Global Truck And Bus Tires Market Overview 2023: Forecast Market Size, Industry Share, Growth Rate And Key Drivers
19 May, 2023
The global truck and bus tires market size is expected to grow from $42.43 billion in 2022 to $43.93 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global truck and bus tires market size is expected to grow to $49.88 billion in 2027 at a CAGR of 3.2%.
Global Truck And Bus Tires Market Key Driver
Increased demand for commercial vehicles is expected to propel the truck and bus tires market forward. Commercial vehicles are vehicles that transport goods or passengers for commercial purposes. Truck and bus tires are used on commercial vehicles because they provide good traction at varying speeds and weather conditions, as well as a high load carrying capacity and low rolling resistance. For instance, in July 2022, according to Daimler Truck Holding AG, a Germany-based manufacturer of commercial vehicles, the sales of its trucks and buses globally increased to 455,400 units by 20% in 2021 and further incoming orders for trucks in 2021 mounted to 590,000 units by 37% globally. Therefore, the increase in demand for commercial vehicles is driving the truck and bus tires market.
Get a sample of the global truck and bus tires market reportGlobal Truck And Bus Tires Market Segments
The global truck and bus tires market is segmented:
1) By Type: Radial, Bias
2) By Vehicle Type: Light Duty Vehicle, Heavy Duty Vehicle, Passenger Bus Vehicle
3) By Distribution Channel: OEM (Original Equipment Manufacturer), Aftermarket
4) By Application: Truck Tire, Bus Tire
5) By Geography: The regions covered in the truck and bus tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global truck and bus tires market.
Major Truck And Bus Tires Industry Players
Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Continental AG, Pirelli & Co SPA, Hankook Tire & Technology, Sumitomo Rubber Industries Ltd., Yokohama Tire Corporation, Hangzhou Zhongce Rubber Co. Ltd., Giti Tire, Triangle Group, Kumho Tire, Nexen Tire Corporation, Shandong Hengfeng Rubber & Plastic Co. Ltd., Apollo Tyres Limited, MAXXIS International, Linglong Tire Co. Ltd., Double Coin Tires, Aeolus Tyres, Toyo Tire Corporation, Cheng Shin Rubber Ind. Co. Ltd., Xingyuan Tire Group Co. Ltd., Prometeon Tyre Group, Nokian Tyres Plc., and Sailun Group.
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Truck And Bus Tires Market Overview
Truck and bus tires are tires designed for trucks and buses with a loading range of F, rim diameters greater than 19 inches, and a wider tire base. They're found in commercial buses and transportation trucks.
Truck And Bus Tires Global Market Report 2023 provides data on the global truck and bus tires market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The truck and bus tires market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.