TBR Tire Market Value to Reach US$ 29.0 Billion by 2031, Transparency Market Research, Inc.

Market growth will likely be fueled by an increase in heavy-duty vehicle usage

In 2021, the truck segment accounted for 58.3% of the global market

Promising opportunities exist in the region's growth in logistics and goods transport across developing countries.

According to Transparency Market Research's (TMR) market outlook, the global TBR tire market will grow at 6.7% CAGR between 2022 and 2031.

Truck tires should be replaced regularly as they are not designed to last for long periods of time. Because of their ease-of-use and lack of customization, replacement tires are more economical than OEM tires. The aftermarket segment held 55.0% of the global market's total sales channel share in 2021. This is due to an increase in truck, bus and radial (TBR), tires in the aftermarket sector. According to TMR's forecast for the TBR tire industry, the aftermarket will grow at a rapid pace over the forecast period.

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TBR Tire Market: Key Findings

A major market trend is the rise in demand for medium- and heavy-duty trucks around the world to move freight. TBR truck tires are expected to see a rise in demand over the next few years. The truck segment will be driven by the increased focus on public transport infrastructure building by major countries during the forecast period.

Smart tires are a market leader's priority. Market players are expanding their R&D activities. They are using next-generation processes and materials to achieve this goal. Tire manufacturers are trying to make tires last longer and more efficient with rubber compounds. The market is likely to grow due to the increasing popularity of smart tires that have integrated sensors and increased use of public transport.

Vehicle owners are putting more emphasis on maintaining a regular maintenance schedule. Market development is expected to accelerate in the coming years due to increased awareness of the importance of regular tire inspections in order to prevent vehicle breakdown.

TBR Tire Market: Growth Drivers

The global market will see significant growth in e-commerce.

Market demand is increasing due to the rising construction of roads in developing and developed countries around the world.

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Regional Analysis

The Asia Pacific region is expected to dominate global markets during the forecast period. This is due to the presence of key rubber manufacturing nations, such as China and Japan, outstanding industrial growth and an increase in logistics and goods transport activities in the region.

In 2021, North America held a significant market share worldwide. Due to an increase in commercial vehicle sales, the market will experience strong growth over the forecast period. The North American market will see a rise in use of next-generation technologies from regional tire manufacturers in the near future.

TBR Tire Market

Advanced technologies are being adopted by companies in their production processes

They are focusing on strategies such as product launches and acquisitions to keep their market leadership position.

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TBR Tire Market: Key Players

Balkrishna Industries Limited

Apollo Tyres

China National Tire & Rubber Co. Ltd.

Bridgestone Corporation

Cooper Tire & Rubber Company

Continental AG

Giti Tire

Kumho Tire Co., Inc.

Hankook Tire & Technology Co. Ltd.

Nokian Tyres plc.

MICHELIN

Pirelli & C.S.p.A.

Yokohama Rubber Industries Co., Ltd.

Sumitomo Rubber Industries, Ltd.

Toyo Tire Corporation

Prometeon Tyre Group S.R.L.

ZC Rubber

The Goodyear Tire & Rubber Company

Segmentation of the TBR Tire Market

Application

Sales Channel

Tire Size

Region

North America

Europe

Asia Pacific

Middle East & Africa

South America

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Transparency Market Research, a company that provides custom research and consulting services, has been registered in Wilmington, Delaware. TMR offers in-depth insight into the factors that drive demand in the market. It identifies market opportunities based on source, application, sales channel, and end-use that will support growth over the next nine years.

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