Global TBR Tire Market size was valued at USD 17.97 Billion in 2023 and is projected to reach USD 29.04 Billion by 2030, growing at a CAGR of 7.1% from 2023 to 2030.
TBR Tire Market Overview
All heavy-duty vehicles are designed to use truck and bus radial (TBR) tires. TBR tires are primarily made for road systems because they provide features like excellent sidewall adaptability, improved driving comfort, lower tire heat generation at high speeds, higher resistance to tread-related damage, and reduced fuel consumption through improved energy transfer of power from the machine to the road. The two industries of truck transportation and public transportation services are the main users of TBR tires. The truck and bus radial tire (TBR) market has grown dramatically during the past few years. The need for radial tires is increasing as a result of extensive road networks in several nations encouraging greater manufacturing of trucks, buses, and other forms of public transportation.
When compared to bias-ply tires, TBRs have several safety advantages. They are more robust structurally than bias-ply tires. They provide better structural strength, a higher cornering force for better control during cornering and maneuvering, and shorter stopping distances due to the wider footprint area, as was previously indicated. However, the TBR tire has a significant market share in the overall truck and bus tire industry and is influenced by a number of factors, including economic activity, truck production (which affects the demand for OE tires), truck size, sales, truck composition, and the use of the trucks in commission (a major determinant of replacement demand). Similar to how vehicle ownership, driving habits, fuel prices, behaviors, and the usage of alternate modes of transportation are important factors in tire consumption. Additionally, the growth of the TBR tire market is closely correlated with the number of kilometers driven, tire wear and replacement, and additional truck sales. Additionally, a sizable advantage in terms of overall operating costs is anticipated to spur market expansion during the forecasted phase.
Several trends are being observed in the worldwide truck and bus radial (TBR) tire market, and it is projected that these trends will have a positive impact on the industry during the forecast period. Recognized suppliers who are active in the global automotive tire industry are enhancing the value proposition of their tires by utilizing cutting-edge materials, technologies, and processes. For increased comfort and safety, Continental, for instance, has created cutting-edge tire innovations like ContiSense and ContiAdapt. With the use of advanced sensors and conductive rubber compositions, ContiSense continuously checks tire depth and temperature. These technological developments allow for the effective use of rubber compounds in tire manufacture without sacrificing the tire’s toughness and dependability. Because the ION rim is light in weight and made of a special composite material, it has a thinner tread depth. reduced wear and better reinforcing coating. Due to fleet owners’ increased knowledge of maintenance schedules and tire conditions to prevent vehicle failures, smart tires and tires with embedded sensors are consequently growing in popularity on the market, favorably influencing the TBR tire industry. The development of the market value for TBR tires will be significantly impacted by a number of factors, besides the introduction of smart tires, including the expansion of the e-commerce sector, a rise in the use of public transportation, and an increase in the use of advanced technologies in tire processing.
- All Position
- Public Transportation Services
- Trucking Industry
- Urban Use
The global TBR tire market is categorized based on its application in public transportation services, the trucking industry, and urban use. In 2022, the trucking industry held the major share of the market value. This is due to the growing adoption of TBR tires in advanced and next-generation vehicles, particularly in trucks and other vehicles used in construction activities. This trend is expected to contribute significantly to the segment’s growth. Furthermore, the increase in construction activities worldwide, coupled with the rising demand for advanced trucks and goods-carrying vehicles, is likely to drive the market growth of this segment in the forecast period.
In terms of market share for truck and bus radial (TBR) tires, Asia Pacific dominated. Due to the existence of a sizable number of truck and bus manufacturers and sizable numbers of truck and bus fleets on the road, China, India, Japan, and ASEAN, all have sizable domestic markets. A considerable number of TBR tire manufacturing facilities are located in the area because of the accessibility of natural rubber and the advantages of low production costs.
The market for truck and bus radial (TBR) tires is dominated by North America. The substantial market share held by North America is mostly due to the abundance of on-road trucks in the U.S. The demand for TBR tires in North America has increased as a result of inland freight trucking across NAFTA and the region’s well-established transport and logistics sector. COVID-19 is anticipated to have a negative effect on the global market for truck and bus radial (TBR) tires. The demand for OE TBR tyres is expected to be hampered by production halts and low demand for new trucks and buses.
By Regional Outlook
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Key Companies & Market Share Insights
Companies in the TBR tire industry are putting a lot of emphasis on improving and developing their products. To achieve this, they invest a lot in research and development. In addition, they also use strategies like mergers, partnerships, collaborations, and joint ventures to expand their product offerings.
Some of the major players in the TBR tire market include:
- 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