacific reached over 3.9 million units in 2019, with China and India accounting for a significant portion of the sales. In addition, the region is also witnessing significant investments in infrastructure, including highways, bridges, and ports, which is driving demand for commercial vehicles and Truck and Bus Tires.
China is the largest market for Truck and Bus Tires in the region, with a significant share of the market. The country is witnessing significant growth in the logistics and transportation industry, driven by the rapid pace of e-commerce and the increasing demand for commercial vehicles. According to a report by China Briefing, the sales volume of heavy-duty trucks in China reached over 1.15 million units in 2019, representing a growth of 4.4% compared to the previous year.
India is also a significant market for Truck and Bus Tires in the region, driven by the growth of the logistics and transportation industry and the increasing demand for commercial vehicles. According to a report by the Society of Indian Automobile Manufacturers (SIAM), the sales volume of commercial vehicles in India reached over 0.71 million units in 2020, representing a growth of 20.8% compared to the previous year.
Other countries in the region, such as Japan, South Korea, and Indonesia, are also witnessing significant growth in the demand for Truck and Bus Tires, driven by factors such as government investments in infrastructure and the growth of the logistics and transportation industry.
By Tire Type:
By Operation Type:
By Distribution Channel:
Most tires, such as those for automobiles and bicycles are pneumatically inflated structures, which also provide a flexible cushion that absorbs shock as the tire rolls over rough features on the surface.
Raw materials such as natural rubber, synthetic rubber, steel and fillers are used in making of a truck tire.
The global truck-bus tires market is studied from 2018-2031.
The segmentations considered to analyze the global truck-bus tires market are based on tire type, operation type, applications, weight, distribution channel and region.
The rising e-commerce sector and supportive functioning of trucks and buses in e-commerce sector are presenting a lucrative opportunity for market expansion.
Asia Pacific region held the major share in terms of revenue, in the global truck-bus tires market in 2022.
A tire is a ring-shaped component that surrounds a wheel's rim to transfer a vehicle's load from the axle through the wheel to the ground and to provide traction on the surface over which the wheel travels.
The growth rate of the global truck-bus tires market is 5.5%, with an estimated value of US$ 64,729 Million by 2031.
Factors such as government investments in logistics & transportation and favorable trade agreements and entry of commercial vehicle manufacturers drives the growth in the global truck-bus tires market.
Fluctuations in raw material prices is a restraining factor which inhibits the growth of the market during the forecast period.
India is expected to project the highest CAGR during the forecast period in the Asia Pacific truck-bus tires market.
The radial segment is estimated to have the largest market share and highest CAGR in the global truck-bus tires market during forecast period owing to the rise in demand for medium-sized trucks.
The key players operating in the market include Aeolus Tyres, Bridgestone Corporation, Cheng Shin Rubber, Continental AG, Cooper Tire, Double Coin, Giti Tire, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., Xingyuan Tire Group, Yokohama Tire Corporation and ZC Rubber among others.
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