Global TBR tire market forecast with CAGR of 6.7 percent through 2031

Pune, India – The global TBR tire market is projected to expand at a CAGR of 6.7% from 2022 to 2031, as per the market outlook presented in a study by Transparency Market Research (TMR).

Truck tires need to be replaced on a regular basis as trucks hold low optimum time. Replacement tires are considered more cost-effective option as opposed to OEM tires owing to easy availability and no need for specific customization. In terms of sales channel, the aftermarket segment accounted for 55.0% share of the global industry in 2021. This can be attributed to rise in the usage of truck, bus, and radial (TBR) tires in the aftermarket sector owing to the increase in number of on-road buses and trucks globally. As per the TBR tire market forecast by TMR, the aftermarket segment is anticipated to expand at rapid pace during the forecast period.

Based on sales channel, the global business has been divided into OEM and aftermarket. According to the TBR tire market forecast analysis, the aftermarket segment held major share of 55.0% of the global market in 2021. Demand for TBR tires in the aftermarket sector is increasing owing to the rise in number of on-road trucks and buses around the world. Thus, the aftermarket segment is expected to hold larger market share during the forecast period.

Trucks have a very low optimum time, and tires deteriorate over time. Therefore, tires need to be routinely replaced. Replacement tires provide a more affordable option over OEM tires, as they are easily available and do not need substantial customization. Furthermore, they are available in a variety of options depending on their intended functions.

The global TBR tire industry is fairly consolidated, with a few manufacturers controlling a larger portion of the market and major corporations having the ability to create growth opportunities by adopting innovative technologies. Key players regularly adopt acquisition and product portfolio expansion strategies to expand their footprint.

Leading players identified in the global TBR tire market are Apollo Tyres, Balkrishna Industries Limited, Continental AG, Bridgestone Corporation, China National Tire & Rubber Co., Ltd., Cooper Tire & Rubber Company, The Goodyear Tire & Rubber Company, Giti Tire, Hankook Tire & Technology Co. Ltd., Kumho Tire Co., Inc., MICHELIN, Nokian Tyres plc., Sumitomo Rubber Industries, Ltd., Yokohama Rubber Industries Co., Ltd., and Prometeon Tyre Group S.R.L.