The global truck and bus radial (TBR) tire market is expected to surpass a high revenue threshold, primarily on the back of a burgeoning transportation and logistics industry, according to Fact.MR’s recently published report.
As manufacturing industries expand, demand for transporting raw materials and finished goods to end-users is increasing. Consequently, the production of heavy-duty trucks is picking up pace, thereby accelerating demand for radial tires. In addition, burgeoning e-Commerce has proliferated the need for last-mile deliveries across prominent geographies, prompting industries to develop effective transportation links, thus necessitating higher fleet maintenance.
Despite a substantial deceleration ushered in by the COVID-19 pandemic, growth prospects for the market appear largely positive, with projections set to resume normal trajectory post-2020, reaching a valuation of U.S. $98 billion by the end of the forecast period (2020 to 2030).
Key takeaways from the Truck and Bus Radial Tire Market report include:
- Trucks to capture substantial share by application in the TBR tire market space, attributed to increased production of medium and heavy-duty trucks to transport goods.
- By the sales channel, the aftermarket segment is poised to be the most lucrative. Increasing awareness of constant fleet maintenance is driving growth.
- Asia Pacific to emerge as a key revenue generator in the global TBR tire market, attributed to the presence of multiple tire manufacturers.
- High dependence on public transport by passengers to heighten bus-grade radial tire sales.
“[A] High proportion of rubber production is encouraging prominent radial tire manufacturers to foray into emerging economies in the Asia Pacific region, thereby providing traction to the truck and bus radial tire market,” says a Fact.MR analyst.
A combination of strategies ranging from strategic collaborations, joint ventures, acquisitions, and product launches pepper the global competitive landscape. Moreover, companies are seeking firm footing across emerging economies in the Asia Pacific region, owing to reduced production costs and availability of rubber.
Players such as Bridgestone Corporation are also integrating smart solutions to provide enhanced aftersales services to potential clients. The company partnered with Microsoft in June 2020 to develop an intelligent tire monitoring system with the objective of reducing accidents caused by technical failure.
In July 2020, MICHELIN collaborated with MotoE to carry forward its sustainable mobility and respect for environmental objectives. Under this partnership, MICHELIN has agreed to launch a new range of sustainable tires for motorsports.
In February 2020, Goodyear Tire and Rubber Company launched its EfficientGrip Performance 2 tire series, which provides 50% higher mileage as compared to its earlier version. This series offers high tread elasticity and flexibility, optimized compound stiffness, and large central tread ribs.
Fact.MR's report provides a comprehensive, unbiased analysis of the global truck and bus radial tire market, incorporating historical demand analysis (2015-2019) and forecast data for the period 2020-2030. The study provides essential insights into the market on the basis of application (trucks and buses) and sales channel (OEMs and aftermarket), across five key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa).