Over the past decade, the expansion of the global truck & bus radial (TBR) tire market is largely driven by two major factors– increase in the number of trucks and busses on the road and rise in demand for medium-duty trucks worldwide. In addition, as technology continues to advance at a rapid pace, the transportation & logistics sector has witnessed consistent developments over the past couple of decades. In addition, as more number of companies operating in the current global truck & bus radial (TBR) tire market are swaying toward expanding their global presence and market share, the overall truck & bus radial (TBR) tire market landscape is highly competitive.
Moreover, factors such as trade war between the U.S. and China, rise in the production levels of truck & bus radial (TBR) tires worldwide, and surge in the number of last mile deliveries due to the unprecedented growth of the e-Commerce sector are influencing the expansion of the global truck & bus radial (TBR) tire market. The trade war between the two powerhouses of the automotive industry is expected to put forward major hindrances for companies operating in these two countries. However, developing nations, including India, Thailand, Indonesia, and Brazil are likely to provide fertile grounds for growth to the players operating in the truck & bus radial (TBR) tire market.
At the back of these factors, the global truck & bus radial (TBR) tire market is expected to surpass the market value of US$ 98 Bn by the end of 2030.
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Trade War between China and U.S. to Influence Market Growth
As per current trends, the ongoing trade war between China and the U.S. is expected to have a strong impact on the overall growth of the global truck & bus radial (TBR) tire market. Evolving regulatory landscape, increasing anti-dumping duties, and Section 301 tariffs imposed by the U.S. on leading truck manufacturers in China are likely to have a noteworthy impact on the overall growth prospects of the truck & bus radial (TBR) tire market. While the U.S. continues to impose stringent regulations for the players operating in China, as a result, the export volumes of truck & bus radial (TBR) tires from other developing economies, including Thailand, Vietnam, and India have increased. The increasing tariff on Chinese products is another factor expected to decrease the demand for Chinese-made truck & bus radial (TBR) tires in the U.S. during the forecast period.
The demand for commercial original equipment truck & bus radial (TBR) tire has increased over the past few years. The electrification of delivery vehicles across developed regions of the world including North America and Europe, particularly in the last-mile segment, is anticipated to generate notable demand for truck & bus radial (TBR) tires during the assessment period.
Market Players Focus on Product Launch and Production Capacity to Gain Advantage
Several players operating in the current truck & bus radial (TBR) tire market are increasingly focusing on increasing their market share leaning toward both, organic as well as inorganic strategies. Several companies operating in the tire sector are diversifying their product portfolio and diverging into the production of truck & bus radial (TBR) tires. For instance, in March 2022, Ralson India announced that the company is on the course to expand its product portfolio and dive into the production of truck & bus radial (TBR) tires, mainly for electric buses and trucks. While product diversification is expected to remain important, market players are gradually expanding their market share by increasing investments in other regional markets. For instance, in December 2019, Apollo Tyres, a leading Indian tire company announced that the company is likely to enter the truck & bus radial (TBR) tire market in Saudi Arabia and focus on the production of the same to capture the market in the country.
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Negative Impact of Volatile Economic Behavior on Trucking Sector
The COVID-19 pandemic is expected to have a strong impact on the overall growth of the global truck & bus radial (TBR) tire market in 2020. The volatile economic behavior of both, business providers and consumers is anticipated to hinder the growth of the truck & bus radial (TBR) tire market in 2020. In addition, disruption in the global supply chain due to restrictions on the movement of transportation fleets worldwide is another factor that is likely to dent the growth of the global truck & bus radial (TBR) tire market. However, as governments are gradually lifting restrictions, global markets are gradually opening up due to which, considerable movement across the market is anticipated.
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