Global Truck and BRadial (TBR) Tire Market 2023-2030

Global Truck and BRadial (TBR) Tire Market 2023-2030

Global Truck and Bus Radial (TBR) Tire Market Size, Share & Trends Analysis Report by Application (Truck, and Bus), by Sales Channel (Original Equipment Markets, and Aftermarket), and by Type (Steer Tires, Drive Tires, Trailer Tires, and Others) Forecast Period (2023-2030)

The global truck and bus radial (TBR) tire market is anticipated to grow at a CAGR of 6.0% during the forecast period. The growth of the market is attributed to factors such as the increasing demand for commercial vehicles, expanding transportation and logistics industry, and technological advancements in tire manufacturing. Furthermore, factors such as the need for fuel efficiency, improved vehicle performance, and increased safety standards are expected to drive the demand for TBR tires. For instance, in August 2022, Apollo Tires launched five new truck-bus radial tires in India, catering to various positions and applications. One of the tires, Apollo EnduTrax MA, is designed for tipper trucks, offering superior cut resistance and durability for challenging terrains. The Apollo EnduRace RA is a regional tire known for its mileage, durability, and traction on wet and dry roads. Additionally, three tires, Apollo EnduMile LHD, LDR, and LDT, are designed for long-haul operations, providing improved fuel efficiency, longevity, and highway traction. This launch aims to enhance Apollo Tires' market presence in India's truck and bus radial tire segment.

Segmental Outlook

The global TBR tire market is segmented based on its application, sales channel, and type. Based on the application, the market is segmented into trucks and buses. TBR tires are specifically designed to meet the requirements of heavy-duty commercial vehicles, offering durability, load-carrying capacity, and superior traction. The truck segment dominates the market due to the high demand for TBR tires in the transportation and logistics industry.

Based on the sales channel, the market is categorized into original equipment markets and the aftermarket. Original equipment markets refer to the tires installed on vehicles during the manufacturing process. The aftermarket includes replacement tires sold to vehicle owners for tire replacement and maintenance purposes. Both segments play a crucial role in the TBR tire market, with the aftermarket segment witnessing significant growth due to tire wear and replacements.

Based on the type, the market is segmented into steer tires, drive tires, trailer tires, and others. Steer tires are designed for the front axle of the vehicle, providing control and maneuverability. Drive tires are installed on the vehicle's powered axle, delivering traction and power transmission. Trailer tires are fitted on the trailer's axle, supporting the load and enabling smooth transportation. The ""others"" category includes specialized tires for specific applications, such as off-road or construction vehicles.

The Truck Segment Holds largest Share of the Global TBR Tire Market

The truck segment holds the largest share of the global TBR tire market due to the high demand for transportation and logistics, driving the need for reliable and durable tires to support heavy-duty applications. For instance, in April 2023, Michelin is launched a new line of BFGoodrich-branded heavy-duty light-truck tires. The new line will initially have 24 sizes covering 16- to 22-inch rim diameters, with seven additional sizes to debut later. The new tire line is called the HD-Terrain T/A KT and is engineered for intense heavy-duty applications. The tire features a variety of characteristics such as durability, traction, and toughness. The BFGoodrich HD-Terrain T/A KT is designed for both work and play, and is suitable for off-road use. The new tire line is part of Michelin's BFGoodrich brand, which has a range of light truck tires designed for small fleets.

Regional Outlooks

The global TBR tire market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). The market can be analyzed at a regional or country level as per the requirement. Among regions, the Asia-Pacific region is projected to experience considerable growth in the TBR tire market. Rapid industrialization, infrastructure development, and increasing urbanization in countries like China and India are driving the demand for commercial vehicles and subsequently boosting the demand for TBR tires. Additionally, the expanding e-commerce sector and growing transportation requirements contribute to market growth in the region.

Global Truck and Bus Radial (TBR) Tire Market Growth by Region 2023-2030

Source: OMR Analysis

North America is Anticipated to Hold a Significant Share in the Truck and Bus Radial (TBR) Tire Market

Among these regions, North America is anticipated to hold a significant share in the TBR tire market during the forecast period. The growth of the market in the region is primarily driven by factors such as the robust transportation and logistics industry, increasing trade activities, and the presence of major commercial vehicle manufacturers. For instance, in April 2021, Apollo Tires entered the truck-bus tire segment in the US and Canada markets. The company plans to offer a full range of regional, super-regional, coach/urban, and mixed-use applications with fitments for all positions. Apollo Tires aims to cover 90% of the market by 2024.

Market Players Outlook

The major companies serving the global truck and bus radial (TBR) tire market include Michelin, Bridgestone India, The Goodyear Tire & Rubber Co., CONTINENTAL AG, and Pirelli Tire S.p.A, among others. These market players are considerably contributing to market growth by adopting various strategies such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches to stay competitive. They focus on developing innovative and technologically advanced TBR tire solutions to meet the evolving customer demands and capitalize on the growing market opportunities. For instance, in May 2022, Bridgestone launched the R192E, an all-position radial tire designed specifically for electric urban transit. The tire has a high load capacity and ultra-low rolling resistance, making it ideal for use on electric buses. This is Bridgestone's first commercial tire for electric buses. The R192E tire is designed to empower the next generation of electric buses, which are becoming increasingly popular due to their environmental benefits. The tire is expected to provide better fuel efficiency and longer tire life, which will help to reduce operating costs for electric bus operators.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global truck and bus radial (TBR) tire market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.