The global truck & bus radial (TBR) tire market size is expected to reach US$ 96 billion by 2027 expanding at a CAGR of 6% from 2021 to 2027. 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.
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.
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.
Expansion of Truck & Bus Radial (TBR) Tire Market
Last mile deliveries and advent of e-Commerce have spurred road transportation traffic. The increase in the number of miles driven by trucks is boosting the demand for TBR tires. TBR tires have a high aftermarket demand, owing to the requirement of periodic replacement. The rise in the number of on-road trucks in developing regions such as Asia Pacific, Latin America, and Middle East & Africa is projected to boost the truck & bus radial (TBR) tire market in these regions during the forecast period. Awareness about vehicle maintenance among consumers, adoption of tire monitoring systems by fleet managers, and expansion of retailer and dealers network in rural areas are estimated to drive the truck & bus radial (TBR) tire market during the forecast period.
Based on application, the truck segment held a dominant share of the global truck & bus radial (TBR) tire market in 2017 and 2020. Trucks have a very high volume of sales as compared to buses and hence, contribute to the higher demand for OE & aftermarket TBR tires. The usage of buses is anticipated to decline due to COVID-19 and subsequently, hamper new bus sales. The market share held by the bus segment is likely to decline during the forecast period.
In terms of sales channel, the aftermarket segment held a dominating share of the global truck & bus radial (TBR) tire market in 2017 and 2020. Truck tires are being frequently replaced, as trucks have very low ideal time and tires undergo wear & tear. The market share held by the aftermarket segment is expected to increase during the forecast period, owing to the rise in the number of on road trucks & buses worldwide, prompting the requirement of aftermarket TBR tires.
Regional Analysis of Truck & Bus Radial (TBR) Tire Market
In terms of region, the global truck & bus radial (TBR) tire market has been segregated into North America, Europe, East Asia, South APAC, Middle East & Africa, and Latin America. Asia Pacific held a majority share of the global truck & bus radial (TBR) tire market in 2020. China has emerged as a leading production hub of TBR tires. The expansion of road transport network and high freight traffic have fueled the demand for TBR tires. The manufacturing of TBR tires in Asia Pacific is cost-effective due to the cultivation of natural rubber in the region, low labor cost, and low land prices. The market share held by Asia Pacific is estimated to increase during the forecast period, owing to a surge in the demand for TBR tires in India and ASEAN countries.
Key Players in Truck & Bus Radial (TBR) Tire Market
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, and Apollo Tyres.
By Sales Channel
The Truck & Bus Radial (TBR) Tire market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Truck & Bus Radial (TBR) Tire market for the base year 2020 and the forecast between 2021 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Truck & Bus Radial (TBR) Tire market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Truck & Bus Radial (TBR) Tire market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Truck & Bus Radial (TBR) Tire market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Truck & Bus Radial (TBR) Tire capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Truck & Bus Radial (TBR) Tire by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Truck & Bus Radial (TBR) Tire market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Truck & Bus Radial (TBR) Tire market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Truck & Bus Radial (TBR) Tire market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Truck & Bus Radial (TBR) Tire industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Truck & Bus Radial (TBR) Tire market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Truck & Bus Radial (TBR) Tire market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Truck & Bus Radial (TBR) Tire market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Truck & Bus Radial (TBR) Tire market. These factors have benefited the growth of the global market for Truck & Bus Radial (TBR) Tire. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Truck & Bus Radial (TBR) Tire. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Truck & Bus Radial (TBR) Tire are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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