According to the Market Statsville Group (MSG), the Global Truck & Bus Tire Market size is expected to grow from USD 44.8 billion in 2021 to USD 68.5 billion by 2030, at a CAGR of 4.8% from 2022 to 2030. The expanding automotive industry around the world, even in emerging economies, is driving up demand in the tire industry. Due to infrastructure development and the need for transportation, the number of trucks on the road has increased. The demand and supply of radial tires vary according to truck size and load. Globally, the demand for truck & bus tires is expected to witness a tremendous growth during the forecast period. The global truck & bus tire market is relatively abundant as truck & bus tires have higher manufacturing technology than some light tires. Furthermore, the increased truck and bus production, advancements in R&D in truck tire manufacturing, and government authorities initiatives to strengthen the transportation sector are the factors that drive the market's growth. In contrast, there are a few challenges in the market that must be considered, such as the high replacement cost of truck and bus radial tires compared to bias tires, sustainability concerns over the use of rubber in tire manufacturing, and other economic factors that impede market growth, such as fuel costs, truck ownership, driving patterns and behaviors, and transportation alternatives.
Global Truck & Bus Tire Market Dynamics
Drivers: Government investments in Logistics & Transportation
The Strong growth supported by government reforms, transportation sector development plans, rising demand for logistics due to the rapid pace of e-commerce, and the growing industrial sector will likely propel the market growth over the forecast period. Additionally, the growing investments in the logistics and transportation sector by various economies will drive the truck and bus tire market demand. For instance: The United Kingdom has planned to invest around US$ 72.41 Billion (£61bn) in transport with an additional £2.6bn fund from the National Productivity Investment Fund to support transport infrastructure and future transport technology during 2015/16 and 2020/21. Moreover, in 2019, China implemented the Green Travel Action Plan, which promotes the large-scale application of green vehicles and accelerates the construction of charging infrastructure. The country aims to improve public transportation facilities, connectivity, and information systems that support green mobility. The country had implemented 3 developments consisting: 1) the development and construction of High-speed trains, 2) the development and construction of subway systems, and 3) the development and deployment of electric buses. Thus, the country will further escalate the demand for truck and bus tires over the forecast period.
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Scope of the Global Truck & Bus Tire Market
The study categorizes the truck & bus tire market based on tire type, operation type, weight, distribution channel, and application area at the regional and global levels.
By Tire Type Outlook (Sales, USD Billion, 2019-2033)
- Radial
- Bias
By Operation Type Outlook (Sales, USD Billion, 2019-2033)
- Steer
- Drive
- Trailer
By Weight Outlook (Sales, USD Billion, 2019-2033)
- < 50 Kg
- 50 - 80 Kg
- 80 - 100 Kg
- 100 - 150 Kg
- > 150Kg
By Application Outlook (Sales, USD Billion, 2019-2033)
- Truck
- Bus
By Distribution Channel Outlook (Sales, USD Billion, 2019-2033)
- Original Equipment Makers
- Replacement/Aftermarket Market
- Brand Stores
- Independent Tire dealers
- Retail Tire Chains
By Region Outlook (Sales, USD Billion, 2019-2033)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Radial segment accounts for the largest market share by tire type
Based on the tire type, the market is divided into radial and bias. The radial segment is expected to dominate the market share in 2022 in the global truck & bus tire market. This demand is stimulated by the high production of medium and heavy-duty trucks that transport bulk goods. Trucks are ideal for hauling heavy-duty goods and freight transportation. As a result, they must be constantly maintained. The growing use of e-commerce has broadened the scope of transportation and logistics. Online shopping for products such as medical products, consumer electronics, beverages, foodstuffs, cosmetics, and so on has increased as more people become acquainted with the virtual world. As a result, major vendors are strengthening their logistical chains by adding more trucks to their fleets. This ultimately increases demand for tires with excellent road grip, which radial tires readily meet.
North America is expected to witness the largest market share by Region
Based on the regions, the global truck & bus tire market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share in 2022. The truck and bus tire market in North America is primarily driven by the expanding construction sector and the emerging trend of numerous infrastructural projects, such as housing facilities, road and railway networks, industrial complexes, and so on. In line with this, rising investments in improving various commercial structures, such as highways, bridges, dams, power supply grids, and so on, are also boosting the market.
Key Market Players in the Global Truck & Bus Tire Market
The truck & bus tire market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
Major key players in the global truck & bus tire market are:
- Aeolus Tyre
- Bridgestone
- Cheng Shin Rubber
- Continental
- Cooper tire
- Double Coin
- Giti Tire
- Goodyear
- Hankook
- KUMHO TIRE
- Linglong Tire
- Michelin
- Pirelli
- Sumitomo Rubber
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Recent Development
- In October 2021, Linglong announced the bus & tire expansion project by investing around €54 million (400 million yuan) at the construction site in Dezhou, Shandong province. The expansion of its plant will significantly enhance its product offering as well as can cover the other geographical region.
- In July 2020, JK Tyre & Industries announced that the company had expanded its industry operations in the United States to accelerate its global expansion in the North American region.
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