The Global Truck and Bus Tire Market Size Size accounted for USD 48.2 Billion in 2023 and is estimated to achieve a market size of USD 76.7 Billion by 2032 growing at a CAGR of 5.3% from 2024 to 2032.

Truck and Bus Tire Market Highlights

• Global truck and bus tires market revenue is poised to garner USD 76.7 Billion by 2032 with a CAGR of 5.3% from 2024 to 2032
• Asia-Pacific truck and bus tires market value occupied around USD 18.8 billion in 2023
• Asia-Pacific truck and bus tire market growth will record a CAGR of more than 5.8% from 2024 to 2032
• Among tire type, the radial sub-segment generated more than USD 16.8 billion revenue in 2023
• Based on application, the trucks sub-segment generated around 58% market share in 2023
• Growth in e-commerce and logistics industries is a popular truck and bus tire market trend that fuels the industry demand

Trucks and buses are the widely used mode of transportation for freight and public, globally and the tires are the most essential part of such vehicles. Vehicle tires offer a higher level of safety, dependability, and cost-effectiveness for city, highway, road, and off-road and winter driving conditions. Tire manufacturers are constantly developing new truck and bus tire technologies. These innovations are focused on improving durability, fuel efficiency, load-carrying capacity, and environmental sustainability, resulting in enhanced performance and lower operational costs for fleet owners and transportation firms throughout the world.

Global Truck and Bus Tire Market Dynamics

Market Drivers

• Increasing demand for commercial vehicles
• Rising adoption of radial tires
• Growing investment in infrastructure
• Technological advancements in tire manufacturing

Market Restraints

• Fluctuating raw material prices
• Competition from alternative modes of transportation
• Limited availability of natural resources

Market Opportunities

• Increasing demand for retreaded tires
• Growing popularity of all-season tires
• Rising demand for energy-efficient tires

Truck and Bus Tire Market Report Coverage

Truck and Bus Tire Market Insights

The increasing need for passenger and freight transportation vehicles and innovations in tire manufacturing technology are directly benefiting the overall sale of truck and bus tires. For instance according to the Bureau of Transportation Statistics, in 2022, the United States' transportation system served 333 million citizens living in 124 million households, including individuals who do not own a vehicle or travel seldom, as well as millions of foreign visitors.

Manufacturers of tires are constantly making innovations in the material used such as non-pneumatic tires, firmer tiring nanomaterial, and technologies for overcoming present wear and rolling resistance and tire grip in truck tires. Likewise, more focus has been given to the quest for alternatives, sustainability, and abating the use of volatile raw materials such as oil-derived products or organic rubber for the quality advancement of tires. The increase in pubic and freight transportation due to growing mobility and urbanization has increased the need for vehicle ownership and in due course has up-surged the demand for quality tires and is leading to market growth.

Truck and Bus Tire Market Segmentation

The worldwide market for truck and bus tire is split based on type, size, application, sales channel, and geography.

Truck and Bus Tire Market Type

• Tube-Type
• Tubeless
• Non-Radial
• Radial

According to our truck and bus tyre industry analysis, TBR radial tires have dominated the market. Radial tyres outperform non-radial tyres in terms of performance, safety, and fuel efficiency. They provide a smoother ride, longer tyre life, and lower rolling resistance, all of which contribute to increased fuel efficiency. Radial tyres have become the preferred choice for commercial vehicle owners and fleet operators as a result of these advantages. As a result, in recent years, radial tyres have accounted for a sizable portion of the truck and bus tyre market. Non-radial tyres, on the other hand, are still in demand, particularly in certain regions where they are recommended due to their durability and resistance to harsh road conditions. The preference between radial and non-radial tyres is also determined by the commercial vehicle's specific needs and operating conditions.

Truck and Bus Tire Market Size

• Below 22.5”
• 22.5” and Above

The truck and bus tire market will have its leading segment in the 22.5” and above category when the segmentation gets adjusted. Tires serving medium- and heavy- commercial trucks together with buses make up this segment because these vehicle types power logistics operations and public transport alongside construction projects. Manufacturers create these tires specifically to meet requirements of extended use with high loading capability and superior performance in heavy-duty commercial applications. The truck and bus tire market segment achieves dominance because public transit networks keep expanding and freight transportation requirements continue to grow. The market demands for Below 22.5” tires remains lower than the demand for bigger truck and bus tires since these tires primarily serve light commercial vehicles and minibuses.

Truck and Bus Tire Market Application

• Trucks
• Buses

According to truck & bus radial tire TBR market analysis, the trucks application is leading the market in 2023. Heavy-duty trucks account for the lion's share of the truck and bus tyre market. This is because heavy-duty trucks are used for long-distance transportation, construction, and other heavy-duty applications that require long-lasting, high-performance tyres. Heavy-duty trucks are also the most common type of commercial vehicle used globally, which drives demand for truck and bus tyres in this segment even further. Aside from heavy-duty trucks, the sub-segment of light commercial vehicles (LCVs) contributes significantly to the truck and bus tyre market. LCVs are commonly used for goods and services to be transported in urban and semi-urban areas, and their popularity is growing as e-commerce and last-mile delivery services expand.

Truck and Bus Tire Market Sales Channel

• OEMs
• Aftermarket

OEMs are expected to lead the truck and bus tyre market from 2024 to 2032. This is due to the fact that a large portion of truck and bus tyres are sold directly to commercial vehicle manufacturers for use in new vehicles. OEMs typically have long-term contracts with tyre manufacturers and purchase large quantities of tyres to meet their production needs. Furthermore, OEMs have stringent quality and performance standards for the tyres they use in their vehicles, which can limit the number of tyre suppliers with whom they work.

While the aftermarket is an important sales channel for truck and bus tyres, it is often more fragmented than the OEM channel. The aftermarket also comprises tyre replacement sales to fleet operators and private vehicle owners for vehicles whose original equipment manufacturer warranties have expired.

Truck and Bus Tire Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of LATAM

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

_{Truck and Bus Tire Market Regional Analysis}

The Asia-Pacific region has the largest and fastest-growing truck and bus tire market, owing to rapidly expanding commercial vehicle fleets in countries such as China and India. For instance commercial vehicles market generates around USD 1.35 trillion revenue. The region's demand for truck and bus tires is also supported by infrastructure development and construction activities, which necessitate the use of heavy-duty commercial vehicles.

The North American truck and bus tire industry is driven by the region's vast and well-established commercial vehicle fleet, which requires regular tire replacement. The growth of e-commerce and online purchasing has increased demand for last-mile delivery vans. For instance, Census.gov in the third quarter of 2024, US retail e-commerce sales was $300.1 billion, a 2.6% increase from the previous quarter. Total retail sales were expected to reach $1,849.9 billion, up 1.3% from the previous quarter.

The European truck and bus tire market is being driven by the region's developing transportation and logistics industry, which requires reliable commercial vehicles. Strict tire safety and fuel economy standards also assist the industry.

Truck and Bus Tire Market Players

Some of the top truck and bus tire companies offered in our report includes Apollo Tyres, Bridgestone, Continental, Sumitomo, Michelin, Goodyear, Cooper Tire, Triangle Group, Yokohama, Hengfeng Rubber, GITI Tire, Kumho Tire, Toyo Tire, Nexen Tire, Zhongce, and Hankook.

TABLE OF CONTENT