PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1215365
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1215365
Global Truck & Bus Radial (TBR) Tire Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Truck & Bus Radial (TBR) Tire is a type of vehicular tire in which the threads of the carcass cord are arranged radially. There are different benefits associated with radial tires including long term operational capability, reduces rolling resistance, good traction, lowered fuel consumption, and lightweight among others. Moreover, these tires have certain drawbacks such as high cost, and these tires are vulnerable to mechanical stress and damage on side walls. The increasing demand for commercial vehicles and advantages associated with radial tires as well as strategic initiatives from leading market players are key factors accelerating the market growth.
The increasing demand for commercial vehicles across different industries such as logistics and transportation, manufacturing, e-commerce, and oil & gas among others is contributing to the growth of the Global Truck & Bus Radial (TBR) Tire Market. For instance, according to Statista - in 2020, the worldwide production of commercial vehicles was estimated at 20.2 million units, and it further increased to 23.2 million units in 2021. Moreover, in 2021, North America region topped commercial vehicle production with a production of 10.3 million units, followed by Asia and Oceania region with 3.3 million units produced. Also, growing expansion of logistics and transportation sector and rising emergence of smart tires would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Truck & Bus Radial (TBR) Tires stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Truck & Bus Radial (TBR) Tire Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of leading market players and increasing adoption of light and medium commercial vehicles across the industries. Whereas Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as rising expansion of logistics and transportation industry and increasing growth of the e-commerce sector in the region.
Major market players included in this report are:
Bridgestone Corporation
MICHELIN
Continental AG
The Goodyear Tire & Rubber Company
China National Tire & Rubber Corporation
BKT Industries Limited
KUMHO Tire
Yokohoma Rubber Corporation