Truck & Bus Tire Market worth USD 78.9 billion by 2033

The Market Statsville Group (MSG) publishes the new report on the "Truck & Bus Tire Market by Tire Type (Radial, and Bias), by Operation Type, by Weight, by Distribution Channel, by Application, By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global Truck & Bus Tire market size is expected to grow from USD 44.8 billion in 2021 to USD 68.5 billion by 2030, at a CAGR of 4.8% from 2022 to 2030.

The use of public transportation is growing on a daily basis. Concerns about environmental pollution caused by private car ownership are hastening this trend. As governments worldwide invest heavily in developing a strong public transportation infrastructure, truck and bus radial tire sales are increasing. Rising production of electric vehicles, particularly buses, is also driving growth in the truck & bus tire market. Vehicle maintenance is becoming increasingly important to fleet managers, logistics companies, and commercial truck and bus owners. Vehicle maintenance is a critical component of a well-functioning transportation system. The automobile industry is one of the most important economic growth drivers for emerging and emerging economies and is further indulged with high participation in global value chains. The growth of this industry is witnessing a significant demand due to strong government support, which has helped it carve a unique path among the manufacturing sectors. Moreover, favorable trade agreements between countries will enhance the transportation sector and deliver an opportunity for market players to enter an emerging economy. 

Global Truck & Bus Tire Market Segmentation

The overall truck & bus tire market has been segmented into tire type, operation type, weight, distribution channel, application, and region.

• By Tire Type (Radial, and Bias)
• By Operation Type (Steer, Drive, and Trailer)
• By Weight (< 50 Kg, 50 - 80 Kg, 80 - 100 Kg, 100 - 150 Kg, and > 150Kg)
• By Distribution Channel (Original Equipment Makers, and Replacement/Aftermarket Market (Brand Stores, Independent Tire dealers, and Retail Tire Chains))
• By Application (Truck and Bus)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Bus segment is at the highest CAGR during the forecast period

Bus segment is expected to grow at the highest CAGR during the forthcoming. Over the last decade, the global radial tire market has been largely driven by two major factors: an increase in the number of buses on the road and an increase in demand for medium transportation buses globally. Furthermore, as technology advances at a rapid pace, the transportation and logistics sector has seen consistent developments over the last two decades. Furthermore, as a growing number of companies in the current global bus radial tire market seek to expand their global presence and market share, the overall market landscape is highly competitive and expected to expand further over the forecast period.

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Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, Asia Pacific market is expected to grow rapidly. China is the central hub for business across industries and one of the fastest-growing economies in the world. The country further projected the demand for materials like coal, iron ore, gold, and copper, thereby augmenting the demand for mining truck tires, has gone up as well. In addition, favorable trade norms introduced by emerging economies are expected to serve as a good opportunity for truck and bus tire manufacturers. Moreover, the growing demand for construction equipment in the earthmoving, rising e-commerce sector, and demand for heavy-duty- vehicles in agriculture and others in emerging economies are paving their way towards the growth of the market in the region.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the truck & bus tire market. It also consists of the profiles of leading companies such as  Aeolus Tyre, Bridgestone, Cheng Shin Rubber, Continental, Cooper tire, Double Coin, Giti Tire, Goodyear, Hankook, KUMHO TIRE, Linglong Tire, Michelin, Pirelli, Sumitomo Rubber. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

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Market Statsville Group (MSG) is a business research and consulting platform of Statsville Consulting Private Limited, based in Oklahoma, USA. MSG is the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and intelligent business insights. MSG has experienced research analysts who are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact. Furthermore, Market Statsville Group already benefited more than 1,000 companies each year for their revenue planning. It helped them take their disruptions/innovations early to the market by providing them research ahead of the curve.

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