TBR Tire Market Value to Reach US$ 29.0 Billion by 2031, Transparency Market Research, Inc.
Increase in usage of heavy-duty vehicles is likely to fuel market growthThe truck segment held 58.3% share of the global market in 2021Rise in logistics and goods transportation across developing…
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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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
China National Tire & Rubber Co. Ltd.
Cooper Tire & Rubber Company
Kumho Tire Co., Inc.
Hankook Tire & Technology Co. Ltd.
Nokian Tyres plc.
Pirelli & C.S.p.A.
Yokohama Rubber Industries Co., Ltd.
Sumitomo Rubber Industries, Ltd.
Toyo Tire Corporation
Prometeon Tyre Group S.R.L.
The Goodyear Tire & Rubber Company
Segmentation of the TBR Tire Market
Middle East & Africa
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