Truck and Bus Radial Tires Market to Grow with a CAGR of 6.07% through 2029
The growing demand for durable, fuel-efficient radial tires in the expanding logistics and transportation sectors is a key market driver. Increased infrastructure development and the rise of e-commerce are boosting the need for commercial vehicles. Advancements in tire technology and sustainability initiatives are the factors driving the market in the forecast period.
According to TechSci Research report, “Truck and Bus Radial Tires Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2029F”, the Global Truck and Bus Radial Tires Market was valued at USD 15.78 Billion in 2023 and is anticipated to reach USD 22.40 Billion by 2024, growing with a CAGR of 6.07% through 2029. The global market for truck and bus radial tires is growing as demand increases for more efficient and reliable tire solutions within the transportation sector. Radial tires are favored for their longer durability, fuel savings, and enhanced performance, which make them ideal for commercial vehicles involved in heavy-duty transportation. With a rise in road freight driven by global trade and the expansion of e-commerce, fleet operators are increasingly adopting radial tires to lower maintenance and operating costs while improving vehicle efficiency. Their ability to withstand high loads and diverse road conditions has further solidified their preference.
Advancements in tire technology are another critical factor propelling the market forward. Modern rubber materials, stronger steel belts, and advanced tire designs are contributing to improvements in tire lifespan and performance. As the adoption of electric commercial vehicles grows, specialized radial tires designed to support the unique needs of electric trucks and buses, such as weight management and energy efficiency, are in greater demand. With many governments investing in sustainable transportation, the need for innovative, eco-friendly tires is rising.
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The Global Truck and Bus Radial Tires Market Is Segmented By Application, By Sales Channel, and By Region.
The truck and bus radial tire market is divided into two primary applications: trucks and buses. Trucks, especially heavy-duty trucks, rely on radial tires for their durability, fuel efficiency, and superior performance on long-haul routes. These vehicles often transport goods across vast distances, requiring tires that can handle heavy loads and diverse road conditions. Radial tires for trucks are designed to provide better fuel economy and longer tire life, making them ideal for commercial fleets engaged in logistics and transportation. As road freight continues to be a key component of the global supply chain, the demand for high-performance radial tires in the truck segment remains robust, ensuring operational efficiency and lower maintenance costs for fleet operators.
Buses, on the other hand, require radial tires tailored for passenger transport. Buses must operate efficiently under different weather conditions while ensuring safety, comfort, and reliability. Radial tires for buses offer excellent road grip, stability, and resistance to wear, making them suitable for both urban and long-distance travel. These tires help enhance the vehicle's handling, reduce fuel consumption, and extend tire life. With the growing emphasis on urban transportation networks, particularly in developing countries, the need for reliable bus services is increasing. The demand for radial tires in the bus sector is driven by factors such as passenger comfort, safety standards, and operational cost efficiency. As cities invest in expanding and modernizing public transport systems, the use of radial tires for buses continues to rise, supporting the development of sustainable and efficient urban mobility.
Both segments face the challenge of balancing performance with cost-efficiency. For trucks, tire longevity and fuel savings are critical, while buses prioritize comfort, safety, and the ability to withstand high passenger loads over extended periods. The development of radial tires tailored to the unique needs of each application is crucial for ensuring optimal performance. As the transportation industry evolves, with increasing emphasis on sustainability and electric vehicles, both truck and bus sectors will continue to drive the demand for advanced radial tire solutions.
In 2023, the Middle East & Africa region is experiencing rapid growth in the truck and bus radial tire market. The region's expanding infrastructure projects, including road networks and transportation hubs, are driving the demand for commercial vehicles, which in turn increases the need for radial tires. Countries in the Middle East, such as the United Arab Emirates and Saudi Arabia, are heavily investing in the development of logistics and transportation industries, creating a strong demand for efficient and durable radial tires to support these sectors. The region’s growing construction industry also contributes to the need for trucks and heavy vehicles, which further boosts the demand for high-performance tires.
As urbanization increases across Africa, the demand for both trucks and buses is rising, particularly for intercity transport and freight services. Countries like South Africa, Nigeria, and Kenya are seeing improvements in their transportation networks, fueling growth in the commercial vehicle market. The need for radial tires in these regions is driven by the rising number of vehicles on the road and the increasing focus on sustainability and cost-efficiency. The adoption of radial tires is becoming more prevalent as they offer longer life and better fuel economy, which are essential for the expanding transportation sector.
Major companies operating in Global Truck and Bus
Radial Tires Market are:
- Apollo Tyres Ltd
- Balkrishna Industries Limited
- Bridgestone Corporation
- China National Tire & Rubber Co., Ltd.
- Continental AG
- Giti Tire Pte Ltd.
- The Goodyear Tire & Rubber Company
- Hankook Tire & Technology Co. Ltd.
- Kumho Tire Co., Inc.
- Pirelli & C. S.p.A.
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“The Truck and
Bus Radial Tires Market plays a pivotal role in the global commercial vehicle
industry, navigating trends that emphasize technological innovation,
sustainability, and tailored solutions. With the integration of smart tire
technologies, a focus on fuel efficiency, and customization for diverse
applications, this market meets the evolving needs of fleet operators.
Advancements in tire materials and retreading solutions underscore a commitment
to performance and environmental responsibility. As a dynamic and vital sector,
the Truck and Bus Radial Tires Market ensures the efficiency, safety, and
sustainability of commercial transportation, contributing to the resilience and
evolution of the global automotive landscape.” said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based management consulting firm.
“Truck and Bus Radial Tires Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (Truck, Bus), By Sales Channel (OEM, Aftermarket), By Region & Competition, 2019-2029F”, has evaluated the future growth potential of Global
Truck and Bus Radial Tires Market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Truck and
Bus Radial Tires Market.
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