TBR tire market forecast at $43 billion by 2036
Pune, India – Analysis of TBR Tire Market Size by Research Nester Reveals the Market to Grow with a CAGR of 7.6% During 2024-2036 and attain USD 43.1 billion by 2036. Research Nester assesses the growth and market size of the TBR tire market, which is anticipated due to the widespread adoption of electric vehicles credited to the implementation of strict regulations for vehicle emissions. As a result, governments across the world have imposed strict emission regulations on automakers. Moreover, the growing demand for eco-friendly commuting options is on the surge as more individuals are conscious of the value of sustainable and environmentally friendly products.
The global TBR tire market is estimated to grow majorly on account of the expanding logistics and transportation sectors worldwide are predicted to fuel TBR tire revenue share. The need for commercial vehicles like trucks and buses is rising as a result of the expansion of e-commerce and increased goods transportation. For instance, the International Trade Administration in 2024 predicted an estimated growth rate of 14.4% in the e-commerce revenue share, surpassing USD 5.5 trillion by 2027. Moreover, it was observed by the researchers at Research Nester in 2024 that about 33% of the global population shop online using e-commerce, this is an increase of 5% when compared with 2022. This is anticipated to increase demand for new cars, which will necessitate TBR tires, as well as the need for tire replacements.
Some of the major growth factors and challenges that are associated with the growth of the TBR Tire market are:
Increasing initiatives to control pollution
Demand for better auxiliary quality
The presence of concerns related to the demand for tires other than radial shaped is expected to affect the market growth and act as a restraining factor. Rapid technological development is anticipated to show difficulties for TBR tire manufacturers. The increasing popularity of electric and autonomous vehicles requires the use of tires that are different from standard radial tires. It is poised that truck and bus radial tire adoption will slow in some segments due to the shift to alternative power systems and self-driving capabilities, which could have an impact on TBR tire sales growth.
By application, the TBR tire market is segmented into the trucking industry, public transportation services, and urban use. The trucking industry segment is estimated to garner a significant market share over the forecast period. The segment’s growth is attributed to the growing use of TBR tires in more advanced and next-generation vehicles, especially trucks and other vehicles used for construction. For instance, the Department of Transportation 2024, estimated an investment of USD 20.5 billion attributed to Biden-Harris Administration in the public transportation sector. Moreover, the primary cause of the segment’s growth is the increased funding being allocated to the advancement of public transportation to meet the growing demand for cutting-edge transportation options. Furthermore, a rise in construction activity worldwide and a surge in the need for specialized trucks and cargo vehicles are anticipated to propel the market share of this segment during the projected period.
By region, North America is expected to generate the highest revenue by the end of 2023. In 2023, the North America market has dominated the global sales, by about 49.9%. The surge in commercial vehicles such as trucks and more drives the growth in this region mainly fueled this growth. According to the National Automobile Dealers Association 2022, it was witnessed that the sales of commercial trucks gained 3.8% from 2021 to 2022. Moreover, there is an increase in the transportation sector along with rapid industrial development is acting as a growing factor for the TBR tires market revenue. The U.S. Energy Information Administration estimated that about 27% of U.S. energy consumption was used by transportation in 2022. While American Public Transportation Association in 2024 propelled that the public transport ridership surpassed 16% between 2022 and 2023.
This report also provides the existing competitive scenario of some of the key players in the TBR tire market. This includes Hankook, Goodyear Tire & Rubber Company, ChemChina – Pirelli, Giti Tire, Kumho Tire, Cooper Tire & Rubber Company, Toyo Tire Corporation, Bridgestone Corporation, Michelin Group, Hanksugi Tyre, Yokohama, Kyoto Japan Tire Group. Sumitomo Tyres and many more.
Source – https://www.researchnester.com/reports/tbr-tire-market/6339