TBR Tire Market Size, Share, Growth, and Industry Analysis, By Type (Rim Diameter (Below 20 inch), Rim Diameter (20 to 45 inch), Rim Diameter (45 to 65 inch) and Others), By Application (Trucks, Bus and Others), Regional Insights, and Forecast To 2032

TBR TIRE MARKET REPORT OVERVIEW

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global TBR tire market size expanded rapidly in 2022 and the market is projected to grow substantially by 2032, exhibiting a prodigious CAGR during the forecast period. 

The term "TBR Tire" stands for "Truck and Bus Radial Tire." TBR is a type of tire designed for use on trucks, buses, and other commercial vehicles. They are different from passenger car tires in terms of their construction and capabilities. TBR are characterized by a radial construction, which means the tire's ply cords run perpendicular to the tire's radius, providing better stability and load-carrying capacity. TBR are primarily used in applications where heavy loads need to be transported over long distances, such as in the trucking and transportation industry. These tires are known for their durability, fuel efficiency, and ability to withstand the heavy loads and long distances that commercial vehicles often encounter.

The TBR tire market refers to the market for the manufacturing, distribution, and sale of these specific types of tires. It is an important sector of the tire industry, and it caters to the needs of businesses and industries that rely on commercial vehicles for their operations. The TBR tire industry includes various manufacturers, suppliers, and service providers involved in producing, distributing, and maintaining truck and bus radial tires.

COVID-19 Impact: Supply Chain Disruptions to Hinder Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the TBR tire market experiencing higher-than-anticipated/lower-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is expected to generate substantial revenue by 2031 a robust CAGR during the forecast period. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Lockdowns, travel restrictions, and economic uncertainty during the pandemic led to reduced demand for the transportation of goods and people. This, in turn, reduced the need for TBR, as commercial vehicle usage decreased. The TBR tire like many other industries, faced disruptions in its supply chain. Factory closures, labor shortages, and restrictions on the movement of goods and materials hindered the production and distribution of TBR. The pandemic-induced disruptions in the supply chain, coupled with fluctuations in raw material prices, led to price volatility in the TBR tire industry. E-commerce and home delivery services saw a surge in demand during the pandemic, while public transportation and travel-related commercial vehicles saw reduced usage. This shift in consumer behavior had an impact on the types of vehicles and tires in demand.  

LATEST TRENDS

"Digital Tire Management to Enhance Market Growth"

There was a growing trend toward the development and adoption of green and sustainable TBR. This included the use of eco-friendly materials, lower rolling resistance for improved fuel efficiency, and enhanced tread designs for longer tire life. The integration of digital technology for tire management was gaining momentum. Fleet operators were increasingly using tire monitoring systems and data analytics to optimize tire performance, reduce maintenance costs, and enhance safety. Businesses continued to explore retreading and remanufacturing options to extend the lifespan of TBR. These practices offered cost savings and sustainability benefits. TBR with embedded sensors and connectivity capabilities were being developed to provide real-time information on tire condition, temperature, pressure, and wear. These smart tires aimed to improve safety and reduce downtime.

TBR TIRE MARKET SEGMENTATION

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• By Type

Based on type market is classified as rim diameter (below 20 inch), rim diameter (20 to 45 inch), rim diameter (45 to 65 inch) and others.

• By Application

Based on application market is classified as trucks, bus and others.

DRIVING FACTORS

"Infrastructure Development to Augment Market Growth"

The demand for TBR is closely linked to the growth of the commercial transportation sector, including the trucking and logistics industry. Increased economic activity and trade contribute to a higher demand for commercial vehicles and, in turn, TBR. Ongoing infrastructure development projects, including road construction and maintenance, lead to increased demand for commercial vehicles and TBR. Growing infrastructure in emerging markets can be a significant driver. The surge in e-commerce and last-mile delivery services has increased the need for delivery trucks and vans, thereby boosting the demand for TBR. Stringent government regulations related to safety, emissions, and fuel efficiency drive the development and adoption of TBR that meet these standards. Manufacturers invest in research and development to comply with these regulations.

"Retreading and Remanufacturing to Propel Market Growth"

Growing awareness of environmental issues and the need for sustainability has led to the development of eco-friendly and fuel-efficient TBR. Companies are looking for tires that reduce fuel consumption and emissions. Fleet operators are increasingly looking for ways to optimize their operations, reduce costs, and maximize vehicle uptime. TBR play a crucial role in achieving these goals through improved durability and performance. The integration of digital technology and telematics systems in commercial vehicles has led to a demand for TBR with embedded sensors and connectivity capabilities for real-time monitoring and data-driven decision-making. The practice of retreading and remanufacturing TBR has gained prominence as a cost-effective and sustainable option for fleet operators. This extends the life of tires and reduces the need for new replacements.

RESTRAINING FACTOR

"Volatility in Raw Material Prices to Impede Market Expansion"

Economic recessions or downturns can lead to reduced demand for transportation services and commercial vehicles, which, in turn, can negatively impact the TBR tire market growth. Fluctuations in the prices of raw materials, such as natural rubber and petroleum-based products, can impact production costs and profit margins for TBR manufacturers. While regulations can drive innovation, they can also present challenges in terms of compliance costs and the need to adapt to changing standards related to safety, emissions, and labelling. In mature markets, the TBR tire can become saturated, leading to intense competition and pressure on prices and profitability. TBR can be relatively expensive, and this initial cost can deter some fleet operators from investing in higher-quality tires, especially in cost-sensitive markets. The tire industry, including the manufacturing and maintenance

TBR TIRE MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to Economic Growth"

The Asia Pacific region, has been a leading TBR tire market share. The rapid economic growth in many Asian countries has led to increased commercial activities, including transportation and logistics, driving the demand for TBR. Ongoing infrastructure development projects, including road construction and expansion, require a substantial number of commercial vehicles equipped with TBR. The sheer size of the population in countries like China and India creates a robust market for goods and services, necessitating a strong logistics and transportation industry.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP TBR TIRE COMPANIES

• Bridgestone (Japan)
• Michelin (France)
• Goodyear (U.S.)
• Continental (Germany)
• Pirelli (Italy)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.