Truck and Bus Tires Global Market Report 2024

The truck and bus tires market size has grown steadily in recent years. It will grow from $44 billion in 2023 to $45.61 billion in 2024 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historical period can be attributed to various factors including global economic growth, the expansion of logistics and freight industries, ongoing infrastructure development projects, fleet expansion, modernization efforts, and the increasing demand for urbanization and public transportation needs.

The truck and bus tires market size is expected to see steady growth in the next few years. It will grow to $53.17 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The anticipated growth in the upcoming period can be linked to several factors such as the surge in e-commerce and last-mile delivery services, an increased emphasis on green initiatives and fuel efficiency, the ongoing transition towards renewable energy and electric vehicles, stricter government regulations regarding safety and emissions, as well as the recovery from economic downturns. Key trends expected in this period encompass the integration of intelligent tire monitoring systems, a growing demand for all-season and specialized tires, increased adoption of radial tires, a focus on heavy-duty and higher load-carrying capacity, and the development of self-healing tire technology.

The truck and bus tires market is projected to experience growth owing to the escalating demand for commercial vehicles utilized for business purposes. These vehicles rely on truck and bus tires for their superior traction, high load-bearing capacity, and optimal performance across various speeds and weather conditions. As evidenced by Daimler Truck Holding AG's report in July 2022, global sales of trucks and buses surged by 20% to 455,400 units in 2021, accompanied by a 37% increase in incoming truck orders, totaling 590,000 units. Hence, the mounting demand for commercial vehicles is a significant driver of the truck and bus tires market.

The truck and bus tires market is set to grow owing to the expanding transportation industry's requirements. Embracing various sectors involved in goods and people movement, the transportation industry heavily relies on truck and bus tires for its efficient operation. The Bureau of Transportation Statistics highlighted the industry's substantial growth, projecting a significant Compound Annual Growth Rate (CAGR) of 38.5% through 2027. Employment within the transportation and warehousing sector surged by 8.2% in 2022, reflecting the sector's vital role in supporting global economic activities and fostering employment growth, thereby driving the truck and bus tires market.

Hankook Tire & Technology, a South Korea-based manufacturer, introduced the Smart iON AU06+ in October 2022. This truck and bus radial (TBR) tire specifically targets electric vehicles (EVs) and boasts features such as improved fuel efficiency, quick torque response, and heightened load support. With a promise of increasing vehicle mileage by 25% compared to regular tires, it also prioritizes ride quality by ensuring optimal comfort and reducing noise while incorporating a cooling system to manage overheating.

Major companies are strategically collaborating to drive innovation and fortify their market positioning. These strategic collaborations serve as catalysts for innovation, efficiency, and competitive advantage within the industry. An example is the collaboration between CEAT, an India-based multinational tire manufacturing company, and Marangoni S.p.A., an Italy-based green tire manufacturing company, in July 2023. Their alliance aims to enhance tire retreading for trucks and buses in India by leveraging CEAT's quality tire casings alongside Marangoni's advanced retreading technology. Focusing on sustainability, the collaboration endeavors to extend tire life, thereby reducing the environmental impact of the transport industry.

in June 2021, Goodyear Tire & Rubber Company, a US-based tire manufacturer, finalized the acquisition of Cooper Tire & Rubber Company for a substantial $2.8 billion. This strategic move consolidates the resources of both entities, positioning the merged company as a prominent leader in the US market. The acquisition reinforces Goodyear's product portfolio and services by combining efforts with Cooper Tire & Rubber Company, known for its expertise in designing and producing truck and replacement automobile tires.

Major companies operating in the truck and bus tires market report are Continental AG, Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Hankook Tire & Technology, Pirelli & Co SPA, Yokohama Tire Corporation, Zhongce Rubber Group Company Limited, Hangzhou Zhongce Rubber Co. Ltd., Trelleborg AB, Toyo Tire Corporation, Sailun Group, Giti Tire Corporation, Kumho Tire, Cooper Tire & Rubber Company, Linglong Tire Co. Ltd., Apollo Tyres Limited, Nokian Tyres Plc., Nexen Tire Corporation, Double Coin Holdings Ltd., JK Tyre & Industries Ltd., Ceat Ltd., Prometeon Tyre Group, Aeolus Tyres, MAXXIS International, Falken Tire Corporation, Hercules Tire & Rubber Company, Triangle Group, Shandong Hengfeng Rubber & Plastic Co. Ltd., Xingyuan Tire Group Co. Ltd., Cordiant Company, Federal Corporation, Kenda Rubber Industrial Co. Ltd.

Asia-Pacific was the largest region in the truck and bus tires market in 2023. The regions covered in the truck and bus tires market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the truck and bus tires market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Truck and bus tires primarily come in two types such as radial and bias-ply. Radial tires feature cords running from one bead to another at right angles, offering superior performance and reliability. These tires cater to various vehicles, including light-duty and heavy-duty vehicles, as well as passenger buses. Distribution channels for these tires span from OEM (original equipment manufacturer) to the aftermarket, serving diverse applications in truck tires and bus tires.

The truck and bus tires market research report is one of a series of new reports that provides truck and bus tires market statistics, including truck and bus tires industry global market size, regional shares, competitors with a truck and bus tires market share, detailed truck and bus tires market segments, market trends, and opportunities, and any further data you may need to thrive in the truck and bus tires industry. This truck and bus tires market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The truck and bus tires market consists of sales of all-terrain tires, heavy-duty tires, off-road tires, mud tires, and winter tires. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.