The truck and bus radial tire market is expected to grow at a healthy 5% CAGR through the end of 2030. The global coronavirus pandemic has had an adverse impact on the truck and bus radial (TBR) tires industry. This can be attributed to lockdown restrictions on the automotive industry.
Dubai, United Arab Emirates -- (SBWIRE) -- 11/25/2020 -- The truck and bus radial tire market is expected to grow at a healthy 5% CAGR through the end of 2030. The global coronavirus pandemic has had an adverse impact on the truck and bus radial (TBR) tires industry. This can be attributed to lockdown restrictions on the automotive industry. Furthermore, disruptions in supply chains for components and raw materials along with a slump in automotive sales figures will affect short term industry prospects. Recovery is likely to be slow owing to uncertainty over the global economy.
"Growing use of low-rolling resistance and self-inflation by manufacturers, driven by benefits of higher fuel efficiency is expected to drive demand for truck and bus radial tires in commercial applications in the years to come," says the Fact.MR analyst.
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Truck and Bus Radial (TBR) Tire Market- Key Takeaways
Truck applications for radial tires will remain a major contributor to revenue on the back of growing domestic and international trade.
OEMs will remain the primary sales channel, with strict road safety regulations influencing market developments.
Asia Pacific is a prominent regional market, led by emerging economies - China and India, which are leading automotive production regions.
Truck and Bus Radial (TBR) Tire Market- Driving Factors
Emphasis by manufacturers on product differentiation, with eco-friendly technologies in a competitive landscape will positively influence growth.
Rapid growth of trade and the requirement for commercial vehicles will support long-term revenue generation.
Truck and Bus Radial (TBR) Tire Market- Major Restraints
Higher costs for radials as compared to conventional tire designs hold back adoption rates.
Issues with lateral stiffness and risky handling in over or underinflated tires remain concerns for manufacturers
COVID-19 Impact on Truck and Bus Radial (TBR) Tire Market
The global automotive industry has been impacted significantly by the coronavirus pandemic. Slump in product demand and supply chain disruptions during the crisis owing to lockdown in China has been a major concern for market players.
Also, with restrictions on non-essential services during lockdown, the demand for commercial vehicles has hurt short term demand. Also, the reduced use of public transport during the pandemic has lessened demand.
Market players are likely to suffer from shortage of cash among commercial vehicle fleet businesses. Recovery of the industry is likely to be slow owing to the economic uncertainty arising from the pandemic, and the effects on the auto sector.
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Truck and bus radial (TBR) tire manufacturers operate in a competitive sector are focused increasingly on product launch strategies, in addition to production and geographical expansion.
For instance, JK Tyre has announced the production of 2 crore units of bus and truck radial tires for buyers in India since inception in May 2020. Cooper Tire has introduced new truck and bus radial tires under the pro-series, work series, and severe series designations for commercial operations in varied environs. BKT has also announced plans to start production of a 57-inch truck and bus radial tire starting in 2021.
Some of the leading players in the truck and bus radial (TBR) tire market include Goodyear Tire & and Rubber Company, Bridgestone Corporation, Michelin, Toyo Tires, Sumitomo Rubber Industries Ltd., and Aeolus Tyre among others.
About the Report
This study offers readers a comprehensive market forecast of the truck and bus radial (TBR) tire market. Global, regional and country-level analysis of the top industry trends impacting the truck and bus radial (TBR) tire market is covered in this Fact.MR study. The report offers insights on the truck and bus radial (TBR) tire market on the basis of application (trucks and buses), and sales channel (OEMs and aftermarket), across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).
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