The market is driven by the increasing demand for commercial vehicles, rising preference for long-haul transportation, and favourable government regulations. The expensive cost of raw materials and unstable pricing of natural rubber, however, limit market expansion. The increasing demand for fuel-efficient tires, the rise in the number of highway projects, and the government regulations regarding tire safety are some of the key factors driving the growth of the truck and bus tires market.
Truck and bus tires are witnessing a significant demand due to the booming e-commerce industry and the burgeoning logistics sector. The increasing number of online shoppers and rapid growth of e-commerce platforms have resulted in a surge in the demand for last-mile delivery services. This, in turn, has created a need for trucks and buses equipped with tires that can endure long hours on the road and demanding conditions.
To carry a vehicle's weight from the axle through the wheel to the ground and to create grip on the surface being travelled over, a tyre is a ring-shaped component that surrounds the rim of the wheel. Truck and bus tires are specially designed tires as they have to carry heavy loads and operate under demanding conditions. These tires are available in various sizes, load capacities, and speed ratings.
The truck and bus tires market is expected to reach USD 47.09 billion by 2031 from USD 33.45 billion in 2021, at a CAGR of 4.5%.
The market is driven by the increasing demand for trucks and buses, growing vehicle production, and a rise in disposable income.
There are a few restraining factors of the market that one should be aware of, which include:
-The high price of bus and truck tyres, which may put off some prospective customers.
-The need for routine upkeep and tyre replacement, both of which can be expensive.
-The potential for tyre deterioration or failure, which could result in mishaps or other problems.
However, the market will benefit from the rising demand.
The expansion of the automotive sector is a primary driver of the market for truck and bus tyres.
The leading players in this market are Michelin, Bridgestone, Continental AG, Pirelli & C., and Goodyear Tire & Rubber Company. These companies have a wide geographical reach and a strong customer base. They are continuously innovating and introducing new products to cater to the changing needs of the customers.
The market will be dominated by the truck application segment.
During the forecast period, the truck application category is anticipated to develop at the greatest CAGR. This can be linked to the rise in truck demand across a number of sectors, including logging, mining, and construction. The increasing demand for logistical support across numerous industries is also anticipated to promote this segment's growth.
To dominate the industry, the OEM tyre segment
The OEM tyre segment is anticipated to expand at the greatest CAGR among the different tyre types over the projection period. This is due to the rise in interest in brand-new vehicles and buses with their original tyres. Moreover, OEMs are increasingly focusing on providing enhanced performance and fuel efficiency for their vehicles, which is expected to drive the growth of this segment.
Asia Pacific to dominate the market
Asia-Pacific is expected to be the largest market for truck and bus tires, during the forecast period. The developing economies in Asia-Pacific, like China and India, are what are driving demand. Additionally, the area has seen a rise in manufacturing activity and investments in infrastructure development, which has resulted in a rise in the need for trucks and buses.
Impact & Market Situation of Covid-19
The global market for truck and bus tyres has been significantly impacted by the COVID-19 outbreak. Because of the COVID-19 outbreak, fewer commercial vehicles are being purchased, which has a knock-on effect on the demand for tyres for trucks and buses. Over the course of the projection period, the market is anticipated to recover from the effects of COVID-19.
A Quick Snapshot of the Most Recent Innovations in the Global Truck and Bus Tires Market
1. Hankook Tire stated in March 2019 that it would provide Mercedes-AMG Petronas Motorsport with the newest tyre technology for the 2019 season. This decision is anticipated to give the business a competitive edge in the market.
2. Michelin North America Inc. announced the launch of two new commercial fleet solutions in North America in February 2019. These methods are meant to cut back on pollutants and fuel use.
3. Continental AG stated in January 2019 that it had created a new generation of truck tyres that provide up to 15% longer service life than their predecessors. In the upcoming years, this is anticipated to aid the corporation in gaining a sizable market share.
Truck and Bus Tires Market Scope
|Revenue forecast in 2031
|USD 47.09 billion
|CAGR of 4.5% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Michelin, Bridgestone, Continental AG, Pirelli & C., and Goodyear Tire & Rubber Company
Key Segment of Global Truck and Bus Tires Market
By Type Overview 2021-2031, (USD Billion)
• OEM Tire
• Replacement Tire
By Application Overview 2021-2031, (USD Billion)
By Region Overview 2021-2031, (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa