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Truck and Bus Tires Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2031

Global Truck and Bus Tires Market: By Tire Type- Radial and Bias; By Operation Type (Steer, Drive and Trailer); Applications (Truck and Bus); Weight (< 50 Kg, 50–80 Kg, 80–100 Kg, 100–150 Kg and > 150Kg); Distribution Channel (OEM and Aftermarket); and Region—Industry Dynamics, Market Size and Opportunity Forecast Until 2031

  • Published Date: Mar-2023  |   Format: pdfpowerpointexcel  |  Report ID: AA0422202  | Delivery: 2 to 4 Hours
Truck-Bus Tires Market

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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.