As per MRFR analysis, the Truck And Bus Tire Market Size was estimated at 23.56 (USD Billion) in 2022. The Truck And Bus Tire Market Industry is expected to grow from 24.18(USD Billion) in 2023 to 30.5 (USD Billion) by 2032. The Truck And Bus Tire Market CAGR (growth rate) is expected to be around 2.62% during the forecast period (2024 - 2032).
The ever-expanding truck and bus tire market has witnessed a positive shift owing to increasing expectations for better and superior quality tires due to heightened levels of heavy-duty vehicle manufacturing. Further, the stricter imposition of emission standards, along with the demand for energy-saving products, tend to boost the demand for new tire technologies that have low rolling resistance and low emission.
Thanks to the growth of e-commerce and digital logistics, the volumes of freight traffic have increased, which has caused a demand for high-quality truck and bus tires. Intense competition rounds out the trend, as the future electric and self-driving cars will provide indispensable opportunities in this market. Therefore, due to the unique requirements of these vehicles, manufacturers are working on strategies to produce appropriate tires.
New tendencies in the truck and bus tire market are associated with the expansion of the telematics market, which allows tire performance to be monitored as well as real-time updates on their performance status. This allows fleet managers to make better use of their tires, minimize tire-related downtime, and enhance safety. In addition, the current trend toward sustainability is pushing for a shift toward the production of tires made from green materials that will last longer than the current generation of tires.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
A major driver of the Truck and Bus Tire Market Industry is the growing demand for commercial vehicles, such as trucks and buses. This is because there is a growing need to transport goods and passengers, especially with the increasing expansion of emerging economies. Moreover, the emergence of e-commerce and the increasing urbanization rates have led to more commercial vehicles, further increasing truck and bus tire demand. This, in addition to the increasing number of constructions and infrastructure development, can lead to even more commercial vehicles and, in turn, truck and bus tires.
Technological progress is another factor that promotes the development of the truck and bus tire market industry. Manufacturers invest in R in order to make their products more convenient, efficient, and durable for their customers. There are industrial trends and new technologies that manufacturers are starting to adopt. They use new materials to make tires that enable the trucks and buses to be more fuel-efficient and have longer-lasting tread wear.Manufacturers also aim to provide better traction by developing new manufacturing processes. These strategies help manufacturers meet the needs of commercial vehicle operators and support the overall development of the Truck and Bus Tire Market Industry.
Government regulations play a significant role in driving the Truck and Bus Tire Market Industry. Stringent regulations regarding vehicle safety and emissions are among manufacturers to develop tires that meet these standards. For instance, the European Union has implemented strict fuel efficiency regulations for commercial vehicles, which has led to the demand for tires that reduce rolling resistance and improve fuel economy. Similarly, government regulations on tire labeling and recycling are also influencing the Truck and Bus Tire Market Industry.
The Truck And Bus Tire Market has been segmented by Vehicle Type into Trucks and Buses. By market share, Trucks held the largest market as of 2023 and is expected to see a higher growth during the forecast period. The demand for Trucks is gaining popularity for both commercial and personal use. Trucks are used as a mode of transportation for goods and materials long distances. An increase in the e-commerce industry is boosting the demand for trucks. Buses segment is also a growing segment or vehicle type. An increase in urbanization whereby higher population density is demanding the use of buses used for public transportation, a demand for medium and heavy-duty buses is being increased.The market is expected to generate revenue of USD 15.6 billion by 2024 at a CAGR of 2.8%.
The Buses segment is expected to generate a revenue of USD 8.9 billion by 2024, at a CAGR of 3.2%. Market growth factors include the increasing demand for trucks and buses, the growth of the e-commerce industry, and urbanization. The challenges of the market include the costs of the raw materials, which require market players to increase the final price of the product, or the availability of other Chinese manufacturers, which increases competition. The Truck And Bus Tire Market is a growing market and is expected to see stable growth during the forecast period.In conclusion, demand for trucks and buses will be a leading driver of market growth. The e-commerce industry is expected to see growth and develop further. On another note, urbanization is also expected to be on the rise.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Truck And Bus Tire Market is segmented by Tire Type into Radial Tires and Bias Tires. Radial Tires held the largest market share in 2023 and are expected to continue to dominate the market throughout the forecast period. Radial tires offer several advantages over bias tires, including improved fuel efficiency, longer tread life, and better handling. As a result, radial tires are increasingly being used in both new and replacement applications. Bias Tires are expected to experience slower growth over the forecast period. Bias tires are less expensive than radial tires, but they offer inferior performance in terms of fuel efficiency, tread life, and handling.The market growth is being driven by the increasing demand for trucks and buses, as well as the growing popularity of radial tires.
The Truck And Bus Tire Market is segmented based on Application into On-Road and Off-Road. The On-Road segment accounted for a larger revenue share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for commercial vehicles for the transportation of goods and passengers. The Off-Road segment is expected to witness significant growth over the forecast period due to the rising demand for tires designed for rough terrain and extreme conditions in construction, mining, and off-road racing applications.The Truck And Bus Tire Market segmentation provides valuable insights into the market dynamics and helps stakeholders identify potential growth opportunities.
The Rim Size segment plays a crucial role in the Truck And Bus Tire Market revenue. In 2023, the 'Below 22.5 Inches' sub-segment held a dominant position, accounting for nearly half of the market share. This dominance is attributed to the widespread use of these tires in light and medium-duty trucks and buses. The '22.5 Inches and Above' sub-segment, catering to heavy-duty vehicles, is projected to exhibit steady growth over the forecast period, driven by increasing demand for heavy-duty trucks in the construction, mining, and logistics sectors.The Truck And Bus Tire Market segmentation provides valuable insights into the market dynamics, enabling stakeholders to make informed decisions and capitalize on growth opportunities.
The regional segmentation of the Truck And Bus Tire Market offers valuable insights into the market's geographical spread and growth dynamics. North America holds a significant share of the market, driven by the presence of major economies such as the United States and Canada. The region's developed transportation infrastructure, coupled with high demand from trucking and logistics industries, contributes to its dominance. Europe follows closely, with key markets in Germany, France, and the United Kingdom. The region's stringent emission regulations and focus on fuel efficiency have led to a growing demand for high-performance truck and bus tires.APAC is projected to witness substantial growth over the forecast period. Rapid urbanization, increasing disposable income, and expanding transportation networks in emerging economies like China and India are driving demand in this region. South America and MEA represent relatively smaller but growing markets, with potential for expansion as these regions continue to develop their infrastructure and transportation systems.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Major players in the Truck And Bus Tire Market industry are constantly striving to gain a competitive edge in the Truck And Bus Tire Market development. Leading Truck And Bus Tire Market players are focusing on innovation and technological advancements to meet the evolving needs of customers. They are also expanding their global reach through strategic partnerships and acquisitions. The Truck And Bus Tire Market Competitive Landscape is characterized by intense competition among established players and emerging new entrants. The key players in this market are adopting various strategies to increase their market share and profitability, such as product innovation, expansion into new markets, and strategic collaborations. They are also focusing on developing eco-friendly and sustainable products to meet the growing demand for environmentally conscious solutions.Michelin is a leading Truck And Bus Tire Market player with a strong global presence. The company offers a wide range of tire solutions for various applications, including long-haul, regional, and urban transportation. Michelin is committed to providing innovative and high-quality products, and it has a strong focus on research and development. The company also has a strong distribution network and customer support system.Bridgestone is another major player in the Truck And Bus Tire Market. The company offers a wide range of tires for commercial vehicles, including trucks, buses, and trailers. Bridgestone is known for its advanced tire technologies and its commitment to quality and customer service. The company has a strong global presence and a wide distribution network.
The Truck And Bus Tire Market size was valued at USD 24.18 billion in 2023 and is projected to expand at a CAGR of 2.62% from 2024 to 2032, reaching USD 30.5 billion by 2032. Rising demand for commercial vehicles, increasing freight movement, and a growing e-commerce industry are driving market growth.Recent developments include the launch of fuel-efficient tires by major players like Michelin and Bridgestone, and the adoption of advanced technologies like RFID (Radio Frequency Identification) in tires for better fleet management and safety.Key market trends include the growing popularity of radial tires, increasing demand for retreaded tires, and the adoption of sustainable practices by manufacturers.
| Report Attribute/Metric | Details |
| Market Size 2022 | 23.56(USD Billion) |
| Market Size 2023 | 24.18(USD Billion) |
| Market Size 2032 | 30.5(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 2.62% (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 | Cooper Tire, Michelin, Yokohama Tire, Pirelli, Hankook Tire, Toyo Tire, Cheng Shin Tire, Bridgestone, Triangle Tyre, Nexen Tire, Goodyear, Giti Tire, Kumho Tire, Maxxis, Continental |
| Segments Covered | Vehicle Type, Tire Type, Application, Rim Size, Regional |
| Key Market Opportunities | Growing ecommerce autonomous vehicles increased urbanization demand for fuel-efficient tires, expanding aftermarket sales |
| Key Market Dynamics | Increased demand for commercial vehicles, technological advancements, growing ecommerce and logistics sector focus on vehicle safety and efficiency, stringent government regulations |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Truck And Bus Tire Market was valued at USD 24.18 billion in 2023. It is projected to reach USD 30.5 billion by 2032, exhibiting a CAGR of 2.62% during the forecast period (2024-2032).
The Asia Pacific region is expected to dominate the Truck And Bus Tire Market throughout the forecast period. This dominance is attributed to the increasing demand for commercial vehicles, particularly in emerging economies such as China and India.
Truck And Bus Tires are primarily used in commercial vehicles, including trucks, buses, and trailers. They are designed to withstand heavy loads and provide durability, traction, and fuel efficiency.
Key competitors in the Truck And Bus Tire Market include Michelin, Bridgestone, Goodyear, Continental, and Pirelli. These companies offer a wide range of tire products and solutions tailored to meet the specific needs of commercial vehicle operators.
Key trends shaping the Truck And Bus Tire Market include the rising adoption of electric and autonomous vehicles, increasing demand for sustainable tire solutions, and the growing popularity of tire-as-a-service models.
The Truck And Bus Tire Market is anticipated to grow at a CAGR of 2.62% during the forecast period (2024-2032).
Senior Research Analyst She has over 5 years of rich experience, in market research and consulting providing valuable market insights to client. hands on expertise in management consulting, and extensive knowledge in domain including ict, automotive & transportation and aerospace & defense. she is skilled in go-to market strategy, industry analysis, market sizing, in depth company profiling, competitive intelligence & benchmarking and value chain amongst others.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
