Global TBR Tire
Market Report
2024
The Global TBR Tire market size is USD 16.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.90% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global TBR Tire market size is USD 16.8 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 6.90% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global TBR Tire Market Sales Revenue 2023 | $ 16.8 Billion |
Global TBR Tire Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.9% |
North America TBR Tire Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6% |
Europe TBR Tire Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.2% |
Asia Pacific TBR Tire Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 8% |
South America TBR Tire Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.5% |
Middle East and Africa TBR Tire Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.7% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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TBR Tire Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
TBR tires, also known as truck and bus radial tires, are a specialized type of tire made specifically for trucks and buses. Unlike bias ply tires, TBR tires have ply cords that run perpendicular to the tire's centerline, which enhances stability and tread wear. This design not only ensures improved fuel efficiency and safety in commercial vehicles but also offers various advantages such as longer tread life, better traction, and increased ride comfort. Consequently, the preference for radial tires over bias ply tires is growing, further contributing to the market's expansion.
For instance, Apollo Tyres introduced five new Truck And Bus Radial Tires specifically designed for the Indian market in August 2022. Prior to their release, these new tires underwent extensive testing throughout the country to ensure their suitability for various applications, including steer, drive, and all-wheel fitment. The Apollo EnduRace RA tire is specifically designed to be compatible with local steering systems or all-wheel setups.
The TBR tire market is the increasing demand for commercial vehicles worldwide. The expansion of logistics, construction, and public transportation sectors, especially in emerging economies, has led to a surge in the purchase of trucks and buses. These vehicles are essential for transporting goods and passengers, creating a consistent need for high-quality TBR tires. Moreover, the ongoing urbanization, infrastructure developments, and e-commerce boom have escalated the demand for efficient and durable commercial vehicles, driving the sales of TBR tires.
In August 2022, the Bridgestone Americas (Bridgestone) Truck And Bus Radial Tire Plant in Morrison, Tennessee's Warren County experienced significant growth and improvement. With an investment of USD 550 million, the expansion project aimed to create 380 new employment opportunities and expand the plant's current size by 850,000 square feet.
The continuous technological advancements in tire manufacturing processes will boost market growth. Innovations in materials, tire designs, and production techniques have resulted in the development of high-performance TBR tires. Advanced manufacturing technologies enhance the durability, fuel efficiency, and overall performance of these tires, making them more appealing to commercial vehicle operators. Additionally, the integration of smart technologies, such as IoT sensors and tire monitoring systems, allows real-time tracking of tire conditions, contributing to enhanced safety and reduced maintenance costs.
Goodyear purchased Cooper Tire & Rubber Company in March 2021 for $2.8 billion. This acquisition aims to enhance Goodyear's presence in the United States by strengthening its supply chain management and expanding its market-leading retail channels.
Compliance with stringent regulations and increasing environmental concerns pose significant challenges for the TBR tire market. Governments worldwide are imposing strict regulations related to tire labeling, performance standards, and emissions. Meeting these regulatory requirements necessitates tire manufacturers to invest in research and development to develop eco-friendly and energy-efficient tire models. Additionally, environmental concerns are driving the demand for sustainable practices, encouraging the tire industry to explore alternatives to traditional materials and adopt greener manufacturing processes.
The COVID-19 pandemic significantly impacted the TBR (Truck and Bus Radial) tire market. Due to lockdowns, travel restrictions, and reduced economic activities, there was a sharp decline in demand for commercial vehicles, which, in turn, affected the TBR tire market adversely. Manufacturing plants faced closures or reduced capacities, disrupting the supply chain and leading to delays in production and distribution. Additionally, the decrease in consumer spending and economic uncertainty led to a postponement of fleet expansion plans by businesses, impacting the replacement and purchase of new TBR tires. As a result, the TBR tire industry experienced a decline in sales and revenue.
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The TBR tire market's competitive landscape is a dynamic arena where established players and innovative newcomers continually strive for excellence. The convergence of technological advancements, market intelligence, and sustainable practices defines the industry's direction, creating an environment ripe for innovation and growth.
Top Companies Market Share in TBR Tire Industry: (In no particular order of Rank)
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According to Cognitive Market Research, the Asia Pacific region dominates as the largest growing market, boasting a substantial 36% market share and a commendable 8.0% Compound Annual Growth Rate (CAGR). The region's burgeoning economies, such as China and India, have witnessed substantial infrastructural developments, fostering a higher demand for commercial vehicles. Within the Asia Pacific region, the demand for radial TBR tires has experienced an exponential surge. Radial tires offer enhanced durability, fuel efficiency, and load-bearing capacity, making them the preferred choice for commercial vehicles. The increasing focus on infrastructure development and international trade positions this market for sustained growth, making it a focal point for industry players and investors alike.
North America's TBR tire market demonstrates a noteworthy 6.0% CAGR, reflecting its resilience and adaptability in the face of economic fluctuations. The region's advanced logistics infrastructure and flourishing e-commerce industry have augmented the demand for commercial vehicles, driving the TBR tire market's growth. In North America, the radial TBR tire segment has witnessed exceptional growth. Radial tires are preferred due to their superior performance, offering excellent traction, fuel efficiency, and longer lifespan. As North America continues to witness economic stability and technological advancements, the TBR tire market is poised for sustained expansion, making it a key focus for industry players and investors.
The current report Scope analyzes TBR Tire Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
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According to Cognitive Market Research, North America's TBR tire market demonstrates a noteworthy 6.0% CAGR with a market share of 30%, reflecting its resilience and adaptability in the face of economic fluctuations. The region's advanced logistics infrastructure and flourishing e-commerce industry have augmented the demand for commercial vehicles, driving the TBR tire market's growth. In North America, the radial TBR tire segment has witnessed exceptional growth. Radial tires are preferred due to their superior performance, offering excellent traction, fuel efficiency, and longer lifespan. As North America continues to witness economic stability and technological advancements, the TBR tire market is poised for sustained expansion, making it a key focus for industry players and investors.
According to Cognitive Market Research, Europe TBR (Truck, Bus, and Radial) tire market has carved a prominent niche with a substantial 28% market share and a commendable 5.2% Compound Annual Growth Rate (CAGR). The region's stability, coupled with a robust transportation sector and stringent safety regulations, has contributed significantly to the market's growth. Within Europe, the radial TBR tire segment stands out. Radial tires offer enhanced stability, longevity, and fuel efficiency, making them a preferred choice for commercial vehicles. With stringent regulations driving technological advancements and a robust commercial vehicle sector, Europe's TBR tire market is poised for continued growth and remains pivotal in the global landscape.
According to Cognitive Market Research, Asia Pacific region dominates as the largest growing market, boasting a substantial 36% market share and a commendable 8.0% Compound Annual Growth Rate (CAGR). The region's burgeoning economies, such as China and India, have witnessed substantial infrastructural developments, fostering a higher demand for commercial vehicles. Within the Asia Pacific region, the demand for radial TBR tires has experienced an exponential surge. Radial tires offer enhanced durability, fuel efficiency, and load-bearing capacity, making them the preferred choice for commercial vehicles. The increasing focus on infrastructure development and international trade positions this market for sustained growth, making it a focal point for industry players and investors alike.
According to Cognitive Market Research, the South America region, the TBR (Truck, Bus, and Radial) tire market maintains a modest 5% market share and a steady 6.5% Compound Annual Growth Rate (CAGR). Economic challenges and limited infrastructure development have influenced the market's growth; leading to a comparatively smaller market share in the global context. The radial TBR tire segment in Latin America has shown promise. Radial tires' ability to provide better traction and fuel efficiency has made them increasingly popular among commercial vehicle owners. The focus on efficient radial tires highlights a positive trend, suggesting a potential rise in demand as economic conditions in Latin America continue to stabilize.
According to Cognitive Market Research, The Middle East and Africa's TBR tire market, with its 1.00% market share and 6.7% CAGR, reflects the region's economic and infrastructural challenges. However, the growth in radial tire adoption indicates a positive trend. As the region addresses its economic and political issues, there is potential for the TBR tire market to expand further. The focus on radial tires underscores the market's adaptability and readiness to embrace efficient solutions, paving the way for future growth opportunities in the Middle East and Africa.
Global TBR Tire Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing TBR Tire Industry growth. TBR Tire market has been segmented with the help of its Type, Application , and others. TBR Tire market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, truck radial (TBR) tires emerge as the dominant category in the TBR tire market due to their widespread use in commercial and freight transport. These tires are specifically designed to withstand heavy loads and extended periods of travel, making them essential for long-haul trucks and freight carriers. Their robust construction, durability, and ability to provide stable performance even under significant loads make them indispensable for the logistics and transportation industry. TBR tires offer enhanced fuel efficiency, improved traction, and longer tread life, addressing the critical needs of businesses relying on transportation for their operations.
Bus radial (TBR) tires represent the fastest-growing category, primarily due to the expanding urban transportation networks and the increasing demand for public transportation. As cities grow and commuting needs rise, there is a parallel need for reliable and fuel-efficient buses. TBR tires designed specifically for buses offer superior load-carrying capacity, durability, and stability, ensuring the safety and comfort of passengers during transit. With a focus on reducing emissions and enhancing public transportation services, many regions are investing in newer, eco-friendly buses, thereby driving the demand for Bus Radial (TBR) tires.
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According to Cognitive Market Research, OEM represents the dominant category. OEM applications involve the direct integration of TBR tires into new vehicles during the manufacturing process. This dominance stems from the strategic partnerships between tire manufacturers and vehicle producers. OEMs require tailor-made tires designed to meet specific performance, safety, and efficiency standards of commercial trucks and buses. Tire manufacturers collaborate closely with vehicle OEMs to develop customized TBR tires, ensuring seamless integration with the vehicles' design and performance requirements.
The aftermarket segment is the fastest-growing category in the TBR tire market. Aftermarket applications involve the replacement or upgrade of TBR tires in existing trucks and buses. This category experiences rapid growth due to several factors. As commercial vehicles accrue mileage, the need for tire replacements becomes frequent, driving aftermarket sales. Additionally, fleet operators often seek specialized TBR tires to enhance fuel efficiency and overall vehicle performance, boosting aftermarket demand.
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Research Analyst at Cognitive Market Research
I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Sneha Mali is a research analyst working in various domains including the Consumer Goods, market research and transport & logistics and her primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. Her knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively.Sneha stay up-to-date with the latest research trends, methodologies, and technologies to ensure that her research is accurate, relevant, and impactful.
In her current role, Sneha is committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that her skills remain sharp and relevant. She have demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams.Sneha remains an invaluable asset in the dynamic landscape of market research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global TBR Tire Market is witnessing significant growth in the near future.
In 2023, the Truck Radial (TBR) Tire segment accounted for noticeable share of global TBR Tire Market and is projected to experience significant growth in the near future.
The OEM segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies BKT Industries Limited , Giti Tire and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Bridgestone to exit truck & bus tire business in China
Disclaimer:
Type | Truck Radial (TBR) Tire, Bus Radial (TBR) Tire |
Application | OEM, Aftermarket |
List of Competitors | BKT Industries Limited , MICHELIN , Giti Tire, Apollo Tires , Bridgestone Corporation , Sumitomo Rubber Industries Limited , China National Tire & Rubber Corporation , The Goodyear Tire & Rubber Company , KUMHO Tire , Continental AG , Yokohama Rubber Corporation |
This chapter will help you gain GLOBAL Market Analysis of TBR Tire. Further deep in this chapter, you will be able to review Global TBR Tire Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global TBR Tire market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Truck Radial (TBR) Tire have a significant impact on TBR Tire market? |
What are the key factors affecting the Truck Radial (TBR) Tire and Bus Radial (TBR) Tire of TBR Tire Market? |
What is the CAGR/Growth Rate of OEM during the forecast period? |
By type, which segment accounted for largest share of the global TBR Tire Market? |
Which region is expected to dominate the global TBR Tire Market within the forecast period? |
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