Truck and Bus Radial (TBR) Tire Market Overview
The global truck and bus radial (TBR) tire market has expanded substantially in recent years. Extensive road networks across countries has stimulated greater production of trucks, buses, and other modes of public transport, accelerating the demand for radial tires.
According to PwC, global transport infrastructure investment is likely to grow annually by 5% until 2025. Majority of this growth will be driven by trucks and buses. Since all trucks and buses vary in shape and size, manufacturers are introducing radial tires of multiple dimensions.
Fact.MR projects the global truck and bus radial tire market to expand at a noteworthy CAGR, reaching a multi-billion dollar valuation by 2030.
Truck and Bus Radial Tire Market Insights by Application
The trucks segment is expected to register maximum uptake of radial tires across the forecast period. High production of medium and heavy duty trucks to facilitate transportation of bulk goods is stimulating this demand. Trucks are especially suitable for hauling heavy-duty goods and freight transport. Therefore, they require constant maintenance. In spite of significant deceleration in the logistics sector due to the COVID-19 pandemic, expansion of the TBR tire market size is expected to remain positive.
Truck and Bus Radial Tire Market Insights by Sales Channel
Radial tire aftermarkets are gaining significant momentum, attributed to increasing replacement rate of truck tires as a good vehicle maintenance practice. Periodic maintenance is pivotal to ensure the longevity of any vehicle. Obsolete parts may prove to be a hindrance in the long run. In addition, regular tire replacement helps ensure safety of the vehicle. Strong and new tires are especially helpful in maintaining road grip and avoid skidding, which could lead to fatal accidents. The aftermarket segment is slated to record steady growth in the truck and bus radial tire market in spite of the slowdown ushered in by COVID-19.
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Regional Outlook of Truck and Bus Radial Tire Market
Regionally, the Asia Pacific truck and bus radial tire market shall retain its dominance, with India, China, ASEAN countries, and Japan spearheading regional growth. A proliferating transportation sector due to the presence of numerous manufacturing industries is escalating growth. Besides this, the aforementioned countries are also some of the largest rubber producers, a key ingredient in TBR tire production. For instance, in India, total natural rubber output increased by nearly 10% in 2019-20 fiscal. This factor is also driving TBR tire production across Asia Pacific, allowing it to enjoy a significant truck and bus radial tire market share.
Truck and Bus Radial Tire Market Trends
Burgeoning e-Commerce to Catapult Growth: Rising e-Commerce penetration has expanded the scope of transportation and logistics. As more people become acquainted with the virtual world, online shopping for products such as consumer electronics, foodstuffs, beverages, medical products, cosmetics, etc., has surged. Consequently, prominent vendors are strengthening their logistical chains by incorporating more trucks in their existing fleets. This is ultimately accelerating demand for tires with a strong road grip, an objective that is readily fulfilled by radial tires.
Increased Reliance on Public Transport: Reliance on public transport systems such as metro trains, buses, and carpools is increasing on a daily basis. Concerns regarding environmental pollution due to private car ownership is accelerating this trend. As governments across the world invest heavily in developing a robust public transport infrastructure, demand for truck and bus radial tires is experiencing an upward trend. Rising electric vehicle production, especially buses, is also stimulating growth of the TBR tire market.
Heightened Awareness about Vehicle Maintenance: Fleet managers, logistical companies, and commercial truck & bus owners are becoming highly aware about the importance of vehicle maintenance. Vehicle maintenance is a critical aspect of an efficient transportation system. Physical wear and tear needs to be addressed on a regular basis. In this light, vehicle owners are accelerating spending on radial tires, as they provide enhanced sidewall flexibility, reduced fuel consumption, softer rides, and greater stability on the road. Additionally, radial tires also have a longer lifespan due to reduced frictional heat.
Moderate Deceleration Anticipated amid COVID-19 Pandemic
The COVID-19 pandemic has significantly hindered the transportation and logistics sector. Government-imposed shutdowns to curb the virus’s spread has disrupted production cycles across prominent manufacturing industries, causing output to decline. Due to decelerating output, a gap in the demand-supply equation persists, leading to a slump in the logistics sector. This has directly impacted the TBR tire market. This sluggishness shall prevail throughout 2020.
However, rising e-Commerce activities and gradual easing of restrictions on transport are restoring growth to previously projected levels. High demand for various consumer and industrial goods through virtual marketing platforms is aggrandizing the need for proper transportation systems to supply goods, providing traction to the TBR tire market.
The Analyst’s Viewpoint
“An amalgamation of technological advancements, rapid e-Commerce sector boost, and rising number of last-mile deliveries are anticipated to contribute significantly to market growth. However, the COVID-19 pandemic has ushered in moderate downswing, which is expected to last until 2020-end.”
Truck and Bus Radial Tire Market- About the Report
Fact.MR has published an exclusive forecast report on the truck and bus radial (TBR) tire market for 2020 to 2030. The foremost objective of this report is to pitch insights on the market scenario, demand generators, and technological advancements in the truck and bus radial tire market. Also, the study addresses key dynamics that are expected to diversify the sales and future prominence of the market.
The report begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the truck and bus radial tire market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the TBR tire market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for TBR tires.
Truck and Bus Radial (TBR) Tire Market - Scope of the Report
A recent study by Fact.MR on the truck and bus radial (TBR) tire market offers a 10-year forecast for 2020 to 2030. The study analyzes crucial trends that are currently determining market growth. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders and emerging players associated with the manufacturing of truck and bus radial tires. The study also provides the dynamics that are responsible for influencing the future status of the truck and bus radial tire market over the forecast period.
A detailed assessment of TBR tire market value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report. A list of prominent companies operating in the truck and bus radial tire market, along with their product portfolios, enhances the reliability of this comprehensive research study.
Truck and Bus Radial Tire Market: Report Summary
The study offers a comprehensive analysis on diverse features, including demand, product developments, revenue generation, and sales in the truck and bus radial tire market across the globe.
A comprehensive estimate on the truck and bus radial tire market has been provided through an optimistic as well as a conservative scenario, taking into account the sales during the forecast period. Price point comparison by region with global average price is also considered in the study.
Truck and Bus Radial Tire Market – Segmentation
Fact.MR’s research study assesses the global truck and bus radial tire market in terms of application, sales channel, and region. This report presents extensive market dynamics and trends associated with different segments of the market, and their influence on the growth prospects of the global TBR tire market.
TBR Tire Market: Analysis on Market Size Evaluation
The truck and bus radial tire market has been analyzed for each market segment in terms of value (US$ Mn) and volume (million units).
Market estimates at global and regional levels for the truck and bus radial tire market are available in terms of “US$ Mn” for value and million units for volume. A Y-o-Y growth contrast on prominent truck and bus radial tire market segments, along with market attractiveness evaluation, has been incorporated in the report.
TBR Tire Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the truck and bus radial tire market report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the TBR tire market during the forecast period.
Country-specific valuation on demand for truck and bus radial tires has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value for emerging countries has also been included in the report.
TBR Tire Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the truck and bus radial tire market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of truck and bus radial tires has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the TBR tire market.
Prominent companies operating in the global truck and bus radial tire market include Bridgestone Corporation, Aeolus Tyre, Hankook, MICHELIN, Cheng Shin Rubber, Toyo Tires, KUMHO Tire, Giti Tire, The Goodyear Tire and Rubber Company, Yokohama Rubber Company, ZC Rubber, Continental AG, Sumitomo Rubber Industries Ltd., Xingyuan Group, Triangle Tire Group, Sailun Group, and Prometeon Tyre Group.
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