Global Truck and Bus Radial Tire Market Size By Vehicle Type, By Application, By Tire Type, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationGlobal Truck and Bus Radial Tire Market Size By Vehicle Type, By Application, By Tire Type, By Geographic Scope And Forecast
Truck And Bus Radial Tire Market Size And Forecast
Truck And Bus Radial Tire Market size was valued at USD 15.9 Billion in 2023 and is projected to reach USD 30 Billion in 2030 growing at a CAGR of 6.6% during the forecasted period 2024 to 2030.
The Truck and Bus Radial Tire Market encompasses the industry involved in the manufacturing, distribution, and utilization of radial tires specifically designed for trucks and buses. These tires feature a radial construction wherein the ply cords are positioned perpendicular to the direction of travel, offering advantages such as improved traction, fuel efficiency, durability, and overall performance compared to bias-ply tires. Truck and bus radial tires are essential components for commercial vehicles operating in various sectors including transportation, logistics, construction, and public transit. They are available in a wide range of sizes, tread patterns, and load-carrying capacities to suit different vehicle types and operating conditions.
Global Truck And Bus Radial Tire Market Drivers
The market drivers for the Truck And Bus Radial Tire Market can be influenced by various factors. These may include
- Growing Demand for Commercial Vehicles Trucks and buses were among the commercial vehicles that were in high demand worldwide. The need for more commercial vehicles was being driven by factors such as economic growth, the expansion of the transportation and logistics sectors, and a rise in industrial operations. This in turn was pushing up demand for radial tyres.
- Infrastructure Development The need for truck and bus radial tyres as well as heavy-duty vehicles was being driven by ongoing infrastructure development initiatives, especially in emerging nations. The increase was aided by infrastructure initiatives including building new roads, growing transportation networks, and urbanisation.
- Benefits of Radial Tyres Compared to bias-ply tyres, radial tyres have superior fuel efficiency, longer tread life, increased traction, and more comfortable rides. The commercial vehicle market was gradually moving towards radial tyres as a result of these advantages.
- Tight restrictions Manufacturers were being pushed to adopt technologies that may help create automobiles that are more environmentally friendly and fuel-efficient by government restrictions pertaining to emissions and fuel efficiency. In order to comply with such rules, radial tyres were becoming more and more popular due to their benefits in fuel efficiency.
- Technological developments The performance and longevity of radial tyres were being improved by continuous developments in tyre technology, which included breakthroughs in tread design, tyre materials, and manufacturing techniques. To remain competitive and satisfy the changing demands of the market, manufacturers were allocating resources into research and development.
- Expanding E-Commerce Sector The need for commercial vehicles, and thus truck and bus radial tyres, was being driven up by the expansion of the e-commerce sector and the ensuing rise in the transportation of products.
- Global Trade and Supply Chains The demand for effective transportation networks was being driven by the interconnected supply chains and the globalisation of trade. The market for radial tyres for trucks and buses was gaining from this need for sturdy and dependable tyres.
Global Truck And Bus Radial Tire Market Restraints
Several factors can act as restraints or challenges for the Truck And Bus Radial Tire Market. These may include
- Volatility in Raw Material Prices The cost of producing radial tyres can be affected by swings in the price of essential raw materials like natural and synthetic rubber. For tyre makers, this volatility may make it difficult to maintain stable profit margins and prices.
- Global Economic Uncertainties The demand for truck and bus radial tyres, as well as commercial vehicles, can be directly impacted by economic uncertainties like recessions or slowdowns in key economies. Reduced investment in infrastructure and transport initiatives could result from uncertain economic conditions.
- Strict Regulatory Compliance Although rules can encourage the use of radial tyres, producers may encounter difficulties due to some regulations’ strict requirements. It could be necessary to make additional investments in R&D and production processes in order to comply with various safety and environmental regulations.
- Bias-Ply Tyre Competition Although radial tyres have many benefits, bias-ply tyres are still available on the market, particularly for certain uses. Due to their lower beginning prices, price-sensitive businesses and industries might continue to choose bias-ply tyres, which would make the widespread adoption of radial tyres difficult.
- Replacement cycles for tyres on commercial vehicles Particularly radial tyres, can be slow in comparison. The overall demand for new radial tyres may be impacted by fleet operators and enterprises delaying tyre replacements in an effort to control expenses.
- The COVID-19 pandemic effects The COVID-19 pandemic has had a significant impact on a number of international industries, notably the transportation and automobile sectors. The market for truck and bus radial tyres has been affected by supply chain disruptions, production halts, and changes in consumer behaviour, which have all had an effect on the demand for commercial vehicles.
- Environmental Concerns The tyre sector is coming under more and more pressure to maintain a sustainable environmental footprint. Stricter laws and higher expenses for tyre makers could result from worries about tyre disposal and the environmental effects of tyre production processes.
Global Truck And Bus Radial Tire Market Segmentation Analysis
The Global Truck And Bus Radial Tire Market is segmented based on Vehicle Type, Application, Tire Type, and Geography.
Truck And Bus Radial Tire Market, By Vehicle Type
- Heavy-duty Trucks Radial tires designed for large, heavy-duty trucks used in long-haul transportation and industrial applications.
- Medium-duty Trucks Tires tailored for medium-sized trucks, balancing durability and performance for various delivery and transportation needs.
- Buses Radial tire solutions crafted for the unique demands of passenger buses, prioritizing safety, comfort, and longevity.
Truck And Bus Radial Tire Market, By Application
- On-road Radial tires optimized for performance on paved roads, delivering superior traction, fuel efficiency, and stability.
- Off-road Specialty radial tires designed to withstand rugged terrain, providing durability and traction for off-road vehicles in construction, agriculture, and mining.
Truck And Bus Radial Tire Market, By Tire Type
- All-Position Tires Versatile radial tires suitable for any wheel position on a vehicle, offering balanced performance in steering, traction, and load-bearing capabilities.
- Drive Tires Radial tires specifically engineered for the drive axle, emphasizing traction and power delivery for enhanced vehicle performance.
- Trailer Tires Radial tires designed for trailer axles, prioritizing durability, stability, and load-carrying capacity in various hauling applications.
Truck And Bus Radial Tire Market, By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Key Players
The major players in the Truck And Bus Radial Tire Market are
- Bridgestone Corporation
- Michelin
- Continental AG
- Goodyear Tire and Rubber Company
- Yokohama Rubber Corporation
- Sumitomo Rubber Industries Ltd
- Hankook Tire & Technology Co Ltd
- Pirelli & C.S.p.A
- Kumho Tire Co Inc
- China National Tire & Rubber Co Ltd
- Giti Tire
- Linglong Tire
- Cheng Shin Rubber Industry Co Ltd
- Double Coin Tires
- Triangle Tire Co Ltd
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2030 |
| BASE YEAR | 2023 |
| FORECAST PERIOD | 2024-2030 |
| HISTORICAL PERIOD | 2020-2022 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Bridgestone Corporation, Michelin, Continental AG, Goodyear Tire and Rubber Company, Yokohama Rubber Corporation, Sumitomo Rubber Industries Ltd, Hankook Tire & Technology Co Ltd, Pirelli & C.S.p.A, Kumho Tire Co Inc. |
| SEGMENTS COVERED | By Vehicle Type, By Application, By Tire Type And By Geography. |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Analyst’s Take
In conclusion, the Truck and Bus Radial Tire Market is projected to experience steady growth in the forecast period, driven by factors such as the expanding commercial vehicle fleet size, increasing demand for efficient and durable tires, and stringent regulations pertaining to vehicle safety and emissions. The growing adoption of radial tire technology by fleet operators and transportation companies to improve fuel efficiency, reduce operating costs, and enhance overall vehicle performance is expected to fuel market expansion. Additionally, technological advancements leading to the development of innovative tire designs, tread compounds, and manufacturing processes are likely to contribute to market growth further. Market players focusing on product differentiation, expansion of distribution networks, and strategic collaborations with OEMs and fleet operators are well-positioned to capitalize on the growing opportunities in the Truck and Bus Radial Tire Market.
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