Global Truck and Bus Tires Market to Hit Sales of US$ 64,729 Million by 2031

A recent comprehensive research report [257+] pages titled "Truck and Bus Tires Market Share, Size, Trends, Industry Analysis Report, By Tire Type; By Operation Type; By Applications; By Weight; By Distribution Channel; By Region; Segment Forecast, 2023-2031" has been published by Astute Analytica in their research database.

New Delhi, March 21, 2023 (GLOBE NEWSWIRE) -- The global truck and bus tires market was valued at US$ 39,417 Mn in 2022 and is estimated to reach US$ 64,729 Mn by 2031, growing at 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.

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The global sales of trucks and buses has seen a major boost over the past few years owing to the rising need for commercial transportation. This has consequently resulted in a surge in the demand for truck and bus radial (TBR) tires, which are designed primarily for use on commercial vehicles. Trucks have a much higher volume of sales as compared to buses and hence, contribute significantly to the overall demand for OE & aftermarket TBR tires. This can be attributed to their increased usage in the transportation of goods and materials across various industries.

It is estimated that in 2022, the global truck industry recorded a total sales volume of 19.4 million units, whereas the global bus industry registered a total sales volume of 1.4 million units. As far as the sales channels for truck and bus TBR tires are concerned, the aftermarket segment of the global truck and bus tires market accounts for the bulk of global sales. This can be attributed to the fact that truck and bus tires are prone to wear and tear due to heavy usage and therefore, require frequent replacements.

When it comes to the leading regions with the highest sales volumes in the truck & bus radial (TBR) tire market, Asia Pacific currently holds the top spot. This can be attributed to the presence of many developing countries such as India and China, which are home to major truck and bus manufacturers. Moreover, the rising population in these countries has also been a major driver for the growth of the truck & bus radial (TBR) tire market in the region. It has been estimated that in 2022, the Asia Pacific region accounted for around 62% of the overall global sales in the truck & bus radial (TBR) tire market.

More than 75% Revenue of Global Truck and Bus Tires Market Comes from Aftermarket Sales

The global truck & bus radial (TBR) tire market has grown significantly in recent years. This growth can be attributed to the increasing demand for commercial transport vehicles, rising need for fuel efficiency, and growing awareness of safety among consumers. However, the aftermarket segment accounted for a major share in the overall global sales in the truck & bus radial tire market, estimated at around 76.0% in 2022. This can be attributed to the rise in the average age of vehicles, which has increased the demand for aftermarket services and products. According to data from the Global Automotive Aftermarket Report 2022, the average age of cars and light trucks stood at 11.3 years in 2020, and is expected to be 12.2 years by 2030.

The rise of e-commerce platforms in the global truck and bus tires market, such as Amazon and Flipkart, has resulted in an increase in the aftermarket sales of truck and bus tires. In the US, the sale of truck and bus tires in the aftermarket is estimated to reach around 57 million units in 2023. The increasing demand for light trucks, buses, and trailers is driving the market in the US.

Furthermore, government policies are also contributing to the growth of the aftermarket segment. For instance, in India, the government has set up several initiatives, such as Make in India, to promote local manufacturing and exports. This has led to an increase in the availability of auto components and other related products in the domestic market, thus driving the growth of the aftermarket segment. Additionally, in the U.S., the government has provided incentives to encourage the sale of electric and hybrid vehicles, thereby boosting the demand for aftermarket services and products in the country.

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Asia Pacific Captures Over 65% Revenue of Global Truck and Bus Tires Market

The Asia Pacific region is expected to generate more than 65% of the revenue in the global OTR tires market. The truck and bus tire segment are the largest contributors to the overall market, accounting for 13% of total tire production and holding the highest revenue share of the industry at 43.7%. The leading providers of truck and bus tires in the Asia Pacific region are Bridgestone, Michelin, Continental AG, Goodyear, and Pirelli. Together, these companies account for more than 60% of the total sales revenue from this segment.

In terms of total number of trucks and buses available in Asia Pacific truck and bus tires market, China leads the way. As of 2022, India had more than 4.5 million operational trucks and 1.5 million buses registered in the country. China is the largest market with a significant presence with more than 30.4 million trucks and 1.3 million buses, out of which over 421,000 are electric buses.

The average frequency of changing tires in the Asia Pacific region is once every six months. This is because the roads in the region are often rough and the weather is generally hot and humid, which causes accelerated wear and tear on the tires.

Bridgestone and Michelin Generate over 32% Revenue of Global Truck and Bus Tires Market

Bridgestone and Michelin are the two largest players in the global truck and bus tires market. Bridgestone and Michelin together account for over 32% of total sales. Bridgestone is a leading tyre manufacturer with operations in more than 150 countries worldwide. It has more than 130 production facilities and employs approximately 140,000 people. The company's products include tyres for passenger cars, trucks, buses, motorcycles, planes and heavy machinery. Bridgestone also produces industrial rubber and tile products, as well as retreads. In 2022, the company reported total sales of $39.4 billion.

Bridgestone's focus on technological innovation and strong brand presence have helped it to become a leading player in the truck and bus tires market. The company's wide product portfolio includes premium tyres for long-haul trucks, buses and light commercial vehicles. Bridgestone's products are well-known for their durability and performance, making them the preferred choice in most regions.

Both Bridgestone and Michelin are investing in research and development to create innovative solutions for the truck and bus tires market. In addition, both companies have a strong presence in the aftermarket segment, which accounts for a significant share of their sales.

Some of the Top Market Players Are:

Aeolus Tyre

Bridgestone

Cheng Shin Rubber

Continental

Cooper tire

Double Coin

Giti Tire

Goodyear

Hankook

KUMHO TIRE

Linglong Tire

Michelin

Pirelli

Sumitomo Rubber

Toyo Tires

Triangle Tire Group

Xingyuan group

YOKOHAMA

ZC Rubber

Other Prominent Players

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