Global Bus Radial Tire Market Overview
As per MRFR analysis, the Bus Radial Tire Market Size was estimated at 12.09 (USD Billion) in 2022.The Bus Radial Tire Market Industry is expected to grow from 12.69 (USD Billion) in 2023 to 19.5 (USD Billion) by 2032. The Bus Radial Tire Market CAGR (growth rate) is expected to be around 4.89% during the forecast period (2024 - 2032).
Key Bus Radial Tire Market Trends Highlighted
The Bus Radial Tire Market has several key drivers, such as the rising demand for fuel-efficient tires, strict government regulations concerning the safety of and emissions from tires, and the increasing popularity of electric and hybrid buses. The main reason for the growing adoption of radial tires in this segment is their better performance features, such as enhanced fuel efficiency, longer-lasting treads, and improved handling.
For instance, some opportunities that may be exploited within this market include the development of new materials and technologies for tire manufacturing, expanding tire retreading and recycling services, and the rise in demand for bus radial tires in emerging economies. Recent trends have shown a move towards wider low-profile tires to improve stability and handling, as well as the implementation of advanced tire monitoring systems to enhance safety and efficiency. With increased bus transport demands coupled with the need for safe, efficient tires, the market is expected to continue growing into the future.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bus Radial Tire Market Drivers
Rising Demand for Fuel-Efficient Vehicles
A key factor driving growth in the Bus Radial Tire Market Industry is the rising demand for fuel-efficient automobiles. As governments around the world establish stringent fuel economy regulations, bus companies are switching to radial tires for their buses so that they can meet these standards. Unlike bias-ply tires, radial tires have a lower rolling resistance, meaning that they do not need much energy to roll, thus leading to better fuel efficiency. Moreover, compared to bias-ply tires, radial ones have longer tread life, making them cheaper for bus operators to use.
This combination of factors is anticipated to enhance the need for radial tires in the upcoming years.
Growing Popularity of Electric Buses
The growth of the Bus Radial Tire Market is also driven by the increasing demand for electric buses. Electric-powered buses are more eco-friendly compared to diesel-powered ones, and they tend to have low operating costs. With time, various urban centers and nations will use e-autos as a public means of transport, hence the need to produce more radial tires specifically made for this type of vehicle. They also provide many benefits for electric buses because they have less rolling resistance, which can enhance an electric bus’s mileage through a single charging process. In addition, radial tires have a longer tread life than bias-ply tires, which can reduce operating costs for bus operators.
Increasing Infrastructure Investment
There is also an expectation that the Bus Radial Tire Market industry will grow due to rising infrastructure investments. It is projected that increasing government investments in new and better bus infrastructure worldwide would drive up bus demand. Hence, a surge in demand for radial tires will follow. Radial tires are more long-lasting than bias-ply tires and can be suitable for buses operating under tough conditions.
Bus Radial Tire Market Segment Insights:
Bus Radial Tire Market Technology Insights
The Bus Radial Tire Market is divided by Technology into Radial Steel Tires, Radial Nylon Tires, and Radial Polyester Tires. In 2023, the leading market share was held by radial steel tires, and they are expected to continue dominating the market throughout the forecast period because of their higher life cycle, fuel efficiency, and better traction compared to other so-called tires. During the forecast period, the highest growth rate is expected for radial nylon tires. This demand has been stimulated by growing numbers of buses in resident countries of any type or kind.
Key insights for the Technology section of the Bus Radial Tire Market include: By 2032, radial steel tires will still be major technology types, having over 60% of the market share. Over this projection duration as well, this is due to lower prices it has over others as of now. Radial polyester tires will experience a fair pace of expansion and will increasingly become relevant in certain cases where special features are required.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bus Radial Tire Market Tire Size Insights
Anything that can be linked to tire size is a crucial aspect of the bus radial tire market worldwide. It encompasses various sizes of tires to suit different requirements of bus manufacturers and operators in the Tire Size segment. Among the major sub-segments, ‘19.5-24 Inches’ was the dominant one, capturing considerable market share in 2023 due to its extensive use in various kinds of buses such as city buses, coaches, and school buses. This part is expected to keep its dominance during the forecast period mainly because emerging markets are requesting these tire sizes more.
On the other hand, another significant section is ‘22.5 Inches and above’, which is commonly used in heavy-duty buses as well as long-distance travel services. In addition, this particular segment will grow steadily over time owing to the increasing number of double-decker buses and growing intercity bus networks. Last but not least, ‘17.5-22.5 Inches’ is an important category that serves small vehicles like buses customized for specific purposes; it should undergo a moderate increase resulting from higher demand for minibus types or narrow environments.
In conclusion, this article explains how stakeholders can utilize data from the Tire Size section to gain insights about the Bus Radial Tire Market and craft their market strategies using targeted growth opportunities.
Bus Radial Tire Market Application Insights
The Bus Radial Tire Market comprises urban buses, long haul buses, school buses, and regional transit buses as segments. Urban buses within this segment will dominate market share by 2024 due to rising urbanization and increased public transportation needs in metropolitan areas. The estimated CAGR for urban bus tires is 5.2% during the forecast period and is expected to reach USD 7.2 billion by 2024 due to its high demand in urban areas. Long-haul buses follow closely with a market size of USD 4.8 billion in 2024; these are driven mainly by intercity travel and tourism.
However, school buses and regional transit buses are expected to grow steadily, supporting overall market growth.
Bus Radial Tire Market Tread Width Insights
Market segmentation is done on the basis of thread width, such as wide-base tires and narrow-base tires. The portion of income in 2023 related to wide-base tires was bigger following their higher stability, traction, and load-carrying ability. These are designed with a wider footprint, which gives more contact area with the road, leading to better handling and braking characteristics. Furthermore, wide-base tires offer improved fuel efficiency due to their reduced rolling resistance. On the other hand, Narrow-Base Tires are widely used in urban areas because they allow easy movement and save on fuel.
However, during this period, narrow-based tires are projected to have a CAGR of 5.11% and will be worth $4.2 billion by 2032.
Bus Radial Tire Market Speed Rating Insights
The Bus Radial Tire Market is segmented by speed rating into H (130 km/h), J (100 km/h) and L (120 km/h). Expecting the highest growth rate in the forecast period, the former will sensibly expand its market share as the demand for high-performance buses increases. The latter is even foreseen to rise steadily due to the heightened liking of medium-duty buses. The L speed rating segment is expected to remain stable, with demand primarily coming from low-speed applications such as school buses. In 2023, the H speed rating segment accounted for the largest share of Bus Radial Tire Market revenue, and it would continue to maintain its lead throughout this forecast period.
Due to an upswing in medium-duty buses’ popularity, the J speed rating segment should register a higher CAGR than the H speed rating segment. Meanwhile, moderate growth within the forecasted timeline is anticipated for the L speed rating segment. The market for global bus radial tires features stiff competition among numerous key players. Among them are Michelin, Bridgestone, Goodyear, Continental, and Pirelli, who spend huge sums on research and development aimed at making their tire products more efficient and durable.
Bus Radial Tire Market Regional Insights
The regional breakdown of the Bus Radial Tire Market provides insights into the dynamics of the market in different parts of the world. In 2023, North America will make up a good part of this market, with a value of approximately USD 4.2 billion. This is because we have seen more and more urbanization across the continent and an increase in tourism activities, which has led to a rise in demand for buses. It is estimated that Europe will be one of the largest markets for bus radial tires, with about $3.5 billion by 2023 due to air quality standards enforced by governments and eco-friendly transit policies.
In Asia-Pacific (APAC), the bus radial tire market is expected to grow rapidly, achieving approximately USD 6.8 billion by 2023. The growth has been contributed by countries like India and China, which have increased the number of their bus fleets. Although South America and Middle East Africa (MEA) regions are projected to contribute insignificant portions to the global market, they are likely to record steady growth rates going forward.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Bus Radial Tire Market Key Players And Competitive Insights:
Major players in the Bus Radial Tire Market industry strive to maintain their position by continuously expanding their product portfolios and investing in research and development. They aim to develop innovative products that meet the evolving needs of customers. Furthermore, leading Bus Radial Tire Market players engage in strategic partnerships and collaborations to strengthen their market presence and gain access to new technologies. The competitive landscape is expected to remain dynamic, with new entrants and established players vying for market share.
Rapid Bus Radial Tire Market development is being driven by technological advancements, such as the integration of sensors and telematics systems, which enhance tire performance and safety.One of the prominent competitors in the Bus Radial Tire Market is Michelin. The company is known for its innovative tire technologies and strong global presence. Michelin offers a wide range of bus radial tires designed for various applications, including urban, regional, and long-haul transportation. It focuses on providing high-quality tires that deliver optimal performance, durability, and fuel efficiency. Michelin also emphasizes sustainability and manufactures tires using eco-friendly materials and processes.
The company's commitment to innovation and customer satisfaction has made it a leading player in the Bus Radial Tire Market.Another key competitor in the Bus Radial Tire Market is Bridgestone. Similar to Michelin, Bridgestone is a global tire manufacturer with a long history of innovation. The company offers a diverse portfolio of bus radial tires engineered to meet the specific requirements of different bus types and operating conditions. Bridgestone's focus on advanced materials and manufacturing techniques ensures the production of high-performance tires that provide excellent traction, handling, and longevity. The company's global network and strong brand recognition have contributed to its success in the Bus Radial Tire Market. Bridgestone continuously invests in research and development to enhance its products and maintain its competitive edge.
Key Companies in the Bus Radial Tire Market Include:
- Michelin
- Cheng Shin Rubber
- Continental
- Hankook Tire
- Pirelli
- Double Coin
- Toyo
- Yokohama Tire
- Triangle Tyre
- Bridgestone
- Sumitomo Rubber Industries
- NexenneparaKumho
- Goodyear
Bus Radial Tire Market Industry Developments
The Bus Radial Tire Market is expected to grow from USD 12.69 billion in 2023 to USD 19.5 billion by 2032, at a CAGR of 4.89%. Rising demand for fuel-efficient and durable tires, increasing urbanization, and growing bus production are expected to drive market growth. Key industry participants include Michelin, Bridgestone, Goodyear, Continental, and Pirelli. Recent developments include Michelin's launch of the Energy X radial tire, designed to enhance fuel efficiency and reduce rolling resistance.
Bridgestone has introduced the Ecopia H002 radial tire, featuring low rolling resistance and improved durability. Goodyear has launched the Fuel Max S radial tire, offering reduced fuel consumption and extended tire life. Continental has introduced the Conti EcoRegional HS3 radial tire, designed for regional and long-haul applications with improved fuel efficiency and reduced noise levels. Pirelli has launched the TR:24 radial tire, specifically designed for urban bus applications with enhanced traction and durability.
Bus Radial Tire Market Segmentation Insights
Bus Radial Tire Market Technology Outlook
- Radial Steel Tires
- Radial Nylon Tires
- Radial Polyester Tires
Bus Radial Tire Market Tire Size Outlook
- 5-24 Inches
- 5 Inches and above
- 5-22.5 Inches
Bus Radial Tire Market Application Outlook
- Urban Buses
- Long-Haul Buses
- School Buses
- Regional Transit Buses
Bus Radial Tire Market Tread Width Outlook
- Wide-Base Tires
- Narrow-Base Tires
Bus Radial Tire Market Speed Rating Outlook
- H (130 km/h)
- J (100 km/h)
- L (120 km/h)
Bus Radial Tire Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
12.09(USD Billion) |
| Market Size 2023 |
12.69(USD Billion) |
| Market Size 2032 |
19.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.89% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Michelin, Cheng Shin Rubber, Continental, Hankook Tire, Pirelli, Double Coin, Toyo, Yokohama Tire, Triangle Tyre, Bridgestone, Sumitomo Rubber Industries, Nexen, Kumho, Goodyear |
| Segments Covered |
Technology, Tire Size, Application, Tread Width, Speed Rating, Regional |
| Key Market Opportunities |
1 Growing demand for radial tires in emerging markets2 Rising popularity of electric buses3 Technological advancements in tire manufacturing4 Government regulations promoting fuel efficiency5 Increasing urbanization and infrastructure development |
| Key Market Dynamics |
Increase in demand for public transportation. Government regulations Advancements in tire technology |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Bus Radial Tire Market is currently valued at 12.69 Billion USD in 2023.
The Bus Radial Tire Market is projected to reach 19.5 Billion USD by 2032, exhibiting a CAGR of 4.89% from 2024 to 2032.
Key growth drivers of the Bus Radial Tire Market include increasing demand for fuel-efficient and durable tires, rising popularity of radial tires over bias tires, and growing bus fleet size.
North America is expected to hold the largest market share in the Bus Radial Tire Market due to increasing urbanization, rising disposable income, and expanding transportation infrastructure.
Key competitors in the Bus Radial Tire Market include Michelin, Bridgestone, Goodyear, Continental, and Pirelli.
Major applications of Bus Radial Tires include urban buses, intercity buses, school buses, and tourist buses.
Key trends shaping the Bus Radial Tire Market include the adoption of advanced tire technologies, such as RFID and self-inflating tires, and the growing emphasis on sustainability and eco-friendly tires.
Challenges faced by the Bus Radial Tire Market include intense competition, fluctuating raw material prices, and stringent government regulations.
Opportunities for growth in the Bus Radial Tire Market include expanding emerging markets, technological advancements, and increasing focus on tire safety and performance.
