Truck and Bus Radial Tire Market to Witness Increased Demand for Airless Offerings, Says Fact.MR
Major players in the truck and bus radial (TBR) tire market are pushing for the development of sustainable production processes for affordable offerings, without compromising on performance standards.
"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.
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.
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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.
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.