by The global TBR tire market size is projected to cross around USD 36.08 billion in 2034 rising from USD 18 billion with a noteworthy CAGR of 7.2% from 2024 to 2034.
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Key Insights
- In 2023, North America held the largest market share at 52%.
- The Asia-Pacific region is projected to grow at the fastest CAGR during the forecast period.
- The trucking industry segment dominated the market by application in 2023.
- The public transportation service segment is expected to experience the highest CAGR growth in the coming years.
Market Scope
| Report Highlights | Details |
| Market Size in 2023 | USD 16.64 Billion |
| Market Size in 2024 | USD 18 Billion |
| Market Size by 2034 | USD 36.08 Billion |
| Growth Rate from 2024 to 2034 | CAGR of 7.2% |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Segments Covered | Product, Application, Region |
| Regions Covered | North America, Asia Pacific, Europe, Latin America, Middle East and Africa |
Market Dynamics
Market Drivers
The TBR (Truck and Bus Radial) tire market is driven by the increasing demand for commercial vehicles globally. The rapid expansion of logistics and transportation industries has fueled the need for durable and high-performance tires.
Additionally, the growing emphasis on fuel efficiency and sustainability has led to the adoption of advanced radial tire technologies, which offer lower rolling resistance and enhanced durability. The rise in infrastructure development projects, particularly in emerging economies, has also contributed to the growing demand for heavy-duty commercial vehicle tires.
Market Opportunities
The shift towards electric and autonomous commercial vehicles presents new growth opportunities for the TBR tire market. Manufacturers are investing in the development of specialized tires that cater to the unique requirements of these next-generation vehicles.
Additionally, the increasing focus on retreading and tire recycling offers cost-effective and sustainable solutions, opening up new revenue streams. Expanding transportation networks in developing regions and government initiatives promoting commercial vehicle safety and efficiency further boost market potential.
Market Challenges
One of the key challenges in the TBR tire market is the volatility in raw material prices, particularly rubber and petroleum-based components. Fluctuations in supply chains and production costs can impact profit margins for manufacturers.
Additionally, the presence of counterfeit and low-quality tire products in the market poses safety risks and affects brand reputation. Strict government regulations regarding tire performance, safety, and environmental impact add to compliance complexities for industry players.
Regional Insights
North America leads the TBR tire market, driven by a strong transportation and logistics sector. The region’s focus on sustainability and fuel efficiency has accelerated the adoption of advanced tire technologies.
The Asia-Pacific region, particularly China and India, is expected to grow at the fastest rate due to rising industrialization, increasing commercial vehicle sales, and expanding road networks. Europe remains a key market, supported by strict regulations on vehicle emissions and tire safety standards.
TBR Tire Market Companies
- Bridgestone Corporation
- Michelin Group
- Yokohama Rubber Company
- Continental AG
- Goodyear Tire & Rubber Company
- ChemChina – Pirelli
- Giti Tire
- Kumho Tire
- Cooper Tire & Rubber Company
- Toyo TireCorporation
- Hankook Tire & Technology Group
Key Companies Share Insights
The market players in the TBR tire industry are significantly focused on product advancement & development and for the same, they invest prominently in the Research & Development (R&D) activity. Apart from this, the market players are also adopting inorganic growth strategies that include merger & acquisition, partnership, collaboration, and joint venture to expand their product portfolio.
Segments Covered in the Report
By Type
- Drive
- All Position
- Trailer
By Application
- Public Transportation Services
- Trucking Industry
- Urban Use
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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