Global Truck & Bus Radial Tire Market Segmented By Vehicle Type (Truck, Bus) and by Sales Channel (OEM, Aftermarket), By Regional, By Competition Forecast & Opportunities, 2018-2028F
The Truck & Bus Radial Tire Market achieved a size of USD 15.11 billion in 2022 and is projected to reach USD 20.67 billion by 2028.
The global truck and bus radial tire market plays a pivotal role in the automotive industry by serving the needs of commercial vehicles, including trucks and buses. These specialized tires are designed to withstand the demanding requirements of heavy-duty Vehicle Types, offering improved durability, traction, and fuel efficiency compared to traditional bias-ply tires. Several factors are contributing to the growth of this market, including the expansion of the transportation and logistics sectors, urbanization, industrialization, and overall economic trends.
One of the key drivers of this market is the increasing demand for road transportation, driven by globalization and the boom in e-commerce. As goods are transported across regions, the need for reliable and efficient truck and bus tires grows, leading to innovations in radial tire technologies. These technologies not only enhance tire lifespan and performance but also contribute to better fuel economy, addressing environmental concerns and reducing operational costs for fleet owners.
Moreover, the shift towards stricter emissions and vehicle safety regulations has prompted manufacturers to focus on producing tires that comply with these standards. Radial tires offer improved traction and handling, enhancing overall vehicle safety and reducing accidents. This alignment with regulatory standards further boosts the adoption of radial tires in commercial vehicles.
Emerging economies are playing a significant role in the market's growth, undergoing rapid industrialization and urbanization. As these economies develop, the demand for efficient transportation of goods and people increases, leading to a surge in the sales of commercial vehicles and, consequently, radial tires. Furthermore, the trend towards larger and more powerful commercial vehicles has driven manufacturers to develop robust and reliable radial tires capable of withstanding higher loads and providing stable performance under various road conditions.
However, there are challenges to consider, such as fluctuating raw material prices and competition from retreaded tires. The volatility of raw material prices, including rubber and steel, can influence production costs and potentially affect tire prices. Additionally, the use of retreaded tires, especially in cost-sensitive markets, could limit the demand for new radial tires.
In conclusion, the global truck and bus radial tire market is dynamic, driven by factors like transportation expansion, technological advancements, regulatory pressures, and economic trends. As long as the demand for efficient and safe transportation continues to rise, the market is likely to witness sustained growth with a focus on innovation and sustainability.
Key Market Drivers
1. Rising Demand for Efficient Logistics and Transportation: Globalization of trade and e-commerce growth have led to increased demand for efficient transportation. Radial tires, known for durability and fuel efficiency, help meet these logistical challenges by reducing rolling resistance, enhancing fuel economy, and lowering operational costs for fleet operators.
2. Regulatory Emphasis on Emissions and Safety Standards: Governments worldwide are pushing for reduced emissions and improved vehicle safety. Radial tires, with their better traction and handling, address both these concerns, making them essential for commercial vehicles to meet stringent regulatory requirements.
3. Urbanization and Industrialization: Rapid urbanization and industrialization in emerging economies boost the demand for efficient movement of goods and people, increasing the need for commercial vehicles and radial tires.
4. Technological Advancements in Tire Manufacturing: Innovations in tire manufacturing, including advanced rubber compounds and smart technologies like tire pressure monitoring systems, are enhancing tire performance, safety, and efficiency, driving the adoption of radial tires.
Key Market Challenges
1. Fluctuating Raw Material Prices: The reliance on raw materials like rubber and steel makes the industry susceptible to price fluctuations, impacting production costs and tire prices.
2. Competition from Retreaded Tires: Retreaded tires, offering cost-effective alternatives, pose competition, particularly in cost-sensitive markets. However, they may not match the performance and safety of new radial tires.
3. Market Saturation and Maturity: In mature markets, where many customers already have suitable radial tires, identifying new growth opportunities becomes challenging. Manufacturers must rely on innovation and relationship-building to maintain market share.
Key Market Trends
1. Sustainable and Eco-Friendly Solutions: There's a growing emphasis on creating eco-friendly radial tires, reducing environmental impact by improving fuel efficiency and using sustainable materials.
2. Digitalization and Connected Tire Solutions: Integration of technology, such as sensors and IoT, enables real-time monitoring of tire conditions, enhancing safety, efficiency, and fleet management.
3. Customization and Performance Optimization: Manufacturers are tailoring radial tires to specific Vehicle Types and road conditions, optimizing performance for different needs.
Regional Insights
- North America: The region prioritizes high-quality radial tires that offer superior performance, safety, and fuel efficiency due to a mature transportation sector, established road infrastructure, and stringent regulatory standards.
- Europe: Stricter emissions regulations drive demand for radial tires that enhance fuel efficiency. Sustainable urban mobility solutions and intercontinental freight transportation also require specialized radial tires.
- Asia-Pacific: Rapid urbanization, industrialization, and infrastructure development boost demand for durable radial tires in emerging economies, with a focus on advanced technologies to meet local regulatory requirements.
- South America: The region's diverse landscape requires radial tires that cater to various road conditions, economic development levels, and price sensitivities.
In conclusion, manufacturers must adapt to regional differences while focusing on innovation and sustainability to remain competitive and capture growth opportunities in the global truck and bus radial tire market.
Key Market Players
Sumitomo Rubber Industries Limited
Yokohoma Rubber Corporation
Continental AG
Bridgestone Corporation
The Goodyear Tire & Rubber Company
KUMHO Tire
China National Tire & Rubber Corporation
MICHELIN
BKT Industries Limited
Apollo Tires.
Giti Tire
Report Scope:
In this report, the Global Truck & Bus Radial Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Truck & Bus Radial Tire Market, By Vehicle Type:
- Truck
- Bus
- Truck & Bus Radial Tire Market, By Sales Channel:
- OEM
- Aftermarket
- Truck & Bus Radial Tire Market, By Geography:
- North America
- Europe & CIS
- Asia-Pacific
- Middle East & Africa
- South America
- Truck & Bus Radial Tire Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe & CIS
- France
- United Kingdom
- Italy
- Germany
- Spain
- Russia
- Belgium
- Asia-Pacific
- China
- India
- Japan
- Indonesia
- Thailand
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- Saudi Arabia
- UAE
- Turkey
- Egypt
- Iran
Company Profiles: Detailed analysis of the major companies present in the Global Truck & Bus Radial Tire Market.
Available Customizations:
Global Truck & Bus Radial Tire Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
- 1. Introduction
- 1.1. Product Overview
- 1.2. Key Highlights of the Report
- 1.3. Market Coverage
- 1.4. Market Segments Covered
- 1.5. Research Tenure Considered
- 2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
- 3. Executive Summary
- 3.1. Market Overview
- 3.2. Market Forecast
- 3.3. Key Regions
- 3.4. Key Segments
- 4. Impact of COVID-19 on Global Truck & Bus Radial Tire Market
- 5. Global Truck & Bus Radial Tire Market Outlook
- 5.1. Market Size & Forecast
- 5.1.1. By Volume & Value
- 5.2. Market Share & Forecast
- 5.2.1. By Vehicle Type Market Share Analysis (Truck, Bus)
- 5.2.2. By Sales Channel Market Share Analysis (OEM, Aftermarket)
- 5.2.3. By Regional Market Share Analysis
- 5.2.3.1. Asia-Pacific Market Share Analysis
- 5.2.3.2. Europe & CIS Market Share Analysis
- 5.2.3.3. North America Market Share Analysis
- 5.2.3.4. South America Market Share Analysis
- 5.2.3.5. Middle East & Africa Market Share Analysis
- 5.2.4. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
- 5.3. Global Truck & Bus Radial Tire Market Mapping & Opportunity Assessment
- 5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
- 5.3.2. By Sales Channel Market Mapping & Opportunity Assessment
- 5.3.3. By Regional Market Mapping & Opportunity Assessment
- 6. Asia-Pacific Truck & Bus Radial Tire Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Volume & Value
- 6.2. Market Share & Forecast
- 6.2.1. By Vehicle Type Market Share Analysis
- 6.2.2. By Sales Channel Market Share Analysis
- 6.2.3. By Country Market Share Analysis
- 6.2.3.1. China Market Share Analysis
- 6.2.3.2. India Market Share Analysis
- 6.2.3.3. Japan Market Share Analysis
- 6.2.3.4. Indonesia Market Share Analysis
- 6.2.3.5. Thailand Market Share Analysis
- 6.2.3.6. South Korea Market Share Analysis
- 6.2.3.7. Australia Market Share Analysis
- 6.2.3.8. Rest of Asia-Pacific Market Share Analysis
- 6.3. Asia-Pacific: Country Analysis
- 6.3.1. China Truck & Bus Radial Tire Market Outlook
- 6.3.1.1. Market Size & Forecast
- 6.3.1.1.1. By Volume & Value
- 6.3.1.2. Market Share & Forecast
- 6.3.1.2.1. By Vehicle Type Market Share Analysis
- 6.3.1.2.2. By Sales Channel Market Share Analysis
- 6.3.2. India Truck & Bus Radial Tire Market Outlook
- 6.3.2.1. Market Size & Forecast
- 6.3.2.1.1. By Volume & Value
- 6.3.2.2. Market Share & Forecast
- 6.3.2.2.1. By Vehicle Type Market Share Analysis
- 6.3.2.2.2. By Sales Channel Market Share Analysis
- 6.3.3. Japan Truck & Bus Radial Tire Market Outlook
- 6.3.3.1. Market Size & Forecast
- 6.3.3.1.1. By Volume & Value
- 6.3.3.2. Market Share & Forecast
- 6.3.3.2.1. By Vehicle Type Market Share Analysis
- 6.3.3.2.2. By Sales Channel Market Share Analysis
- 6.3.4. Indonesia Truck & Bus Radial Tire Market Outlook
- 6.3.4.1. Market Size & Forecast
- 6.3.4.1.1. By Volume & Value
- 6.3.4.2. Market Share & Forecast
- 6.3.4.2.1. By Vehicle Type Market Share Analysis
- 6.3.4.2.2. By Sales Channel Market Share Analysis
- 6.3.5. Thailand Truck & Bus Radial Tire Market Outlook
- 6.3.5.1. Market Size & Forecast
- 6.3.5.1.1. By Volume & Value
- 6.3.5.2. Market Share & Forecast
- 6.3.5.2.1. By Vehicle Type Market Share Analysis
- 6.3.5.2.2. By Sales Channel Market Share Analysis
- 6.3.6. South Korea Truck & Bus Radial Tire Market Outlook
- 6.3.6.1. Market Size & Forecast
- 6.3.6.1.1. By Volume & Value
- 6.3.6.2. Market Share & Forecast
- 6.3.6.2.1. By Vehicle Type Market Share Analysis
- 6.3.6.2.2. By Sales Channel Market Share Analysis
- 6.3.7. Australia Truck & Bus Radial Tire Market Outlook
- 6.3.7.1. Market Size & Forecast
- 6.3.7.1.1. By Volume & Value
- 6.3.7.2. Market Share & Forecast
- 6.3.7.2.1. By Vehicle Type Market Share Analysis
- 6.3.7.2.2. By Sales Channel Market Share Analysis
- 7. Europe & CIS Truck & Bus Radial Tire Market Outlook
- 7.1. Market Size & Forecast
- 7.1.1. By Volume & Value
- 7.2. Market Share & Forecast
- 7.2.1. By Vehicle Type Market Share Analysis
- 7.2.2. By Sales Channel Market Share Analysis
- 7.2.3. By Country Market Share Analysis
- 7.2.3.1. Germany Market Share Analysis
- 7.2.3.2. Spain Market Share Analysis
- 7.2.3.3. France Market Share Analysis
- 7.2.3.4. Russia Market Share Analysis
- 7.2.3.5. Italy Market Share Analysis
- 7.2.3.6. United Kingdom Market Share Analysis
- 7.2.3.7. Belgium Market Share Analysis
- 7.2.3.8. Rest of Europe & CIS Market Share Analysis
- 7.3. Europe & CIS: Country Analysis
- 7.3.1. Germany Truck & Bus Radial Tire Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.1.1. By Volume & Value
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Vehicle Type Market Share Analysis
- 7.3.1.2.2. By Sales Channel Market Share Analysis
- 7.3.2. Spain Truck & Bus Radial Tire Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.1.1. By Volume & Value
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Vehicle Type Market Share Analysis
- 7.3.2.2.2. By Sales Channel Market Share Analysis
- 7.3.3. France Truck & Bus Radial Tire Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.1.1. By Volume & Value
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Vehicle Type Market Share Analysis
- 7.3.3.2.2. By Sales Channel Market Share Analysis
- 7.3.4. Russia Truck & Bus Radial Tire Market Outlook
- 7.3.4.1. Market Size & Forecast
- 7.3.4.1.1. By Volume & Value
- 7.3.4.2. Market Share & Forecast
- 7.3.4.2.1. By Vehicle Type Market Share Analysis
- 7.3.4.2.2. By Sales Channel Market Share Analysis
- 7.3.5. Italy Truck & Bus Radial Tire Market Outlook
- 7.3.5.1. Market Size & Forecast
- 7.3.5.1.1. By Volume & Value
- 7.3.5.2. Market Share & Forecast
- 7.3.5.2.1. By Vehicle Type Market Share Analysis
- 7.3.5.2.2. By Sales Channel Market Share Analysis
- 7.3.6. United Kingdom Truck & Bus Radial Tire Market Outlook
- 7.3.6.1. Market Size & Forecast
- 7.3.6.1.1. By Volume & Value
- 7.3.6.2. Market Share & Forecast
- 7.3.6.2.1. By Vehicle Type Market Share Analysis
- 7.3.6.2.2. By Sales Channel Market Share Analysis
- 7.3.7. Belgium Truck & Bus Radial Tire Market Outlook
- 7.3.7.1. Market Size & Forecast
- 7.3.7.1.1. By Volume & Value
- 7.3.7.2. Market Share & Forecast
- 7.3.7.2.1. By Vehicle Type Market Share Analysis
- 7.3.7.2.2. By Sales Channel Market Share Analysis
- 8. North America Truck & Bus Radial Tire Market Outlook
- 8.1. Market Size & Forecast
- 8.1.1. By Volume & Value
- 8.2. Market Share & Forecast
- 8.2.1. By Vehicle Type Market Share Analysis
- 8.2.2. By Sales Channel Market Share Analysis
- 8.2.3. By Country Market Share Analysis
- 8.2.3.1. United States Market Share Analysis
- 8.2.3.2. Canada Market Share Analysis
- 8.2.3.3. Mexico Market Share Analysis
- 8.3. North America: Country Analysis
- 8.3.1. United States Truck & Bus Radial Tire Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.1.1. By Volume & Value
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Vehicle Type Market Share Analysis
- 8.3.1.2.2. By Sales Channel Market Share Analysis
- 8.3.2. Canada Truck & Bus Radial Tire Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.1.1. By Volume & Value
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Vehicle Type Market Share Analysis
- 8.3.2.2.2. By Sales Channel Market Share Analysis
- 8.3.3. Mexico Truck & Bus Radial Tire Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.1.1. By Volume & Value
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Vehicle Type Market Share Analysis
- 8.3.3.2.2. By Sales Channel Market Share Analysis
- 9. South America Truck & Bus Radial Tire Market Outlook
- 9.1. Market Size & Forecast
- 9.1.1. By Volume & Value
- 9.2. Market Share & Forecast
- 9.2.1. By Vehicle Type Market Share Analysis
- 9.2.2. By Sales Channel Market Share Analysis
- 9.2.3. By Country Market Share Analysis
- 9.2.3.1. Brazil Market Share Analysis
- 9.2.3.2. Colombia Market Share Analysis
- 9.2.3.3. Argentina Market Share Analysis
- 9.2.3.4. Rest of South America Market Share Analysis
- 9.3. South America: Country Analysis
- 9.3.1. Brazil Truck & Bus Radial Tire Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.1.1. By Volume & Value
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Vehicle Type Market Share Analysis
- 9.3.1.2.2. By Sales Channel Market Share Analysis
- 9.3.2. Colombia Truck & Bus Radial Tire Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.1.1. By Volume & Value
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Vehicle Type Market Share Analysis
- 9.3.2.2.2. By Sales Channel Market Share Analysis
- 9.3.3. Argentina Truck & Bus Radial Tire Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.1.1. By Volume & Value
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Vehicle Type Market Share Analysis
- 9.3.3.2.2. By Sales Channel Market Share Analysis
- 10. Middle East & Africa Truck & Bus Radial Tire Market Outlook
- 10.1. Market Size & Forecast
- 10.1.1. By Volume & Value
- 10.2. Market Share & Forecast
- 10.2.1. By Vehicle Type Market Share Analysis
- 10.2.2. By Sales Channel Market Share Analysis
- 10.2.3. By Country Market Share Analysis
- 10.2.3.1. Turkey Market Share Analysis
- 10.2.3.2. Iran Market Share Analysis
- 10.2.3.3. Saudi Arabia Market Share Analysis
- 10.2.3.4. UAE Market Share Analysis
- 10.2.3.5. Rest of Middle East & Africa Market Share Analysis
- 10.3. Middle East & Africa: Country Analysis
- 10.3.1. Turkey Truck & Bus Radial Tire Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.1.1. By Volume & Value
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Vehicle Type Market Share Analysis
- 10.3.1.2.2. By Sales Channel Market Share Analysis
- 10.3.2. Iran Truck & Bus Radial Tire Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.1.1. By Volume & Value
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Vehicle Type Market Share Analysis
- 10.3.2.2.2. By Sales Channel Market Share Analysis
- 10.3.3. Saudi Arabia Truck & Bus Radial Tire Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.1.1. By Volume & Value
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Vehicle Type Market Share Analysis
- 10.3.3.2.2. By Sales Channel Market Share Analysis
- 10.3.4. UAE Truck & Bus Radial Tire Market Outlook
- 10.3.4.1. Market Size & Forecast
- 10.3.4.1.1. By Volume & Value
- 10.3.4.2. Market Share & Forecast
- 10.3.4.2.1. By Vehicle Type Market Share Analysis
- 10.3.4.2.2. By Sales Channel Market Share Analysis
- 11. SWOT Analysis
- 11.1. Strength
- 11.2. Weakness
- 11.3. Opportunities
- 11.4. Threats
- 12. Market Dynamics
- 12.1. Market Drivers
- 12.2. Market Challenges
- 13. Market Trends and Developments
- 14. Competitive Landscape
- 14.1. Company Profiles (Up to 10 Major Companies)
- 14.1.1. Yokohoma Rubber Corporation
- 14.1.1.1. Company Details
- 14.1.1.2. Product & Services
- 14.1.1.3. Financials (As Per Availability)
- 14.1.1.4. Recent Developments
- 14.1.1.5. Key Management Personnel
- 14.1.2. Continental AG
- 14.1.2.1. Company Details
- 14.1.2.2. Product & Services
- 14.1.2.3. Financials (As Per Availability)
- 14.1.2.4. Recent Developments
- 14.1.2.5. Key Management Personnel
- 14.1.3. Bridgestone Corporation
- 14.1.3.1. Company Details
- 14.1.3.2. Product & Services
- 14.1.3.3. Financials (As Per Availability)
- 14.1.3.4. Recent Developments
- 14.1.3.5. Key Management Personnel
- 14.1.4. The Goodyear Tire & Rubber Company
- 14.1.4.1. Company Details
- 14.1.4.2. Product & Services
- 14.1.4.3. Financials (As Per Availability)
- 14.1.4.4. Recent Developments
- 14.1.4.5. Key Management Personnel
- 14.1.5. KUMHO Tire
- 14.1.5.1. Company Details
- 14.1.5.2. Product & Services
- 14.1.5.3. Financials (As Per Availability)
- 14.1.5.4. Recent Developments
- 14.1.5.5. Key Management Personnel
- 14.1.6. China National Tire & Rubber Corporation
- 14.1.6.1. Company Details
- 14.1.6.2. Product & Services
- 14.1.6.3. Financials (As Per Availability)
- 14.1.6.4. Recent Developments
- 14.1.6.5. Key Management Personnel
- 14.1.7. MICHELIN
- 14.1.7.1. Company Details
- 14.1.7.2. Product & Services
- 14.1.7.3. Financials (As Per Availability)
- 14.1.7.4. Recent Developments
- 14.1.7.5. Key Management Personnel
- 14.1.8. BKT Industries Limited
- 14.1.8.1. Company Details
- 14.1.8.2. Product & Services
- 14.1.8.3. Financials (As Per Availability)
- 14.1.8.4. Recent Developments
- 14.1.8.5. Key Management Personnel
- 14.1.9. Apollo Tires
- 14.1.9.1. Company Details
- 14.1.9.2. Product & Services
- 14.1.9.3. Financials (As Per Availability)
- 14.1.9.4. Recent Developments
- 14.1.9.5. Key Management Personnel
- 14.1.10. Giti Tire
- 14.1.10.1. Company Details
- 14.1.10.2. Product & Services
- 14.1.10.3. Financials (As Per Availability)
- 14.1.10.4. Recent Developments
- 14.1.10.5. Key Management Personnel
- 15. Strategic Recommendations
- 15.1. Key Focus Areas
- 15.1.1. Target Regions & Countries
- 15.1.2. Target Vehicle Type
- 15.1.3. Target Sales Channel
- 16. About Us & Disclaimer
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