According to the study undertaken by Astute Analytica the global truck-bus tires market was valued at US$ 41,565 Million in 2021 and is forecasted to reach US$ 57,261 Million by 2027. The market is expected to register 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. 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. Natural rubber is the main raw material used in manufacturing tires owing to the fact that it is good for tear and fatigue crack resistance.
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. The government of various countries are investing in the logistics & transportation sectors as they contribute significantly in the overall development of the country. Therefore, the growing investments in logistics and transportations sector by various economies will drive the demand for truck and bus tire market. Moreover, various favourable trade agreements between government and non-government organizations significantly contribute in the overall market growth, along with deliver an opportunity for market player to enter into an emerging economy. Also, the deployment of heavy-duty vehicles in economies drives the market over the forecast period as they are widely used in commercial activities such as transportation, agriculture, construction and many other functions. Furthermore, the rising e-commerce sector and supportive functioning of trucks and buses in e-commerce sector is expected to create a lucrative opportunity for the market growth. However, the fluctuation in raw material prices is a challenging factor for various manufacturer which significantly influence the market growth over the forecast period.
Impact of COVID-19 on Global Truck-Bus Tires Market
Global truck and bus tire market is expected to witness a growth of approx. 2.5% in 2020, post the outbreak of COVID-19 pandemic. The spread of the novel coronavirus, i.e., COVID-19, has severely squeezed the global truck and bus tire market. The automobile markets are incredibly uncertain in these times, with countries worldwide suffering from the destabilizing effects of this pandemic. During COVID-19 pandemic, the automobile industry has seen a decline across manufacturing sectors as it had a visible impact on operations in factories as disruption in supply chain and manufacturing sector is at halt. Whereas, the organizations around the world are preparing for a post-pandemic workplace by investing in online portal for digital retailing their tiers. Various industries and manufacturing sectors adapt to changing policies and political climates across the globe, for catering to the customers and end-use industries, which drives the growth of the truck and bus tire market.
Market Insights
Truck-Bus Tires Market Insights by Tire Type
Based on tire type, the truck-bus tires market is bifurcated into radial and bias. The radial segment is estimated to have the highest 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. Moreover, the growing use of low-rolling resistance and self-inflation by manufacturers, driven by benefits of higher fuel efficiency is expected to drive demand for radial truck and bus tires in commercial applications across the globe.
Truck-Bus Tires Market Insights by Operation Type
Based on operation type, the truck-bus tires market is classified into steer, drive and trailer. The drive segment contributed the major share in the global truck-bus tires market in 2021. Drive segment is expected to fuel the growth of the market as the application of tires at these positions are very crucial and also play an important role for the speed of the vehicle as well as for compelling the heavy load. Moreover, trailer segment is expected to project the highest CAGR in the global truck-bus tires market during forecast period due to increase in the production and sales of long haul and class 8 trucks, which increases the demand for truck-bus tires.
Truck-Bus Tires Market Insights by Applications
Based on applications, the truck-bus tires market is bifurcated into truck and bus. The truck segment contributed the major share in the global truck-bus tires market in 2021. With the increase in e-commerce sector as well as logistic industry, the demand for heavy trucks is increasing which directly boost the growth of the OEM market and increasing MRO activities is supporting the growth of aftermarket. Moreover, the bus segment is projected to grow at the highest CAGR during forecast period due to the increasing initiatives regarding the public transports, the demand for buses is growing which is estimated to boost the sales of truck-bus tires.
Truck-Bus Tires Market Insights by Weight
Based on weight, the truck-bus tires market is segmented into <50 Kg, 50-80 Kg, 80-100 Kg, 100-150 Kg and >150 Kg. The 50-80 Kg segment dominated the major share in the global truck-bus tires market in 2021 owing to the rising demand of these tires for buses and growing demand for multi-axle vehicles in the market. Moreover, 80-100 Kg segment is expected to project the highest CAGR in the global truck-bus tires market over the forecast period due to increasing number of heavy trucks as well as long haul trucks, the demand for more than 80Kg truck is increasing in order to increase the loading capacity of the tires.
Truck-Bus Tires Market Insights by Distribution Channel
Based on distribution channel, the truck-bus tires market is bifurcated into OEM and aftermarket. The aftermarket segment is further analyzed for brand stores, independent tire dealers and retail tire chains. The aftermarket segment contributed the major share in the global truck-bus tires market in 2021 and is also anticipated to project the highest CAGR during the forecast period owing to a high preference for aftermarkets for distribution of the truck-bus tires.
Truck-Bus Tires Market Insights by Regional Outlook
Asia Pacific is the dominating region in the truck-bus tires market in 2021 owing to the growing automotive industry in the region. Also, Asia Pacific is growing at the highest CAGR during the forecast period in the global truck-bus tire market during the forecast period. Furthermore, India and China are the major manufacturers of cost-effective bus and truck tires, which further boosts the market growth.
Competitive Insight
Global Truck-Bus Tires Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global truck-bus tires 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., MICHELIN, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., Triangle Tires, Xingyuan Tire Group, Yokohama Tire Corporation and ZC Rubber among others.
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:
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