What is Global Truck and Bus Tires Market?
The Global Truck and Bus Tires Market is a comprehensive study of the worldwide market trends and growth prospects for truck and bus tires. This market is a crucial segment of the global automotive industry and its performance directly impacts the health of the global economy. The market encompasses the production, distribution, and sale of tires specifically designed for trucks and buses. These tires are not just ordinary tires; they are specially designed to withstand heavy loads, long-distance travel, and different weather conditions. They are an essential component of the transportation industry, ensuring the safe and efficient movement of goods and people across cities, countries, and continents. The market's value was estimated at US$ 42710 million in 2022, and it is projected to reach US$ 47460 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 1.5% during the forecast period from 2023 to 2029.
OEM Tire, Replacement Tire in the Global Truck and Bus Tires Market:
The Global Truck and Bus Tires Market is segmented into two main categories: OEM (Original Equipment Manufacturer) Tire and Replacement Tire. OEM tires are those that come with a new truck or bus at the time of purchase. These tires are specifically designed for the vehicle model and are usually of high quality. On the other hand, replacement tires are those that are purchased to replace the worn-out or damaged tires on a vehicle. These tires can be of the same brand as the OEM tires or can be from a different brand. The choice of replacement tires depends on various factors such as the vehicle's usage, the owner's budget, and the desired performance. The market for both OEM and replacement tires is vast and varied, with numerous brands offering a wide range of products to meet the diverse needs of consumers. The market dynamics for these two segments are influenced by different factors. For instance, the OEM tire market is driven by the sales of new trucks and buses, while the replacement tire market is driven by the wear and tear of existing vehicles.
Truck, Bus in the Global Truck and Bus Tires Market:
The Global Truck and Bus Tires Market finds its application primarily in two areas: Trucks and Buses. Trucks, being the backbone of the global supply chain, require high-quality tires to ensure the smooth and timely delivery of goods. These vehicles often travel long distances and carry heavy loads, putting immense pressure on the tires. Therefore, the tires used in trucks need to be robust, durable, and capable of withstanding harsh conditions. Similarly, buses, which form an integral part of public transportation systems worldwide, also require high-quality tires. Buses usually travel shorter distances than trucks but make multiple trips in a day. Therefore, the tires used in buses need to provide a comfortable ride and ensure the safety of passengers. The demand for truck and bus tires is influenced by various factors such as the growth of the transportation industry, the expansion of road networks, and the increase in trade activities.
Global Truck and Bus Tires Market Outlook:
The global Truck and Bus Tires market has shown promising growth, with a valuation of US$ 42710 million in 2022. The market is expected to further expand and reach a value of US$ 47460 million by 2029. This growth trajectory, representing a CAGR of 1.5% during the forecast period of 2023-2029, indicates a steady demand for truck and bus tires worldwide. Europe holds a significant share in the market, accounting for about 20% of the total market. The market is dominated by a few key players, with the top three companies holding a combined market share of about 63%. This concentration of market share indicates a high level of competition among these leading players.
| Report Metric | Details |
| Report Name | Truck and Bus Tires Market |
| Accounted market size in 2023 | US$ 42710 million |
| Forecasted market size in 2030 | US$ 47460 million |
| CAGR | 1.5% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Bridgestone, Michelin, Goodyear, Continental, ZC Rubber, Sumitomo Rubber, Xingyuan Group, Linglong Tire, Hankook, Double Coin, Prometeon Tyre Group, Aeolus Tyre, Giti Tire, Cheng Shin Rubber, Yokohama, Triangle Tire Group, Sailun Group, KUMHO TIRE, Toyo Tires |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
