#Truck And Bus Radial (TBR) Tire Mrket Size

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The Growing Truck And Bus Radial (TBR) Tire Market is driven by Increasing Road Freight Operations

The global Truck And Bus Radial (TBR) Tire market is primarily driven by the growing road freight transportation activities across the globe. TBR tires offer advantages like higher mileage, enhanced comfort, ruggedness and improved traction which makes them a preferred choice for commercial vehicles like trucks and buses. The rising demand for fuel-efficient and high-performance tires from logistics and transportation sector is propelling the TBR tire market. The global Truck And Bus Radial (TBR) Tire market is estimated to be valued at US$ 17.96 Bn  in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.

TBR tires are specially designed for commercial vehicles with radial plies for enhanced strength and durability. They offer longer lifespan, reduce rolling resistance and improve vehicle handling in different road conditions. Key Takeaways Key players operating in the Truck And Bus Radial (TBR) Tire Market Growth are Apollo Tyres, Balkrishna Industries Limited, Bridgestone Corporation, China National Tire & Rubber Co., Ltd., Continental AG, Cooper Tire & Rubber Company, Giti Tire, The Goodyear Tire & Rubber Company, Hankook Tire & Technology Co. Ltd., Kumho Tire Co., Inc., MICHELIN, Nokian Tyres plc., Pirelli & C.S.p.A., Sumitomo Rubber Industries, Ltd., Toyo Tire Corporation, Yokohama Rubber Industries Co., Ltd., ZC Rubber, Prometeon Tyre Group S.R.L. The demand for TBR tires is increasing owing to rising transportation of goods along with growing freight industry globally. Various factors like expansion of e-commerce sector, improving logistics infrastructure and increasing international trade are fueling the demand for commercial vehicles which in turn drives the TBR tire market. Several TBR tire manufacturers are focusing on geographical expansion plans to strengthen their global presence. Companies are focusing on developing economies in Asia Pacific and Latin America owing to growing vehicle parc and rising consumer spending on vehicles in these regions. Market Drivers Increasing road freight operations is a major market driver for the TBR tire market. With advancing transportation infrastructure and growing logistics sector, road freight transportation has increased substantially over the past few years. TBR tires offer performance benefits and are specifically designed for commercial vehicles like trucks and buses which is driving the demand. As road freight operations continue to grow globally, the TBR tire replacement market is also expected to rise significantly during the forecast period. The current geopolitical situation is impacting the growth of the truck and bus radial (TBR) tire market. The ongoing Russo-Ukraine conflict has resulted in supply chain disruptions and increased prices of raw materials like oil and rubber which are key components in tire manufacturing. This has raised production costs significantly for tire manufacturers. At the same time, declining economic activity in major markets due to high inflation is lowering the demand for commercial vehicles and their replacement tires. To sustain growth in such challenging times, tire companies will need to focus on productivity enhancement, cost optimization strategies and prioritizing profitable market segments. Expanding capacity in relatively stable emerging markets can help offset declines in US and Europe. Collaborating with logistics players and leasing companies to maintain consistent supply especially for existing fleet customers will be another key strategy. Get More Insights On This Topic: Truck And Bus Radial (TBR) Tire Market