Commercial Truck Tire Market Size, Share, Growth, and Industry Analysis, By Type (OEM Tire & Replacement Tire), By Application (Truck & Bus) and Regional Forecast to 2032

Updated On: 02 September 2024

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Commercial Truck Tire MARKET REPORT OVERVIEW:

The global Commercial Truck Tire Market size expanded rapidly in 2024 and the market is projected to grow substantially by 2032, exhibiting a prodigious CAGR during the forecast period.

Heavy-duty vehicle tires are specifically used for commercial trucks, and they are designed to guarantee safety, performance, and sturdiness on the road. These tires are made of a hard-wearing material to meet the requirements of weight as well as the usage of trucks that are exposed to constant pressure and erosion. They incorporate special tread designs that ensure the car does not slip on the road regardless of the weather or the road status, ensuring that the car uses less fuel.

COVID-19 Impact: Market Growth Restrained due to Shortage of Raw Materials

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

In the case of COVID-19 repercussions, this market experienced several undesirable outcomes. First of all, a shortage of raw materials and disruptions of the supply chain at the global level occurred, which disrupted production time tables. Due to the slow economic growth in the region, there is less traffic on the road and commercial truck tires, and many fleets have scaled down their activities. Moreover, distribution aside, movement restrictions and the stay-at-home measures impacted the sales channels and, as such, the reduction in tire sales. 

LATEST TRENDS

"Environmentally Friendly Tires to Propel the Market Growth"

Some of the trends existing in this market include, efficiency where manufacturers of tires have been working on producing environmentally friendly tires, which include tires that are manufactured from renewable resources and tires that have fuel efficiency rates that lower carbon emissions. Smart tire technology is slowly becoming popular, including those capable of sending pressure, temperature, and other functions regarding the tires to help both safety and maintenance. The design of tires is also affected by electric and autonomous trucks, as these trucks have different performance characteristics that need to be met by tires. 

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Commercial Truck Tire MARKET SEGMENTATION

By Type

Based on type the market can be categorized into OEM Tire & Replacement Tire

• OEM Tires: These are truck tires shipped to the actual manufacturers of the vehicles and which are used for the first time. Manufactured with regard to such specific requirements as the performance and quality set by those manufacturers of trucks. The expansion in the manufacturing of commercial vehicles and in cooperation with truck manufacturers. 
• Replacement Tires: They are used to replace the worn-out ones and are obtained to fix the existing trucks. Caused by certain aspects like maintenance of the existing vehicles, an increase in the number of fleets, and changing rules and regulations. Provides the basic services such as budget, luxury, and reserved products and services.

By Application

Based on application the market can be categorized into Truck & Bus

• Truck Tires: Intended for the heavy usage and harsh environment typical of freight and logistics contexts. These are the long-haul tires, regional tires, and off-road tires, each of which has its own tread patterns and compounds. Emphasis should be placed on aspects such as the durability of the vehicle, fuel efficiency, and high mileage that would adequately address the operational requirements of the trucking firms.
• Bus Tires: This stresses much on vehicles’ performance, particularly smooth handling and safety, as this caters to the safety of passengers. Specialises in the manufacture of treads for city and touring buses as well as long-distance coaches with a variety of treads. Optimises long-lasting performance with good side walls and a better grip to handle acceleration and deceleration. 

DRIVING FACTORS

"Increase in the Buying and Selling of Products Online to Expand the Market"

One of the key driving factors of Commercial Truck Tire Market growth is Increase in the buying and selling of products online and the transport of goods. A growing area in the production of commercial trucks has been on the on the lookout for the logistic and freight transport systems enhanced with e-commerce progress, hence demands for tires too. Given that distance energy is increasingly used in moving goods, there is increasing demand for durable, long-lasting, and high-performance tires. 
 
Role of Technology to Advance the Market 

TPMs, or advanced tread patterns, are some of the smart tire technologies that automakers are employing, thereby enhancing safety, performance, and fuel efficiency. Innovations such as greener products, including materials and retreading technologies, have also stimulated the market, as fleets are constantly seeking ways to cut costs while simultaneously expanding their operations.

RESTRAINING FACTOR

"Volatility of the Prices of Raw Materials to Pose Potential Impediments on this Market"

One threat that relates to this market is the fluctuating prices of raw materials. Products such as rubber, which is used in manufacturing truck tires, steel, synthetic fibres, and oils are subject to changes in price and supply due to factors such as politics, acts of God, and supply shocks. These variations directly affect production for the manufacturers, consequently affecting price strategies and, thus, profitability. 

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COMMERCIAL TRUCK TIRE MARKET REGIONAL INSIGHTS

"North America to Dominate the Market due to its Effectively Developed Transport Sector"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has emerged as the most dominant region in the Commercial Truck Tire Market share because of its effectively developed transport sector and relatively high freight and logistics activities. There is a big pool of commercial vehicles in the region, thus the need for the production of efficient and durable truck and bus tires. Moreover, the major tire manufacturing companies in the North American region with a sound research and development department bring innovation and the introduction of technologically sophisticated and smart tires, as well as environmentally friendly tires. Media concerns over legal requirements concerning car tires as well as safety standards are highly emphasised in the US and Canada, which in turn increases the market need for higher-quality or superior tires with better-performing features. 

KEY INDUSTRY PLAYERS

"Key Players Transforming the Commercial Truck Tire Market through Growth and Development "

Market leaders play an extremely important and critical role among people who act in this industry, supporting the industry’s growth and development with new opportunities, setting standards for high-quality services, and forming consumers’ demand. These companies invest a lot of cash in research to develop great tire innovations, for example, smart tires, real-time tire monitoring systems, and new environmentally friendly materials that are used in tires to improve fuel efficiency while at the same time being friendly to the environment. This ensures them good market coverage and associations since they have large networks and business relations with truck manufacturers. Moreover, these players offer a greater variety of after-sale and maintenance services to their customers, thus raising their satisfaction level.

List of Market Players Profiled

• Bridgestone (Japan)
• MICHELIN (France)
• Goodyear (U.S.)
• Continental (Germany)
• ZC Rubber (China)

INDUSTRIAL DEVELOPMENT

2024: Bridgestone, being one of the global market leaders in commercial truck tires, has truly improved their prowess with sustainable tires. The company has recently increased its use of recycled products to ensure they have a minimal impact on the environment. Also, Bridgestone has incorporated research and development to enhance tire fuel efficiency, reducing carbon emissions for commercial vehicles.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Commercial Truck Tire Market from multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.