TBR Tire Market Value to Reach US$ 29.0 Billion by 2031, Transparency Market Research, Inc.

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Jan 19, 2023, 10:00 ET

Increase in usage of heavy-duty vehicles is likely to fuel market growth
The truck segment held 58.3% share of the global market in 2021
Rise in logistics and goods transportation across developing countries in Asia Pacific presents promising opportunities

WILMINGTON, Del. , Jan. 19, 2023 /PRNewswire/ -- The global TBR tire market is projected to expand at a CAGR of 6.7% from 2022 to 2031, as per the market outlook presented in a study by Transparency Market Research (TMR).

Truck tires need to be replaced on a regular basis as trucks hold low optimum time. Replacement tires are considered more cost-effective option as opposed to OEM tires owing to easy availability and no need for specific customization. In terms of sales channel, the aftermarket segment accounted for 55.0% share of the global industry in 2021. This can be attributed to rise in the usage of truck, bus, and radial (TBR) tires in the aftermarket sector owing to the increase in number of on-road buses and trucks globally. As per the TBR tire market forecast by TMR, the aftermarket segment is anticipated to expand at rapid pace during the forecast period.

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TBR Tire Market: Key Findings

Rise in demand for medium and heavy-duty vehicles across the globe for moving freight is a major market trend. Therefore, demand for TBR truck tires is expected to rise in the next few years. Furthermore, rise in focus of governments of major countries toward building a sturdy public transportation infrastructure is anticipated to drive the truck segment during the forecast period.
Market players are increasing their R&D activities in order to develop smart tires. These are utilizing next-generation technologies, processes, and materials for this purpose. Tire manufacturers are focusing on efficient usage of rubber compounds while maintaining dependability and durability of tires. Furthermore, rise in popularity of smart tires with integrated sensors along with increase in usage of public transportation is expected to have a positive impact on the overall market growth during the forecast period.
Vehicle owners are increasing focus on following a maintenance schedule. Rise in awareness about the importance of timely checkup of tire conditions in order to avoid vehicle breakdown is likely to propel market development in the next few years.

TBR Tire Market: Growth Drivers

Rapid expansion of the e-commerce industry is expected to present significant opportunities in the global market
Rise in construction of new roads in developed and developing countries across the globe is propelling market demand

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Regional Analysis

Asia Pacific is expected to dominate the global market during the forecast period. This can be attributed to presence of key rubber manufacturing countries, such as China, Japan, and India, outstanding industrial growth, and increase in logistics and goods transportation activities in the region.
North America held a large global market share in 2021. The market is anticipated to witness robust growth during the forecast period due to increase in the sale of commercial vehicles. Increase in usage of next-generation technologies by regional tire manufacturers is likely to drive the market in North America in the near future.

TBR Tire Market: Competition Landscape

Companies are adopting advanced technologies in their production processes
These are focusing on strategies, such as product launch and acquisition, to maintain leadership position in the market

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TBR Tire Market: Key Players

Balkrishna Industries Limited
Apollo Tyres
China National Tire & Rubber Co., Ltd.
Bridgestone Corporation
Cooper Tire & Rubber Company
Continental AG
Giti Tire
Kumho Tire Co., Inc.
Hankook Tire & Technology Co. Ltd.
Nokian Tyres plc.
MICHELIN
Pirelli & C.S.p.A.
Yokohama Rubber Industries Co., Ltd.
Sumitomo Rubber Industries, Ltd.
Toyo Tire Corporation
Prometeon Tyre Group S.R.L.
ZC Rubber
The Goodyear Tire & Rubber Company

TBR Tire Market Segmentation

Application

Truck
Bus

Sales Channel

OEM
Aftermarket

Tire Size

Less than 15"
15" – 20"
21" – 30"
More than 30"

Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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