Rockville, MD , Oct. 23, 2024 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global truck and bus radial tire market stands at US$ 16.77 billion in 2023 and is predicted to rise at a CAGR of 6% between 2023 and 2033.
Truck and bus radial (TBR) tires are built with advanced technologies and materials to withstand heavy loads and provide reliable performance in various road conditions. The market for truck and bus radial tires is growing healthily owing to the increasing demand for commercial vehicles and improvements in tire technologies.
Rapidly growing demand for truck transportation and public transportation services is boosting the growth of the truck and bus radial tire market. The development of road networks in several countries is stimulating a higher production of trucks, buses, and other forms of public transportation, consequently boosting the demand for radial tires.
Manufacturers are developing innovative tire solutions that offer improved fuel efficiency, longer tread life, enhanced traction, and better load-carrying capacity. The adoption of these advanced tire technologies is predicted to fuel demand for improved truck and bus radial tires during the forecast period. Key market players are also focusing on the production of eco-friendly tires, which are manufactured from recycled materials.
North America and Europe hold leading positions in the global market. Emerging economies, particularly in Asia Pacific and Latin America, are witnessing significant economic growth and urbanization. This growth is accompanied by high investments in infrastructures, including transportation systems. The expanding commercial vehicle fleet in these regions is also driving the demand for truck and bus radial tires.
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Key Takeaways from Market Study
- The global truck and bus radial tire market is predicted to reach US$ 30.3 billion by 2033.
- Sales of truck and bus radial tires in Germany are predicted to increase at a CAGR of 6% from 2023 to 2033.
- The market in the United States is projected to reach US$ 7.60 billion by 2033.
- The China truck and bus radial tire market is expected to reach US$ 7.75 billion by 2023.
- Sales of truck and bus radial tires through OEMs are anticipated to increase at a CAGR of 1% over the next 10 years.
“Introduction of smart and sustainable tire solutions are generating potential growth opportunities for TBR tire manufacturers,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Truck and Bus Radial Tire Market
Key Players in the truck and bus radial tire market are Apollo Tyres, Balkrishna Industries Limited, Bridgestone Corporation, China National Tire & Rubber Co., Ltd., Continental AG, Cooper Tire & Rubber Company, Giti Tire, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co. Ltd., Kumho Tire Co., Inc., MICHELIN.
Recent Market Developments
- Bridgestone Americas’ (Bridgestone) truck and bus radial tire plant in Warren County, Tennessee, underwent extensive development and modernization in August 2022 with an investment of US$ 550 million, which is projected to generate 380 new jobs, increase the plant’s current size by 850,000 square feet, and hasten the adoption of cutting-edge technologies that enable safer, cleaner, and more efficient commercial truck and bus fleets.
- To increase its footprint in America through supply chain management and industry-leading retail channels, Goodyear purchased Cooper Tyre & Rubber Company in March 2021 for US$ 2.8 billion for enhancing its product offerings for SUVs and light trucks.
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Truck and Bus Radial Tire Industry News:
- Bridgestone Corporation declared in December 2021 that its TBR tire manufacturing facilities in China would be consolidated as part of its mid-term business plan (2021–2023). By increasing the company’s earning capacity and enabling strategic investments for future growth, this effort seeks to improve growth prospects.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global truck and bus radial tire market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on application (trucks, buses), sales channel (OEMs, aftermarket), and across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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