Global Truck/Bus Tires Markets Report 2021-2027 - Government Investments in Logistics and Transportation and Favorable Trade Agreements Driving Growth
The global truck-bus tires market was valued at USD 40,192.8 Million in 2020 and is projected to reach USD 57,261 Million by the year 2027 at a CAGR of 5.5%. The market volume for truck-bus tires was about 212.21 million units in 2020.
Truck and bus tires are bands or rings of rubber, either hollow or solid and inflated or made of metal, placed over a rim of the wheel for providing resistance to wear, traction, and other such necessary properties.
The market is anticipated to be driven by government investments in logistics and transportation and favorable trade agreements and entry of commercial vehicle manufacturers. Furthermore, rising technological advancements by market players are also anticipated to boost market growth.
However, fluctuation in raw material prices is expected to hinder market growth. Also, during the pandemic, the market was negatively hampered due to the closing of borders, lockdowns, and negligible movement of vehicles, which resulted in low demand for these tires.
Growth Influencers:
Government investments in logistics and transportation
The government of various countries is investing heavily in the logistics and transportation sectors. This is because both these sectors are responsible for propelling the overall development of a country.
For instance, according to the Department for Promotion of Industry and Internal Trade (DPIIT), the logistics sector of India is growing at a growth rate of 10.5% and was expected to reach USD 215 billion in 2020. Furthermore, the Indian government in its budget announced in March 2020, unveiled USD 23 billion investment in the logistics and transport infrastructure. All such investments are expected to boost market growth.
Entry of commercial vehicle manufacturers and favorable trade agreements
Various trade agreements between government as well as non-government organizations are expected to boost market growth. For instance, in November 2020, ESR India, a Warburg Pincus-backed logistics real estate firm entered into an agreement with the government of Maharashtra, India for investing about USD 578.88 million for setting up 11 logistics and industrial parks across Pune and Mumbai. The entry of commercial vehicle manufacturers in the truck-bus tires business is also expected to fuel the market growth.
Segments Overview:
- The radial segment is expected to surpass a market volume of 212.06 million units by 2027 owing to its increasing demand as compared to the bias tire type segment. Also, radial tires dissipate heat better as compared to bias tires, which contributes to the market growth.
- The drive segment held the largest market share of about 49% owing to the rising adoption of truck-bus tires in this segment. The trailer segment is expected to grow at the fastest CAGR of 6.7%.
- The bus segment is estimated to cross a market volume of 19 million units by 2025 owing to the rising bus traffic globally. Furthermore, buses are highly preferred as a public mode of transport globally, which is also expected to boost the market growth. Trucks are mostly used for purpose of transporting goods in many countries, especially the emerging ones, which fuels the market growth.
- The 50-80 kg segment is expected to hold the largest market share of around 45%, owing to the rising demand for these tires for buses. The 80-100 kg segment is expected to grow at the fastest CAGR of 5.8%.
- The aftermarket segment held the largest market share of over 75% owing to a high preference for aftermarkets for distribution of the truck-bus tires. Within this segment, the retail tire chains segment is expected to grow at a CAGR of 6.8%. The OEM segment is expected to surpass a market volume of 63 million units by 2025.
Competitive Landscape
The approximate market share of the top 17 major players is near about 67%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in August 2021, Bridgestone was selected by Fisker, as its tire partner for Fisker's all-electric vehicle, Fisker Ocean. Fisker will start the vehicle's production in 2022.
Key players operating in the global truck-bus tires market include
- Aeolus Tyre
- Bridgestone
- Cheng Shin Rubber
- Continental
- Cooper tire
- Double Coin
- Giti Tire
- Goodyear
- Hankook
- KUMHO TIRE
- Linglong Tire
- Michelin
- Pirelli
- Sumitomo Rubber
- Toyo Tires
- Triangle Tire Group
- Xingyuan group
- YOKOHAMA
- ZC Rubber
Key Topics Covered:
Chapter 1. Research Framework
1.1. Objective
1.2. Product Overview
1.3. Research Methodology
Chapter 2. Executive Summary: Global Truck-Bus Tires Market
Chapter 3. Global Truck-Bus Tires Market Overview
3.1. Industry Value Chain Analysis
3.2. Industry Outlook
3.3. PESTLE Analysis
3.4. Porter's Five Forces Analysis
3.5. Market Dynamics and Trends
3.6. Market Growth and Outlook
3.7. Covid-19 Impact Assessment on Market Growth Trend
3.8. Regulatory Landscape
Chapter 4. Competition Dashboard
4.1. Market Concentration Rate
4.2. Company Market Share Analysis (Value %), 2020
4.3. Competitor Mapping
Chapter 5. Truck-Bus Tires Market Analysis, By Tire Type
Chapter 6. Truck-Bus Tires Market Analysis, By Operation Type
Chapter 7. Truck-Bus Tires Market Analysis, By Applications
Chapter 8. Truck-Bus Tires Market Analysis, By Weight
Chapter 9. Truck-Bus Tires Market Analysis, By Distribution Channel
Chapter 10. Truck-Bus Tires Market Analysis, By Region
Chapter 11. North America Truck-Bus Tires Market Analysis
Chapter 12. Europe Truck-Bus Tires Market Analysis
Chapter 13. Asia Pacific Truck-Bus Tires Market Analysis
Chapter 14. MEA & Africa Truck-Bus Tires Market Analysis
Chapter 15. South America Truck-Bus Tires Market Analysis
Chapter 16. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
For more information about this report visit https://www.researchandmarkets.com/r/s1exaz
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SOURCE Research and Markets
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