Growth of e-Commerce Sector and High Demand for Transportation & Logistics to Aid Market Growth

Over the past decade, the expansion of the global truck & bus radial (TBR) tire market is largely driven by two major factors– increase in the number of trucks and busses on the road and rise in demand for medium-duty trucks worldwide. In addition, as technology continues to advance at a rapid pace, the transportation & logistics sector has witnessed consistent developments over the past couple of decades. In addition, as more number of companies operating in the current global truck & bus radial (TBR) tire market are swaying toward expanding their global presence and market share, the overall truck & bus radial (TBR) tire market landscape is highly competitive.

Moreover, factors such as trade war between the U.S. and China, rise in the production levels of truck & bus radial (TBR) tires worldwide, and surge in the number of last mile deliveries due to the unprecedented growth of the e-Commerce sector are influencing the expansion of the global truck & bus radial (TBR) tire market. The trade war between the two powerhouses of the automotive industry is expected to put forward major hindrances for companies operating in these two countries. However, developing nations, including India, Thailand, Indonesia, and Brazil are likely to provide fertile grounds for growth to the players operating in the truck & bus radial (TBR) tire market.

At the back of these factors, the global truck & bus radial (TBR) tire market is expected to surpass the market value of US$ 98 Bn by the end of 2030.

Request a sample to get extensive insights into the Truck & Bus Radial [TBR] Tire Market 

Trade War between China and U.S. to Influence Market Growth

As per current trends, the ongoing trade war between China and the U.S. is expected to have a strong impact on the overall growth of the global truck & bus radial (TBR) tire market. Evolving regulatory landscape, increasing anti-dumping duties, and Section 301 tariffs imposed by the U.S. on leading truck manufacturers in China are likely to have a noteworthy impact on the overall growth prospects of the truck & bus radial (TBR) tire market. While the U.S. continues to impose stringent regulations for the players operating in China, as a result, the export volumes of truck & bus radial (TBR) tires from other developing economies, including Thailand, Vietnam, and India have increased. The increasing tariff on Chinese products is another factor expected to decrease the demand for Chinese-made truck & bus radial (TBR) tires in the U.S. during the forecast period.

The demand for commercial original equipment truck & bus radial (TBR) tire has increased over the past few years. The electrification of delivery vehicles across developed regions of the world including North America and Europe, particularly in the last-mile segment, is anticipated to generate notable demand for truck & bus radial (TBR) tires during the assessment period.

Market Players Focus on Product Launch and Production Capacity to Gain Advantage

Several players operating in the current truck & bus radial (TBR) tire market are increasingly focusing on increasing their market share leaning toward both, organic as well as inorganic strategies. Several companies operating in the tire sector are diversifying their product portfolio and diverging into the production of truck & bus radial (TBR) tires. For instance, in March 2020, Ralson India announced that the company is on the course to expand its product portfolio and dive into the production of truck & bus radial (TBR) tires, mainly for electric buses and trucks. While product diversification is expected to remain important, market players are gradually expanding their market share by increasing investments in other regional markets. For instance, in December 2019, Apollo Tyres, a leading Indian tire company announced that the company is likely to enter the truck & bus radial (TBR) tire market in Saudi Arabia and focus on the production of the same to capture the market in the country.

To understand how our report can bring difference to your business strategy, Ask for a brochure

Negative Impact of Volatile Economic Behavior on Trucking Sector

The COVID-19 pandemic is expected to have a strong impact on the overall growth of the global truck & bus radial (TBR) tire market in 2020. The volatile economic behavior of both, business providers and consumers is anticipated to hinder the growth of the truck & bus radial (TBR) tire market in 2020. In addition, disruption in the global supply chain due to restrictions on the movement of transportation fleets worldwide is another factor that is likely to dent the growth of the global truck & bus radial (TBR) tire market. However, as governments are gradually lifting restrictions, global markets are gradually opening up due to which, considerable movement across the market is anticipated.

Stuck in a neck-to-neck competition with other brands? Request a custom report on Truck & Bus Radial [TBR] Tire Market 

Analysts’ Viewpoint

The global truck & bus radial (TBR) tire market is expected to grow at a healthy CAGR of ~6% during the forecast period. The market growth can be primarily attributed to rise in demand for medium-sized trucks, surge in the number of last-mile deliveries due to the growth of the e-Commerce sector, technological advancements, expansion of the production infrastructure, and high demand for truck & bus radial (TBR) tires from developing regions. Market players should focus on expanding their production units and product range, and eye opportunities in other regional markets to gain a competitive edge.  

Truck & Bus Radial (TBR) Tire Market: Overview

  • The global truck & bus radial (TBR) tire market is anticipated to expand at a CAGR of ~6%, primarily driven by the rise in miles driven by trucks worldwide

Drivers of Truck & Bus Radial (TBR) Tire Market

  • Steady rise in the production of medium-duty trucks, globally, has boosted the demand for TBR tires. Logistics and road transportation sectors have witnessed rapid expansion in Asia Pacific, which has fueled the demand for TBR tires in the region. Steady economic expansion post 2008 financial crisis propelled the demand for trucks in developed and developing countries.
  • Favorable trade agreements and entry of commercial vehicle manufacturers in Latin America and Asia Pacific have driven the demand for TBR tires
  • Increasing awareness among consumers regarding vehicle maintenance, adoption of tire monitoring systems by fleet managers, and expansion of retailer and dealers network in rural areas are projected to drive the truck & bus radial (TBR) tire market during the study period

Challenges of Truck & Bus Radial (TBR) Tire Market

  • Tire manufactures rely heavily on raw materials such as natural rubber & Brent crude. Prominent manufacturers, such as Bridgestone, cultivate their own rubber, and are in a better position to tackle commodity price hikes and supply scarcity. Smaller tire manufacturers face high losses due to volatility in raw material price, which translates into their higher product cost and loss of competitive edge.
  • Tire manufactures with off-shore production facilities are subjected to foreign exchange risks and volatility in foreign currency exchange rates that hamper revenues

Opportunities in Truck & Bus Radial (TBR) Tire Market

  • Digital retailing is gaining momentum, and tire manufacturers are investing to launch dedicated online portals besides selling tires on third party marketplaces and digital stores. The COVID-19 pandemic has led to a surge in online sales of tires.
  • Intelligent tires & tires integrated with sensors are gaining popularity in the market, as awareness about maintenance schedule and health of tires is increasing among fleet owners to avoid vehicle breakdowns

Truck & Bus Radial (TBR) Tire Market Segmentation

  • Based on application, the truck segment held a dominating share of the global truck & bus radial (TBR) tire market in 2019. Medium & heavy duty trucks have higher production and contribute to higher share of vehicles on road. Trucks are extensively utilized for haulage and freight transport, and have been widely adopted across all economies contributing to the high demand for TBR tires.
  • In terms of sales channel, the aftermarket segment held a leading share of the global truck & bus radial (TBR) tire market. Replacement rate of tires is increasing due to the rise in awareness among consumers about timely maintenance of vehicles. Thus, the aftermarket segment is anticipated to hold a leading share of the global market during the forecast period, due to its share rising rapidly in developing countries.

Truck & Bus Radial (TBR) Tire Market: Regional Analysis

  • Based on region, the global truck & bus radial (TBR) tire market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific held a prominent share of the global truck & bus radial (TBR) tire market in 2019. China, India, Japan, and ASEAN have a large domestic market, owing to the presence of a large number of truck & bus manufacturers and a large number of truck & bus fleets on road. TBR tire manufacturers have a large number of facilities in the region given the availability of natural rubber and benefit low cost of production.
  • North America holds a key share of the global truck & bus radial (TBR) tire market. Presence of a large number of on-road trucks in the U.S. is a major contributor to the notable market share held by North America. Inland freight trucking across NAFTA and presence of well-established transport & logistics sector in the region have boosted the demand for TBR tires in North America. The global truck & bus radial (TBR) tire market is projected to experience a negative impact due to COVID-19. Production halts and low demand for new trucks & buses are estimated to hamper the demand for OE TBR tires.

Truck & Bus Radial (TBR) Tire Market: Competition Landscape

  • Prominent players operating in the global truck & bus radial (TBR) tire market include
    • Bridgestone Corporation
    • MICHELIN
    • Continental AG
    • The Goodyear Tire & Rubber Company
    • China National Tyre & Rubber Corporation
    • BKT Industries Limited
    • KUMHO Tire
    • Yokohoma Rubber Corporation
    • Sumitomo Rubber Industries Limited
    • Giti Tire
    • Apollo Tyres

Truck & Bus Radial (TBR) Tire Market – Scope of the Report

Transparency Market Research’s recent report on the truck & bus radial (TBR) tire market, with the help of a comprehensive outlook provides readers with an assessment of the global market landscape. This study on the truck & bus radial (TBR) tire market analyzes the scenario for the period of 2019 to 2030, wherein 2019 is the base year and 2019?2030 is the forecast year. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.

This TMR study on the truck & bus radial (TBR) tire market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the truck & bus radial (TBR) tire market gives readers an individual understanding of the market.

This study also discusses the underlying trends and impact of various factors that are driving the truck & bus radial (TBR) tire market, along with their influence on the evolution of the market.

This study also offers Porter’s Five Point Analysis, value chain analysis, and a SWOT analysis of the truck & bus radial (TBR) tire market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.

Key Questions Answered in This Report on Truck & Bus Radial (TBR) Tire Market

  • How much value will the truck & bus radial (TBR) tire market generate by the end of the forecast period?
  • Which segment of the market is likely to have the maximum market share by 2030?
  • What regions currently contribute the maximum share to the overall truck & bus radial (TBR) tire market?
  • What are the indicators expected to drive the truck & bus radial (TBR) tire market?
  • What region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies by key stakeholders in the truck & bus radial (TBR) tire market to expand their geographic presence?
  • What are the major advancements witnessed in the truck & bus radial (TBR) tire market?

This report answers these questions and more about the truck & bus radial (TBR) tire market aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Truck & Bus Radial (TBR) Tire Market – Research Methodology

This TMR report on the truck & bus radial (TBR) tire market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the truck & bus radial (TBR) tire market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the truck & bus radial (TBR) tire market arrive at predictions and estimations, and calculate the forecast for the market.

This report uses an analytical triangulation method to estimate the numbers and figures of the truck & bus radial (TBR) tire market, with both a bottom-up and top-down approach.

This detailed assessment of the truck & bus radial (TBR) tire market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the truck & bus radial (TBR) tire market is estimated to expand are based on carefully vetted primary and secondary sources.

Truck & Bus Radial (TBR) Tire Market – Segmentation

This report on the truck & bus radial (TBR) tire market provides information on the basis of application, sales channel, and region.

Application

  • Truck
  • Bus

Sales Channel

  • OEM
  • Aftermarket

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Truck Bus Radial Tire Market

Buy Now