A recent research report published by Smithers Rapra predicts that the global truck tyre market will reach USD 152.4 billion by 2027, as the market in the segment continues to evolve and diversify.
Titled “The Future of Global Truck Tires to 2027”, the report outlines how by 2017, the value in this sector will reach USD 107.6 billion in 2017. With the market growing at a CAGR of 3.5 percent through the next decade, the figure of USD 152.4 billion looks attainable by 2027. It is estimated that in the decade from 2017 to 2027, the volume consumption of all truck tyres will increase at a rate of 3.2 percent every year after making adjustments for volatility in prices and raw materials, gains in tire manufacturing productivity, and the scope for greater revenues with greater value adding features.
In the report the truck tyre market is divided across all core segments based on factors like vehicle type, tyre size, geographic and key national market. Based on vehicle type, the light truck market accounts for USD 40.0 billion globally in 2017 and is expected to outperform the heavier truck segment in the period from 2017 to 2027 by growing at 4.0 per cent year-on-year. Medium and heavy truck tires which will be worth USD 68.6 billion in 2017 will continue to grow at a rate of 3.3 percent every year during the same period.
Just like the overall tyre market, the truck tyre market is also very diverse and is affected by many variables like fuel costs, economic activity, trends in truck production, sales and size as well as the new trends in ownership, driving patterns and behaviors and the availability of alternative transport. The changes in the trucking industry with regard to ownership patterns and new technologies can affect the performance requirements of future truck tires with respect to the miles driven, tyre wear, and ultimately the replacement of both vehicles and tires.
The segment of medium and heavy truck tyres is one that changes at a slow pace and the reason for adoption of new technologies are more likely to be economic than regulations. Innovations that can maximize the life of tyres and can cut fuel costs will play a key role in purchasing decisions.
The main focus of technical innovations will be on factors like rolling resistance, lifecycle and sustainability. Some of the supporting technologies like those related to tyre inflation are especially relevant in the case of truck tyres. And merging disruptive innovations, such as autonomous driving, will have an increasing influence on the development and implementation of new technologies.
Manju Mathew, an MBA in marketing, completed publisher training courses from the Oxford Brookes University and New York University. She started with marketing and PR roles before moving on to her current position as a full time writer. Currently living in Dubai, her life as an expat has sharpened her observation skills and flair for writing. She enjoys writing about luxury cars like Ferrari, Lamborghini, etc even if she can only dream of owning them.
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