Truck & Bus Radial (TBR) Tire Market: Introduction
According to the report, the global truck & bus radial (TBR) tire market is projected to surpass US$ 98 Bn by 2030, expanding at a CAGR of ~6% during the forecast period driven by the increase in the usage of trucks globally.
Expansion of Truck & Bus Radial (TBR) Tire Market
Last mile deliveries and advent of e-Commerce have spurred road transportation traffic. The increase in the number of miles driven by trucks is boosting the demand for TBR tires. TBR tires have a high aftermarket demand, owing to the requirement of periodic replacement. The rise in the number of on-road trucks in developing regions such as Asia Pacific, Latin America, and Middle East & Africa is projected to boost the truck & bus radial (TBR) tire market in these regions during the forecast period. Awareness about vehicle maintenance among consumers, adoption of tire monitoring systems by fleet managers, and expansion of retailer and dealers network in rural areas are estimated to drive the truck & bus radial (TBR) tire market during the forecast period.
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Based on application, the truck segment held a dominant share of the global truck & bus radial (TBR) tire market in 2015 and 2019. Trucks have a very high volume of sales as compared to buses and hence, contribute to the higher demand for OE & aftermarket TBR tires. The usage of buses is anticipated to decline due to COVID-19 and subsequently, hamper new bus sales. The market share held by the bus segment is likely to decline during the forecast period.
In terms of sales channel, the aftermarket segment held a dominating share of the global truck & bus radial (TBR) tire market in 2015 and 2019. Truck tires are being frequently replaced, as trucks have very low ideal time and tires undergo wear & tear. The market share held by the aftermarket segment is expected to increase during the forecast period, owing to the rise in the number of on road trucks & buses worldwide, prompting the requirement of aftermarket TBR tires.
Regional Analysis of Truck & Bus Radial (TBR) Tire Market
In terms of region, the global truck & bus radial (TBR) tire market has been segregated into North America, Europe, East Asia, South APAC, Middle East & Africa, and Latin America. Asia Pacific held a majority share of the global truck & bus radial (TBR) tire market in 2019. China has emerged as a leading production hub of TBR tires. The expansion of road transport network and high freight traffic have fueled the demand for TBR tires. The manufacturing of TBR tires in Asia Pacific is cost-effective due to the cultivation of natural rubber in the region, low labor cost, and low land prices. The market share held by Asia Pacific is estimated to increase during the forecast period, owing to a surge in the demand for TBR tires in India and ASEAN countries.
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