Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 115.40 Billion | USD 145.17 Billion | 3.90% | 2021 |
FrequentlyAsked Questions
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 and retail outlets in rural areas will drive the market for radial truck and bus tires (TBR).
According to the Zion Market Research report, the global TBR tires market was worth about 115.40 (USD billion) in 2021 and is predicted to grow to around 145.17 (USD billion) by 2028 with a compound annual growth rate (CAGR) of about 3.90 percent.
Asia-Pacific accounted for a large share of the global TBR tire 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 and bus manufacturers. And a large number of convoys of trucks and buses on the road. TBR tire manufacturers have many facilities in the region due to the availability of natural rubber and low production costs.
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, and Apollo Tires.
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