TBR Tire Market Size to Surpass US$ 32.85 Billion by 2032

The TBR tire market size surpassed at US$ 16.78 billion in 2022 and is projected to reach US$ 32.85 billion in 2032 with a registered CAGR of around 4.2% from 2023 to 2032.

Key Takeaways

North America led the market with the biggest market share in 2022.
Asia Pacific is estimated to expand at the fastest CAGR during the forecast period.
By Application, the trucking industry segment registered the maximum market share in 2022.
By Application, the public transportation service segment is expected to expand at the fastest CAGR over the projected period.

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.

Growth Factors

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.

Report Scope of the TBR Tire Market

Report Highlights	Details
Market Size by 2032	USD 32.85 Billion
Growth Rate from 2023 to 2032	CAGR of 7%
Largest Market	North America
Fastest Growing Market	Asia Pacific
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Application, Region

Report Highlights

North America emerged as the global leader in 2019 because of rapid development in the industrial sector and shifting trend towards online purchasing
The Asia Pacific exhibits the fastest growth in the overall TBR tire market owing to increasing sale of commercial vehicles in the region
Based on application, trucking industry holds the major value share in the overall market due to increasing implementation of TBR tires in the advanced and next-generation vehicles
Public transportation service is the other most important segment that estimated to execute significant growth rate over the coming years

Regional Snapshots

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.

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 prominent players in the TBR tire market include: