Truck Tires Market Analysis & Forecast 2024-2030

Truck tire are primarily designed for the truck which are more than 21 ft. in size & more than 10,000 lbs. in gross weight of the vehicle. The Truck tires are manufactured with the purpose of supporting transportation services. Since these vehicles have maximum travel time on highways, they are specifically designed with the features such as adaptive sidewalls for comfortable driving, low heating of tire at high speeds, higher impediment against tread-related harm, and provide benefit of low fuel consumption to enhance performance & durability.  

The expanding automotive industry across the world, even penetrating to the emerging economies is boosting the demand in tire industry. The infrastructure development, transportation necessity has increased the number of trucks on roads. With the varied size & load of truck there is varied demand & supply of radial tires. Globally it is anticipated that the demand for truck tire will expand with high growth during the forecast. The global tires market is relatively concentrated as the manufacturing technology of truck tires is relatively higher than some light tires. Some enterprises are well-known for the wonderful performance of their truck tires and related services.  

The global leading players Michelin, Bridgestone and Goodyear are remarkable in the global truck tires industry because of their market share and technology status of truck tires. Greenhouse gas emissions targets, fuel economy standards and initiatives, such as Smart Way in the US and tire labelling in the EU, are pushing the adoption of low rolling resistance (LRR) truck tires; as well as tire optimization technologies – principally tire pressure management systems (TPMS), automatic tire inflation systems (ATIS). Green tire standards, and the rapid development of autonomous vehicles is generating impetus for more smart features such as RFID tagging and multifunctional sensors embedded into tires.  

Further the Global truck tire market discusses the growth drivers of the market such as increased production of truck & busses, advancing R&D in truck tire manufacturing, government authorities initiative towards strengthening the transportation sector. Whereas there are few challenges in the market that are need to be considered such as high replacement cost of truck & bus radial tire as compared to bias tire, sustainability concerns over using rubber for manufacturing tires, and other economic factors hamper the growth of the market including truck ownership, fuel costs, driving patterns and behaviours, and transport alternatives.  

By product type, the global truck tire market can be categorized into Diagonal Tires, Bias Tires and Radial Tires. The radial segment is likely to expand at a major growth rate during the forecast period. Rise in adoption of radial tires observed in Asia Pacific & Latin America, where bias tires have a dominant position, is expected to boost the radial segment. The radial tires offer better ride quality due to greater traction. While bias tires don't offer as much smoothness in terms of riding quality, their strong and stable sidewalls more than make up for it, especially in heavy-duty carriage trucks. Therefore, bias tires can be commonly used in trucks and buses.  

Besides, many consider these tires to be more productive as well. The difference between a radial tire and a diagonal tire has to do with the layers of cords which make up the tire carcass. The cord or carcass layers in the tire tread and the sidewall are placed criss-cross on top of each other. One major difference between diagonal and radial tires is in the flexibility of the tire. The many diagonal cord plies make the sidewall of the diagonal tire fairly rigid, whilst radial tires are much more flexible on the sidewalls. This difference makes radial tires ideal for agricultural applications and diagonal tires best for work on rougher terrain, such as forestry. Moreover, the choice of tire also depends on the specific use and application. If you can match the right tire to your application, you're more likely get a higher return on investment down the road.  

Truck tires finds its applications in Mini Truck, Light Truck, Medium-Sized Truck and Heavy Truck. Mini trucks are light duty commercial vehicles with lesser carriage capacity. Mini trucks are categorized under the gross weight category of 01 to 14000 lbs. Mini trucks are utilized for commercial as well as domestic purposes; however, they are primarily used for commercial purposes. Light truck or light-duty truck is a trucks or truck-based vehicles with a gross vehicle weight up to 8,500 pounds (3,860 kg) and a goods capacity up to 4,000 pounds (1,815 kg). Medium trucks are bigger than light trucks but smaller than heavy trucks.  

In the US, they are well-defined as weighing around 13,000 and 33,000 lb (5.9 and 15.0 t). For the UK and the EU, the weight is around 7,700 to 16,500 lb (3.5 to 7.5 t). Local delivery and public service (dump trucks, garbage trucks and fire-fighting trucks) are come under this size of trucks. Heavy trucks are the leading on-road trucks. These contain vocational uses such as heavy dump trucks, concrete pump trucks, and refuse hauling, as well as ubiquitous long-haul 4x2 and 6×4 tractor units. Road damage increase very rapidly with the axle weight. The amount of steering axles and the suspension type also impact the amount of the road wear. In many countries with good roads a six-axle truck may have a maximum weight of 44 t (97,000 lb) or more.  

Based on geography, Asia-Pacific region accounted for largest market share, due to the presence of large global companies with their manufacturing base in the region. In recent years, developing countries such as China, India and Brazil are playing more and more important roles in the market and investors should pay more attention to these regions. China is the largest producer of truck tire across the region & global. On the other hand, other developing regions such as South America & Middle East & Africa are also showing positive signs for the expansion of truck tire market, such that new manufacturing plants are being setup in these regions by the leading tire manufacturers.  

Some of the major players in global truck tires market are Michelin, Bridgestone, Goodyear, Hankook, Pirelli, Nokian, Giti, Sumitomo Rubber, Toyo Tire & Rubber, Yokohama Rubber and Cooper. These players are progressively undertaking mergers and acquisitions, and product launches to develop and present new technologies and products in the market. Employment of research and development activities to develop Truck Tires by these market players is assumed to capture higher market shares.  

Global Truck Tires Market: Product Type

• Bias Tires
• Radial Tires

Global Truck Tires Market: Application

• Mini Truck
• Light Truck
• Medium-Sized Truck
• Heavy Truck

Global Truck Tires Market: Competitive Analysis

Report includes an accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study consists of the following key players in Global Truck Tires Market:

• Michelin
• Bridgestone
• Goodyear
• Hankook
• Pirelli
• Nokian
• Giti
• Sumitomo Rubber
• Toyo Tire & Rubber
• Yokohama Rubber and Copper

Geographical analysis of Global Truck Tires Market:

• North America
  • U.S.A.
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Truck Tires Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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