With a CAGR of 3.90%, The Global TBR Tires Market Size is Projected to Generate $145.17 Billion in Revenue from 2022 to 2028

Washington, DC, June 19, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Global TBR Tires Market By Application (Truck And Bus), By Sales Channel (OEM And Aftermarket), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022-2028” in its research database.

“According to the latest research study, the demand of global TBR Tires Market size & share in terms of revenue was valued at USD 115.40 billion in 2021, and is poised to grow USD 145.17 Billion by 2028, increasing at a compound annual growth rate (CAGR) of approximately 3.90% during the forecast period 2022 to 2028.”

What is TBR Tires? How big is the TBR Tires Industry?

Report Overview:

Radial Truck and Bus Tires (TBR) are designed for all types of heavy vehicles. TBR tires are designed primarily for off-road systems as they offer features such as high side adaptability, more ride comfort, less heat generation from the tires at high speeds, the ability to resist tire-related damage, and reduced fuel consumption through the better transmission of energy of vitality from machine to road. TBR tires are mainly used in two industries, trucking services, and public transport.

The global radial tire market for trucks and buses (TBR) has grown significantly in recent years. Extensive road networks in many countries have boosted the production of trucks, buses, and other public transport vehicles, driving the demand for radial tires. The gradual increase in midsize truck production, R&D progress in the production of TBR tires, and initiatives by government agencies to strengthen the transportation sector are driving the growth of the global market. Bridge for trucks and buses (TBR). The higher cost of radial tires than conventional tires hinders development in the worldwide TBR tire market. The burgeoning e-commerce industry and increased transportation and logistics demand are lucrative opportunities for the global TBR tires market.

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• Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
• The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
• About 255+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
• Zion Market Research research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Global TBR Tires Market: Growth Factors

The steady increase in the global production of midsize trucks has boosted the demand for TBR tires. The logistics and trucking sectors are expanding rapidly in Asia-Pacific, which has boosted demand for TBR tires in the region. The steady economic expansion following the 2008 financial crisis increased demand for trucks in developed and developing countries. Favorable trade agreements and the entry of commercial vehicle manufacturers in Latin America and Asia-Pacific have boosted demand for TBR tires. Increased consumer awareness about vehicle maintenance, adoption of fleet managers' tire monitoring systems, and expansion of dealer & retail outlets in rural areas will drive the global TBR tires market during the forecast period.

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Report Scope

TBR Tires Market: Segmentation Analysis

By application, the market is divided into bus and truck. Among these, the truck segment dominated the global TBR tire market in 2021. Medium and heavy-duty trucks have higher volumes and contribute a higher share in volume-terrain vehicles. Trucks are widely used for transporting and transporting goods and have been widely adopted in every economy, contributing to the increase in demand for TBR tires.

By sales channel, the market is bifurcated into OEM and aftermarket. Over the forecast period, the aftermarket segment will hold the leading share of the global market. The tire replacement rate is increasing because consumers have raised their awareness of timely vehicle maintenance. Hence, the aftermarket segment is expected to hold a large share of the global market during the forecast period as its market share is increasing in developing countries. The global TBR Tires market is segmented as follows:

By Application

• Truck
• Bus

By Sales Channel

• OEM
• Aftermarket

Browse the full “Global TBR Tires Market By Application (Truck And Bus), By Sales Channel (OEM And Aftermarket), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022-2028” Report at https://www.zionmarketresearch.com/report/global-tbr-tires-market

Competitive Landscape

Some of the main competitors dominating the global TBR Tires market include - 

• Bridgestone Corporation
• MICHELIN
• Continental AG
• The Goodyear Tire & Rubber Company
• China National Tire & Rubber Corporation
• BKT Industries Limited
• KUMHO Tire
• Yokohoma Rubber Corporation
• Sumitomo Rubber Industries Limited
• Giti Tire
• Apollo Tires

Key Insights from Primary Research:

• Global TBR tires market is projected to grow at a CAGR of 3.90% from 2022 to 2028.
• The global TBR tires market size was worth around USD 115.40 billion in 2021 and is estimated to grow to about USD 145.17 billion by 2028
• The gradual increase in midsize truck production, R&D progress in the production of TBR tires, and initiatives by government agencies to strengthen the transportation sector are driving the global TBR tire market growth.
• By application, the truck segment dominated with accounted significant market share in 2021.
• By sales channel, the aftermarket segment accounted significant amount of market share in 2021.
• In 2021, Asia Pacific captured the largest revenue share of the global market.

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Key questions answered in this report:

• What is the market size and growth rate forecast for TBR Tires industry?
• What are the main driving factors propelling the TBR Tires Market forward?
• What are the leading companies in the TBR Tires Industry?
• What segments does the TBR Tires Market cover?
• How can I receive a free copy of the TBR Tires Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Application, By Sales Channel And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Dominance:

Asia-Pacific accounted for a large share of the global TBR tires market in 2021. Due to the growing domestic demand, China, India, Japan, and ASEAN have large domestic markets. Presence of a large number of truck & bus manufacturers and a large number of convoys of trucks & buses on the road is likely to positively fuel the regional market growth. TBR tire manufacturers have many facilities in the region due to the availability of natural rubber and low production costs.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

To know an additional revised 2022 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/global-tbr-tires-market

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