The TBR tire market size surpassed at US$ 116.70 billion in 2019 and projected to reach US$ 162.19 billion by 2027 with a registered CAGR of around 4.2%.
OTTAWA, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Precedence Research Announced New Research Report on “TBR Tire Market (By Type: Drive, All Position, and Trailer; By Application: Public Transportation Services, Trucking Industry, and Urban Use) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.
TBR tires stands for truck and bus radial that are particularly designed for all vehicles those have length and weight more than 21 feet and 10,000 lbs respectively and are not registered as a recreational vehicle. TBR tires are the best fit for highway transportation system because of its features that include extra-ordinary driving comfort due to adaptable sidewalls, less heat generated when the tires run at a high speed, and less fuel consumed owing to better transfer of energy from machine to the road surface.
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Moreover, they provide higher cornering force for better control during cornering andmaneuvering, better structural strength, and smaller braking distance due to larger foot print area. In addition, the TBR tires helps in reducing the total number of accidents along with their consequent losses. Besides this, these tires also featureshigh performance in accounts of rolling resistance, durability, wear, and less operating cost in terms of maintenance and overall life of the tire. Such tires are generally used in two industries that are public transportation services and trucking industry.
Rising number of accidents globally along with amendments in the global transportation to include safety measure are the prime factors that contribute towards the efficient market growth. TBR tire enhances the vehicle safety and reduces the risk for accidents because of higher grip and related features. In addition, the government has stringent regulation related to the enhancement of fuel efficiency to control the vehicle emission. TBR tires are the best fit for the above mentioned regulation as they are highly efficient in improving the overall fuel efficiency of the vehicle by reducing the engine effort to control the tire movement on road. Further, they have better grip compared to other type of tires that reduces the energy required in stopping a vehicle.
Apart from the advanced features of TBR tire, several Original Equipment Manufacturers (OEMs) are investing in the TBR tire segment to enhance their feature as well as to incorporate new technologies in them such as tire pressure monitoring, sensors, and many others. Government regulation against low fuel efficiency has also impelled the OEMs to invest prominently in the TBR tire.
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North America occupied the largest market value share in the year 2019 and anticipated to register a considerable growth rate during the analysis period. Stringent norms issued by the government related to load carrying capacity of a commercial vehicle along with significant development in the industrial sector that boosts the logistics & transportation attributed as the prime factors that supports the market growth in the region.
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Furthermore, increasing penetration of battery-powered and electric vehicles coupled with the government effort to promote the adoption of such vehicles likely to boost the demand for TBR tires over the coming years. Rising pollution at an alarming rate has forced the government to promote the adoption of vehicle with higher fuel efficiency and electric vehicle; in short, vehicles that releases minimum or negligible amount of harmful gases in the atmosphere.
On the other hand, the Asia Pacific witnessed the highest growth rate over the forthcoming years. This is mainly attributed to the rising spending on the development of road infrastructure coupled with increasing manufacturing facilities because of low cost of raw materials and labor available in the region, particularly in the developing countries such as India and China. In addition, the region offers great potential for the adoption of smart mobility solutions due to supportive policies by the governments of various Asian countries estimated to prominently fuel the market growth.
Key Players & Strategies
The global leaders in the TBR tire industry is highly competitive and still at its development stage owing to large number of players struggling to acquire major market hold in the forthcoming years.
Some of the key players operating in the market are Bridgestone Corporation, Michelin Group, Yokohama Rubber Company, Continental , GoodyearTire & Rubber Company, ChemChina - Pirelli, Giti Tire, Kumho Tire, CooperTire & Rubber Company, ToyoTire Corporation, Hankook Tire & Technology Group among others.
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