Truck bus tires market Progress Factors, Outlook Developments, Analysis and Projections Forecast 2023 to 2031

The global truck and bus tires market is expected to witness a significant increase in revenue, with an estimated rise from US$ 39,417 Mn in 2022 to US$ 64,729 Mn by 2031. This represents a CAGR of 5.5% during the forecast period of 2023-2031. In terms of volume, the market is expected to register a CAGR of 5.2% over the same period.

A tire is a ring-shaped element that covers a wheel's rim to transfer a vehicle's load from the axle through the wheel to the ground and to deliver traction on the surface over which the wheel travels. Most tires, like those for automobiles and bicycles, are pneumatically inflated structures, which also give a flexible cushion that soaks shock as the tire rolls over rough parts on the surface. Raw materials like synthetic rubber, natural rubber, steel, and fillers are utilized in the making of truck tires. Natural rubber is the primary raw material used in manufacturing tires because it is good for tear and fatigue crack resistance.

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Market Insights 

 

Truck-Bus Tires Market Insights by Tire Type 

 

The Truck-bus tires market is bifurcated into radial and bias. The radial segment is estimated to have the highest market share and highest CAGR in the global truck-bus tires market during the forecast period owing to the rise in demand for medium-sized trucks. Moreover, the growing use of low-rolling resistance and self-inflation by manufacturers, driven by the benefits of higher fuel efficiency is expected to drive demand for radial truck and bus tires in commercial applications across the globe.

 

Truck-Bus Tires Market Insights by Operation Type

 

The truck-bus tires market is classified into steer, drive, and trailer. The drive segment contributed the major share in the global truck-bus tires market in 2021. The drive segment is expected to fuel the growth of the market as the application of tires at these positions is very crucial and also plays an important role in the speed of the vehicle as well as in compelling the heavy load. Moreover, the trailer segment is expected to project the highest CAGR in the global truck-bus tires market during the forecast period due to an increase in the production and sales of long haul and class 8 trucks, which increases the demand for truck-bus tires. 

 

Truck-Bus Tires Market Insights by Applications 

 

The truck-bus tires market is bifurcated into trucks and buses. The truck segment contributed the major share of the global truck-bus tires market in 2021. With the increase in the e-commerce sector as well as the logistics industry, the demand for heavy trucks is increasing which directly boosts the growth of the OEM market, and increasing MRO activities are supporting the growth of the aftermarket. Moreover, the bus segment is projected to grow at the highest CAGR during the forecast period due to the increasing initiatives regarding public transport, the demand for buses is growing which is estimated to boost the sales of truck-bus tires.


key player


Other countries in the region, such as Japan, South Korea, and Indonesia, are also witnessing significant growth in the demand for Truck and Bus Tires, driven by factors such as government investments in infrastructure and the growth of the logistics and transportation industry. 

 

Truck-Bus Tires Market Insights by Weight

 

The truck-bus tires market is segmented into <50 Kg, 50-80 Kg, 80-100 Kg, 100-150 Kg, and >150 Kg. The 50-80 Kg segment dominated the major share in the global truck-bus tires market in 2021 owing to the rising demand for these tires for buses and the growing demand for multi-axle vehicles in the market. Moreover, the 80-100 Kg segment is expected to project the highest CAGR in the global truck-bus tires market over the forecast period due to the increasing number of heavy trucks as well as long haul trucks, the demand for more than 80Kg trucks increasing to increase the loading capacity of the tires. 

 

Truck-Bus Tires Market Insights by Distribution Channel

 

The distribution channel, the truck-bus tires market is bifurcated into OEM and aftermarket. The aftermarket segment is further analyzed for brand stores, independent tire dealers, and retail tire chains. The aftermarket segment contributed the major share in the global truck-bus tires market in 2021 and is also anticipated to project the highest CAGR during the forecast period owing to a high preference for aftermarkets for distribution of the truck-bus tires.


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Segmentation Overview 

By Tire Type:

  • Radial
  • Bias

By Operation Type:

  • Steer
  • Drive
  • Trailer

By Applications:

  • Truck
  • Bus

By Weight:

  • < 50 Kg
  • 50 - 80 Kg
  • 80 - 100 Kg
  • 100 - 150 Kg
  • > 150Kg

By Distribution Channel:

  • OEM
  • Aftermarket
  • Brand Stores
  • Independent Tire dealers
  • Retail Tire Chains

By Region:

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Poland
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia & New Zealand
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa (MEA) 
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA
  • South America
    • Argentina
    • Brazil
    • Rest of South America

About Astute Analytica:

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.

They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of the best cost-effective, value-added package from us, should you decide to engage with us.

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