The Global Truck-Bus Tires Market is estimated to witness a rise in revenue from US$ 41,565 Mn in 2021 to US$ 57,261 Mn by 2027. The market is registering a CAGR of 5.5% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 5.2% during the forecast period. 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 major factor responsible for the growth of the global truck-bus tires market includes the government investments in logistics & transportation and favorable trade agreements and entry of commercial vehicle manufacturers. The government of various countries are investing in the logistics & transportation sectors as they contribute significantly in the overall development of the country. The strong growth supported by government reforms, transportation sector development plans, rising demand for logistics due to rapid pace in e-commerce and growing industrial sector will likely propel the market growth over the forecast period. Moreover, the favourable trade agreements between countries will enhance the transportation sector along with deliver an opportunity for market player to enter into an emerging economy. However, the fluctuation in raw material prices is a challenging factor for various manufacturer which significantly influence the market growth over the forecast period as tire manufactures rely heavily on raw materials such as synthetic rubber, natural rubber, brent crude and others.
Report Summary
The study of the Global Truck-Bus Tires Market considers various market determinants, industry value chain analysis and competitor analysis of the market. The report discusses the analysis of the truck-bus tires industry for the period 2017-2027, where the base year is 2021 and the forecast period is 2022-2027. The report provides a detailed analysis of the Global Truck-Bus Tires Market across 16 Chapters and 257 pages. The report includes data presentation across 78 tables and 98 statistical figures.
The report provides PESTLE analysis, which is a tool to examine the external market environment factors that have an impact on the industry. The PESTLE analysis examines the Political, Economic, Social, Technological, Environmental and Legal factors in the external environment. Thus, sufficiently examining the threats and weaknesses of the industry. The research report also provides Porter’s five forces analysis wherein bargaining power of buyers and competitive rivalry is high.
The subsequent section provides details of the market analysis based on different segments such as tire type, operation type, applications, weight, distribution channel and region. The report includes detailed study of value chain of the industry. It includes raw material providers, manufacturers, distributors and end users. The report also covers extensively about the key competitors in the market for truck-bus tires.
Regulations/Standard of Truck-Bus Tire Market
This regulation is applied on tires identified on the sidewall as regroovable, may legally be regrooved. This applies to both new and retreaded tires. It is also a legal requirement that any regrooving must follow the pattern specified by the manufacturer.
This regulation ensures that retreaded tires meet the same standard for structural integrity under endurance testing as new tires. In addition, it includes sidewall markings required on a retreaded tire including the UN ECE type approval mark. Additionally, the retreaded tires must bear the mark “RETREAD” on at least one sidewall.
The purpose of this regulation is that, the tires shall have a tread groove pattern depth of at least 2/32 of an inch when measured in a major tread groove. It further, includes the measurements can’t be taken “where tie bars, humps or fillets are located.” DOT steer tire regulations state that depth is at least 4/32 of an inch. Not following these rules may lead to the driver being cited.
Key Takeaways from the Global Truck-Bus Tires Market Report
Competitive Landscape
The key players in the Global Truck-Bus Tires Market are Aeolus Tyres, Bridgestone Corporation, Cheng Shin Rubber, Continental AG, Cooper Tire, Double Coin, Giti Tire, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., KUMHO Tire, LINGLONG Tire, MICHELIN, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., Triangle Tires, Xingyuan Tire Group, Yokohama Tire Corporation and ZC Rubber among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip of emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
Segmentation Overview
Global Truck-Bus Tires Market is segmented based on tire type, operation type, applications, weight, distribution channel and region. The industry trends in the global truck-bus tires market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Truck-Bus Tires Market:
By Tire Type segment of the Global Truck-Bus Tires Market is sub-segmented into:
By Operation Type segment of the Global Truck-Bus Tires Market is sub-segmented into:
By Applications segment of the Global Truck-Bus Tires Market is sub-segmented into:
By Weight segment of the Global Truck-Bus Tires Market is sub-segmented into:
By Distribution Channel segment of the Global Truck-Bus Tires Market is sub-segmented into:
By Region segment of the Global Truck-Bus Tires Market is sub-segmented into:
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 2017-2027.
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 2021.
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$ 57,261 Million by 2027.
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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| Report ID: AA0422202 
