What Has Been the Progress and Growth of the Truck And Bus Tires Market in Recent Years?
The truck and bus tires market has seen considerable growth due to a variety of factors.
• The market size of truck and bus tires has seen consistent growth in the past few years. The market is anticipated to expand from $45.31 billion in 2024 to $46.96 billion in 2025, showcasing a compound annual growth rate (CAGR) of 3.7%.
Factors contributing to this growth during the historic period include global economic growth, growth of logistics and freight industries, infrastructure development activities, fleet expansion and modernization, as well as an increase in urbanization and public transportation requirements.
What is the Forecasted Growth of the Truck And Bus Tires Market Size?
The truck and bus tires market is expected to maintain its strong growth trajectory in upcoming years.
• The anticipated steady expansion of the truck and bus tires market is projected to reach $56.41 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.7%.
This growth throughout the forecasted period can be credited to multiple factors such as the surge in e-commerce and last-mile delivery, green initiatives and fuel efficiency, advances in renewable energy and electric vehicles, stringent government regulations on safety and emissions, and rebound from economic crises. Looking ahead, the industry will be characterized by key trends such as the introduction of smart tire monitoring systems, an increased demand for all-season and specialty tires, a rising preference for radial tires, an emphasis on heavy-duty and load-carrying capacity, and the emergence of self-healing tire technology.
Which Key Drivers Are Propelling Th Truck And Bus Tires Market's Growth?
The surge in the commercial vehicle demand is anticipated to propel the bus and truck tire market forward. Commercial vehicles are motor vehicles utilized for the transportation of goods or people for business ventures. Truck and bus tires serve as the preferred choice for commercial vehicles due to their high load-bearing capacity, lower rolling resistance and offering the advantage of optimum traction in different speeds and weather conditions. For example, in January 2024, Daimler Truck Holding AG, a German commercial vehicle manufacturer, reported a marginal increase in sales from 520,291 units in 2022 to 526,053 trucks and buses in 2023. Trucks North America division sold a total of 195,014 units and Trucks Asia reported 161,171 units, marking a 3% rise from the prior year. Moreover, Daimler Buses performed impressively, with the sale of 26,168 units, an increase of 9% from the previous year. Thus, the escalating demand for commercial vehicles is driving the progression of the truck and bus tires market.
What Is The Segmentation Of The Global Truck And Bus Tires Market?
The truck and bus tires market covered in this report is segmented –
1) By Type: Radial, Bias
2) By Vehicle Type: Light Duty Vehicle, Heavy Duty Vehicle, Passenger Bus Vehicle
3) By Distribution Channel: OEM (Original Equipment Manufacturer), After market
4) By Application: Truck Tire, Bus Tire
Subsegments:
1) By Radial: Truck Radial Tires, Bus Radial Tires
2) By Bias: Truck Bias Tires, Bus Bias Tires
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What Emerging Trends Are Shaping The Truck And Bus Tires Market?
In the truck and bus tires market, product innovation is emerging as a crucial trend. To cement their positions in the market, most firms in the truck and bus tires arena are concentrating on the manufacture of inventive products. For example, in October 2022, Hankook Tire & Technology, a manufacturer of innovative, performance tires based in South Korea, introduced a new truck and bus radial (TBR) tire for electric vehicles (EVs), Smart iON AU06+. This novel tire enhances fuel efficiency, offers quick torque response and offers exceptional load support. The innovative technology facilitates a 25% increase in vehicle mileage compared to conventional tires. Additionally, the tire optimises ride comfort and diminishes noise, incorporating a cooling system to mitigate overheating, thereby enhancing ride quality.
Who Are the Key Players in the Truck And Bus Tires Market?
Major companies operating in the truck and bus tires market include:
• Continental AG
• Michelin Group
• Bridgestone Corporation
• Goodyear Tire & Rubber Company
• Sumitomo Rubber Industries Ltd.
• Hankook Tire & Technology
• Pirelli & Co SPA
• Yokohama Tire Corporation
• Zhongce Rubber Group Company Limited
• Hangzhou Zhongce Rubber Co Ltd.
• Trelleborg AB
• Toyo Tire Corporation
• Sailun Group
• Giti Tire Corporation
• Kumho Tire
• Cooper Tire & Rubber Company
• Linglong Tire Co Ltd.
• Apollo Tyres Limited
• Nokian Tyres Plc.
• Nexen Tire Corporation
• Double Coin Holdings Ltd.
• JK Tyre & Industries Ltd.
• Ceat Ltd.
• Prometeon Tyre Group
• Aeolus Tyres
• MAXXIS International
• Falken Tire Corporation
• Hercules Tire & Rubber Company
• Triangle Group
• Shandong Hengfeng Rubber & Plastic Co Ltd.
• Xingyuan Tire Group Co Ltd.
• Cordiant Company
• Federal Corporation
• Kenda Rubber Industrial Co Ltd.
What are the Regional Insights into the Truck And Bus Tires Market?
Asia-Pacific was the largest region in the truck and bus tires market in 2024. The regions covered in the truck and bus tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
