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Increased commercial vehicle demand is likely to promote innovation in truck and bus tyre manufacturing, propelling the market during the forecast period.

The global truck and bus tires market is expected to grow from $42.43 billion in 2022 to $43.93 billion in 2023 at a compound annual growth rate (CAGR) of 3.5%. The global truck and bus tires market size is expected to grow to $49.88 billion in 2027 at a CAGR of 3.2%.

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Global Truck And Bus Tires Market Segments Include:

• By Type: Radial, Bias
• By Vehicle Type: Light Duty Vehicle, Heavy Duty Vehicle, Passenger Bus Vehicle
• By Distribution Channel: OEM (Original Equipment Manufacturer), Aftermarket
• By Application: Truck Tire, Bus Tire
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global truck and bus tires market in 2021.

Major Market Players in the truck and bus tires market include Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Continental AG, Pirelli & Co SPA, Hankook Tire & Technology, Sumitomo Rubber Industries Ltd.

Product innovation is a prevalent trend in the truck and bus tyre market. To strengthen their market position, major truck and bus tyre manufacturers are focusing on developing novel products. For example, Hankook Tyre & Technology, a South Korean manufacturer of innovative, high-tech performance tyres, will offer Smart iON AU06+, a revolutionary truck and bus radial (TBR) tyre for electric vehicles (EVs), in October 2022. It is distinguished by its improved fuel efficiency, quick torque response, and strong load support. When compared to standard tyres, the new technology enhances the vehicle’s mileage by 25%. The tyre increases ride quality by providing ideal riding comfort and low noise, as well as a cooling system to prevent overheating.

The Truck And Bus Tires Global Market Report 2023  provides a truck and bus tires market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The truck and bus tires market forecast analyzes truck and bus tires market size, truck and bus tires market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Truck and bus tyres are tyres designed for trucks and buses with a loading range of F, rims larger than 19 inches, and a broader tyre base. They are utilised in commercial buses and transportation trucks.

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