Global Truck-Bus Tires Market Size Projected to Reach US$ 57,261 Million by 2027, at 5.5% CAGR: Astute Analytica

NEW DELHI, May 5, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global truck-bus tires market from US$ 41,565 Million in 2021 to US$ 57,261 Million by 2027. The market is anticipated to grow at a CAGR of 5.5% during the forecast period 2022-2027. In terms of volume, the market is registering a CAGR of 5.2% during the forecast period. A tire is a ring-shaped component that surrounds a wheel's rim to transfer a vehicle's load from the axle through the wheel to the ground and to provide traction on the surface over which the wheel travels. Tires provide a footprint called a contact patch, that is designed to match the weight of the vehicle with the bearing strength of the surface that it rolls over by providing a bearing pressure that will not deform the surface excessively.

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On the basis of tire type, the radial segment is estimated to have the highest market share and highest CAGR in the global truck-bus tires market during forecast period owing to the rise in demand for medium-sized trucks. Moreover, in terms of operation type, trailer segment is expected to project the highest CAGR in the global truck-bus tires market during forecast period. Whereas, the drive segment contributed the major share in the global truck-bus tires market in 2021. Furthermore, in terms of applications, the truck segment contributed the major share in the global truck-bus tires market in 2021 due to the increase in ecommerce sector as well as logistic industry and increasing demand for commercial vehicles globally. Whereas, the bus segment is projected to grow at the highest CAGR during the forecast period. In addition to this, by weight, 80-100 Kg segment is expected to project the highest CAGR in the global truck-bus tires market over the forecast period. Also, based on distribution channel, the aftermarket segment contributed the major share in 2021 and is also anticipated to project the highest CAGR during the forecast period owing to a high preference for aftermarkets for distribution of the truck-bus tires.

Market Dynamics and Trends

Drivers

The government investments in logistics & transportation and favorable trade agreements and entry of commercial vehicle manufacturers will boost the global truck-bus tires market during forecast period. The strong growth supported by government reforms, transportation sector development plans, rising demand for logistics due to rapid pace in e-commerce and growing industrial sector will likely to propel the market growth over the forecast period. Moreover, the automobile industry is one of the most important drivers of economic growth for emerged and emerging economies and further indulged with high participation in global value chains. The growth of the industry is due to strong government support which has helped it carve a unique path among the manufacturing sectors. Also, the favorable trade agreement and country's initiatives is accelerating the deployment of heavy-duty vehicles, thereby driving the market over the forecast period.

Restraints

Fluctuations in raw material prices is a restraining factor which inhibits the growth of the market during the forecast period. The tire manufactures rely heavily on raw materials such as synthetic rubber, natural rubber, brent crude and others, as quality and dependency of these raw material ensures long-term sustainability in the market. Companies' margins are largely influenced by the fluctuations in the raw material cost. The fluctuation in raw material prices is a challenging factor for various manufacturer which significantly influence the market growth over the forecast period.

Truck-Bus Tires Market Country Wise Insights

• North America Truck-Bus Tires Market-

US holds the major share in terms of revenue in the North America truck-bus tires market in 2021.  Whereas Mexico is growing at the highest CAGR during the forecast period owing to the high demand for commercial vehicles from various end-use industries such as transportation, logistics and manufacturing. Moreover, among the tire type, radial holds major share in term of revenue in the North America truck and bus tire market during the forecast period.

• Europe Truck-Bus Tires Market-

Rest of Europe holds a major share in term of revenue in the market in 2021 due to the increasing demand for commercial vehicles in the region. Whereas, Poland in Europe is growing at the highest CAGR during the forecast period in truck-bus tires market. Moreover, based on operation type, drive segment contributed the major share in the Europe market owing to the rising adoption of truck-bus tires in this segment. Where, the trailer operation type in Europe truck and bus tire is growing at the highest CAGR during the forecast period.

• Asia Pacific Truck-Bus Tires Market-

China holds the major share in terms of revenue in the market in 2021 owing to the growing infrastructure development activities in the region. Whereas, India in Asia Pacific is growing at the highest CAGR during the forecast period. Moreover, by application segment, truck contributed the major share in the Asia Pacific truck-bus tire market due to the increase in ecommerce sector as well as logistic industry and increasing demand for commercial vehicles globally. Where, bus is projected to grow at the highest CAGR during the forecast period.

• Middle East & Africa (MEA) Truck-Bus Tires Market-

South Africa dominated the MEA truck-bus tires market in terms of revenue in 2021 and is also anticipated to project the highest CAGR during the forecast period. Furthermore, on the basis of distribution channel, aftermarket holds the major share in the MEA truck-bus tire market and is further projected to grow at the highest CAGR during the forecast period owing to a high preference for aftermarkets for distribution of the truck-bus tires.

• South America Truck-Bus Tires Market-

Brazil holds a major share in term of revenue in the market in 2021 and is also projected to grow at the highest CAGR over the forecast period. Moreover, in terms of weight, 50-80 Kg segment dominated the major share in 2021 owing to the rising demand of these tires for buses and growing demand for multi-axle vehicles in the market. Whereas, 80-100 Kg segment is expected to project the highest CAGR in the South America truck-bus tires market over the forecast period.

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Competitive Insight

Global Truck-Bus Tires Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global truck-bus tires market include Aeolus Tyres, Bridgestone Corporation, Cheng Shin Rubber, Continental AG, Cooper Tire, Double Coin, Giti Tire, Goodyear Tire & Rubber Company, Hankook Tire & Technology Co., Ltd., MICHELIN, Pirelli & C. S.p.A., Sumitomo Rubber Industries, Ltd., Triangle Tires, Xingyuan Tire Group, Yokohama Tire Corporation and ZC Rubber among others.

Segmentation Overview

Global Truck-Bus Tires Market is segmented based on tire type, operation type, applications, weight, distribution channel and region. The industry trends in the global truck-bus tires market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Truck-Bus Tires Market:

• By Tire Type segment of the Global Truck-Bus Tires Market is sub-segmented into:
• Radial
• Bias
• By Operation Type segment of the Global Truck-Bus Tires Market is sub-segmented into:
• Steer
• Drive
• Trailer
• By Applications segment of the Global Truck-Bus Tires Market is sub-segmented into:
• Truck
• Bus
• By Weight segment of the Global Truck-Bus Tires Market is sub-segmented into:
• < 50 Kg
• 50 - 80 Kg
• 80 - 100 Kg
• 100 - 150 Kg
• > 150Kg
• By Distribution Channel segment of the Global Truck-Bus Tires Market is sub-segmented into:
• OEM
• Aftermarket
• Brand Stores
• Independent Tire dealers
• Retail Tire Chains
• By Region segment of the Global Truck-Bus Tires Market is sub-segmented into:
• North America
• The U.S.
• Canada
• Mexico
• Europe
• The UK
• Germany
• France
• Italy
• Spain
• Russia
• Poland
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia & New Zealand
• ASEAN
• Rest of Asia Pacific
• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA
• South America
• Argentina
• Brazil
• Rest of South America

Browse the Detail Report "Global Truck-Bus Tires Market- (By Tire Type- Radial and Bias; By Operation Type- Steer, Drive and Trailer; By Applications- Truck and Bus; By Weight- < 50 Kg, 50 - 80 Kg, 80 - 100 Kg, 100 - 150 Kg and > 150Kg; By Distribution Channel- OEM and Aftermarket; and By Region) - Industry Dynamics, Market Size and Opportunity Forecast, 2027" with in-depth TOC: https://www.astuteanalytica.com/industry-report/truck-bus-tires-market

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SOURCE Astute Analytica