The global truck and bus radial (TBR) tire market is expected to surpass a high revenue threshold, primarily on the back of a burgeoning transportation and logistics industry, according to Fact.MR’s recently published report.
As manufacturing industries expand, demand for transporting raw materials and finished goods to end-users is increasing. Consequently, the production of heavy-duty trucks is picking up pace, thereby accelerating demand for radial tires. In addition, burgeoning e-Commerce has proliferated the need for last-mile deliveries across prominent geographies, prompting industries to develop effective transportation links, thus necessitating higher fleet maintenance.
Despite a substantial deceleration ushered in by the COVID-19 pandemic, growth prospects for the market appear largely positive, with projections set to resume normal trajectory post-2020, reaching a valuation of US$ 98 Bn by the end of the forecast period (2020 to 2030).
Key Takeaways from Truck and Bus Radial Tire Market Report
“High proportion of rubber production is encouraging prominent radial tire manufacturers to foray into emerging economies in the Asia Pacific region, thereby providing traction to the truck and bus radial tire market,” says a Fact.MR analyst.
Truck and Bus Radial Tire Market Structure
The global truck and bus radial tire market comprises the following vendors:
Bridgestone Corporation, Aeolus Tyre, Hankook, MICHELIN, Cheng Shin Rubber, Toyo Tires, KUMHO Tire, Giti Tire, The Goodyear Tire and Rubber Company, Yokohama Rubber Company, ZC Rubber, Continental AG, Sumitomo Rubber Industries Ltd, Xingyuan Group, Triangle Tire Group, Sailun Group, Prometeon Tyre Group
A combination of strategies ranging from strategic collaborations, joint ventures, acquisitions, and product launches pepper the global competitive landscape. Moreover, these companies are seeking firm footing across emerging economies in the Asia Pacific region, owing to reduced production costs and availability of rubber.
Find More Valuable Insights on Truck and Bus Radial Tire Market
In its recent report, Fact.MR provides a comprehensive, unbiased analysis of the global truck and bus radial tire market, incorporating historical demand analysis (2015-2019) and forecast data for the period 2020-2030. The study provides essential insights into the market on the basis of application (trucks and buses) and sales channel (OEMs and aftermarket), across five key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa).
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