PUBLISHER: The Business Research Company | PRODUCT CODE: 1678583
PUBLISHER: The Business Research Company | PRODUCT CODE: 1678583
Truck and bus tires are specifically designed for trucks and buses with a loading range of F, possessing rim sizes larger than 19 inches and a broader tire base, commonly used in transportation trucks and commercial buses.
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 from The Business Research Company 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 size has grown steadily in recent years. It will grow from $45.31 billion in 2024 to $46.96 billion in 2025 at a compound annual growth rate (CAGR) of 3.7%. The growth in the historic period can be attributed to global economic growth, expansion of logistics and freight industries, infrastructure development projects, fleet expansion and modernization, 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 $56.41 billion in 2029 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to e-commerce boom and last-mile delivery, green initiatives and fuel efficiency, renewable energy and electric vehicles, government regulations on safety and emissions, recovery from economic downturns. Major trends in the forecast period include integration of intelligent tire monitoring systems, demand for all-season and specialized tires, rising adoption of radial tires, focus on heavy-duty and load-carrying capacity, development of self-healing tire technology.
An increase in demand for commercial vehicles is anticipated to drive the growth of the truck and bus tires market. Commercial vehicles are motor vehicles designed for transporting goods or passengers for business purposes. These vehicles utilize truck and bus tires, which provide excellent traction across various speeds and weather conditions, along with a high load-carrying capacity and low rolling resistance. For example, in January 2024, Daimler Truck Holding AG, a Germany-based manufacturer of commercial vehicles, reported selling a total of 526,053 trucks and buses in 2023, a slight increase from 520,291 in 2022. Specifically, the Trucks North America segment sold 195,014 units, while Trucks Asia recorded 161,171 units, marking a 3% increase from the previous year. Additionally, Daimler Buses performed well, with 26,168 units sold, reflecting a 9% increase. Thus, the rising demand for commercial vehicles is driving the truck and bus tires market.
The expanding transportation industry is projected to drive the growth of the truck and bus tires market in the future. This industry encompasses various sectors and activities related to the movement of goods, people, and commodities from one location to another, with the truck and bus tires market playing a crucial role in enhancing the growth, efficiency, and sustainability of transportation. For instance, in January 2024, the Bureau of Transportation Statistics, a U.S. government agency, reported that the U.S. transportation and warehousing sector employed 16 million workers in 2023, accounting for 10.3% of the total labor force and representing a 1.7% increase from 2022. Employment in transportation-related industries rose to 9.5 million workers, with air transportation witnessing the highest growth at 9.1%. Additionally, 24.3% of transportation workers were aged 55 and older, with the transit sector employing the largest proportion of older workers at 37.9%. Thus, the growth in the transportation industry is expected to drive the demand for truck and bus tires.
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 March 2023, Zodo Tire, a tire manufacturer based in China, acquired Kaixuan Rubber for an undisclosed sum. This acquisition enables Zodo Tire to utilize Kaixuan's advanced rubber processing technologies, enhancing product quality and durability. By integrating Kaixuan's resources and expertise, Zodo aims to boost its innovation initiatives and better address market demands. Kaixuan Rubber is also a tire manufacturer located in China.
Major companies operating in the truck and bus tires market include 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 2024. 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.
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.
Truck And Bus Tires Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on truck and bus tires market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for truck and bus tires ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The truck and bus tires market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.