Global Truck & Bus Radial Tire Market Growth, Size, Trends Analysis - By Application, By Sales Channel - Regional Outlook, Competitive Strategies and Segment Forecast to 2034

Global Truck & Bus Radial Tire Market Introduction and Overview

According to SPER Market Research, the Global Truck & Bus Radial Tire Market is estimated to reach USD 38.92 billion by 2034 with a CAGR of 6.82%.

The report includes an in-depth analysis of the Global Truck & Bus Radial Tire Market, including market size and trends, product mix, Applications, and supplier analysis. The global market for truck and bus radial tires was valued at USD 20.12 billion in 2024 and is anticipated to experience a compound annual growth rate (CAGR) of 6.82% from 2025 to 2034. The increasing demand for trucks and buses across various sectors is a primary factor propelling the growth of the truck and bus radial (TBR) tire market. The swift growth of e-commerce, urbanization, and globalization has notably heightened the necessity for efficient transportation and logistics services. As the volume of goods transported between cities and countries rises, fleet operators are investing in new commercial vehicles to satisfy the escalating freight demand.

By Application Insights

The trucks segment held the largest share in 2024 due to the increased durability and longevity of radial tires compared to bias-ply tires. Radial tires provide better heat dissipation, reducing blowouts and wear, leading to less frequent replacements and lower operating costs for fleet operators. The bus segment is also expected to grow significantly during the forecast period, as radial tires offer improved ride comfort and passenger safety. Their design includes a flexible sidewall and independent tread for better shock absorption, resulting in a smoother ride, which is crucial for long-distance and public transit buses.

By Sales Channel Insights

In 2024, the aftermarket segment accounted for the largest revenue share, driven by a growing number of trucks and buses and an aging fleet. As these commercial vehicles experience wear, frequent tire replacements are necessary. Fleet operators often choose aftermarket radial tires as a cost-effective option that still ensures safety and performance. The OEM segment is expected to grow significantly as well, due to increasing commercial vehicle production linked to economic expansion and urbanization. Manufacturers are equipping vehicles with high-quality radial tires to improve performance, durability, and fuel efficiency, contributing to this growth.

Regional Insights

The truck and bus radial (TBR) tire market in the Asia Pacific region led the global market in 2024. The increasing demand for retreaded and cost-effective tires is driving market growth in regions where fleet operators are in search of economical and sustainable tire solutions. Retreading prolongs the lifespan of radial tires, thereby lowering overall operational costs while ensuring safety and performance standards are upheld.

In 2024, the North American truck and bus radial tire market maintained a significant share. North America boasts a strong presence of original equipment manufacturers (OEMs) that supply commercial trucks and buses, resulting in a consistent demand for TBR tires.

Market Competitive Landscape

The global truck and bus radial tire market is characterized by intense competition, with key players utilizing strategic mergers, acquisitions, partnerships, and collaborations to enhance their market presence. Prominent companies such as Michelin, Bridgestone, Continental, Goodyear, and Pirelli lead the market through aggressive expansion strategies and ongoing innovation in their product offerings. Mergers and acquisitions have been instrumental in consolidating market share. Additionally, strategic partnerships and collaborations are influencing the competitive landscape, as tire manufacturers work alongside fleet operators and OEMs to create fuel-efficient, durable, and intelligent tire solutions.

Recent Developments:

January 2025: Continental, a worldwide leader in tires, brake systems, vehicle electronics, and various components, launched its new Premium Contact 6 (PC6) ContiSeal and Gen 3 truck radial tires in India.

September 2024: CEAT, a prominent tire manufacturer in India, revealed the inauguration of a truck bus radial (TBR) production line at its Chennai manufacturing facility.

Scope of the report:

Report Metric Details

Market size available for years 2021-2034

Base year considered 2024

Forecast period 2025-2034

Segments covered By Component, By Application, By Industry

Regions covered North America, Latin America, Asia-Pacific, Europe, and Middle East & Africa

Companies Covered Swisslog Holding AG, Honeywell International Inc, KNAPP AG, BEUMER Group, SSI Schaefer, Kawasaki Heavy Industries Ltd., Locus Robotics, Kion Group AG, Dematic, GreyOrange.

Key Topics Covered in the Report

Global Truck & Bus Radial Tire Market Size (FY'2021-FY'2034)

Overview of Global Truck & Bus Radial Tire Market

Segmentation of Global Truck & Bus Radial Tire Market By Application (Trucks, Buses)

Segmentation of Global Truck & Bus Radial Tire By Sales Channel (Aftermarket, OEMs),

Statistical Snap of Global Truck & Bus Radial Tire Market

Expansion Analysis of Global Truck & Bus Radial Tire Market

Problems and Obstacles in Global Truck & Bus Radial Tire Market

Competitive Landscape in the Global Truck & Bus Radial Tire Market

Details on Current Investment in Global Truck & Bus Radial Tire Market

Competitive Analysis of Global Truck & Bus Radial Tire Market

Prominent Players in the Global Truck & Bus Radial Tire Market

SWOT Analysis of Global Truck & Bus Radial Tire Market

Global Truck & Bus Radial Tire Market Future Outlook and Projections (FY'2025-FY'2034)

Recommendations from Analyst