Global TBR Tire Market Size Worth Around $146 Billion By 2025: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “TBR Tire Market (Type: All Position, Drive, Trailer; Application: Trucking Industry, Public Transportation Services, Urban Use) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2025
”, estimates that global TBR tire market is expected to reach the market value of around $146 billion by 2025 and is expected to grow at a CAGR of around 4.5% in terms of revenue during the period 2018 – 2025. To help TBRs to penetrate the market further, there is a need to create awareness among commercial vehicle operators.
In addition, there is also a need to formulate a policy that would make the domestic players more competitive against the availability of cheaper imports. Rising access to internet makes it essential that tire manufacturers tie up with ecommerce sites to offer TBRs at a good price rather than limit their exposure to brick and mortar stores only. This would call for a fundamental change in the way claims are handled, and with a positive view that greater transparency is set in place. TBRs make costly investments, and their take up would help the manufacturers to reduce initial investment costs involved with radial technology plants. Unlike passenger vehicles, commercial vehicles – specifically trucks have tendency of overloading. But after the governing authorities of various regions prohibited overloading, instances of it has come down. Toll contractors are also ensuring that they do not incur higher maintenance due to overloaded trucks. However, there is a need for a consistent and coordinated effort to ensure that transporters refrain from overloading. They need to be educated about how overloading hampers safety and reliability. Additionally, the lower rolling resistance that radials offer also makes it challenging to engineer them with respect to their performance in other areas like grip and the rate of wear. It is at this juncture that the issue of tire development and testing is brought to the fore. There is a need for better tire technology which offers more safety such as TBRs.
Mobility and Urbanization Will Play A Significant Role In Leading The Market
While mature markets have typically reached peak quality in terms of car possession, the center categories in rising economies are steady growing and seeking bigger achievements. In 2010, the combined middle categories of Brazil, Russia, India and China numbered concerning 800 million individuals. That number is expected to double to around 1,600 million people by 2020. Meanwhile, it's conjointly expected that over 1/2 the world’s population can sleep in cities by 2030. This is the results of migration into cities within the pursuit of economic chance within the developing world; social trends within the developed region – like the reversal of suburbanization within the US; and government policies designed to encourage or mandate concentration in urban designing. As world voters become in the main city-dwellers, there'll be growth in demand for various day life products; as a result this creates need for lightweight trucks for business applications. Additionally, to provide such a huge demand in less time and safety, TBRs has an advantageous effect which intern will boost the market in near future.
Tighter Government and Environmental Regulation
Motivated by climate and other political and environmental concerns, government norms will continue to be a major influence on global TBR tire production, demand, and use. The EU is especially active, and result is setting the quality for many of the remainder of globe. It was EU emission necessities that first drove tire makers to develop low rolling resistance tires, a development that has created the alignment with leading manufacturer in penetration of this technology. Likewise, the EU’s adoption of latest necessities, like tire labeling, is sparking adoption in other markets as well. Environmental agreements, regulations, and laws aimed at reducing CO2 emissions and increasing fuel economy have also been optimistic driver of the TBR tire industry’s transformation and growth. These regulations, in turn create a need of hastening the search for alternative, sustainable raw materials which have hitherto been handicapped by volume supply and price issues. As a result this provides a potential growth opportunity to TBR tires not only in EU but other regions also.
North America Held Major Share in 2017
North America, specifically the United States, held prime share in TBR tire market in 2017 owing to the factors such as an established transportation service industry and presence of leading manufacturers in the region. With strong economic conditions, drivers in the U.S. prefer to buy latest technology tires such as TBRs. China (despite some more recently emerging concerns) is the next leading regional market for TBR tires after US, both in terms of domestic demand and as the resource of exports to other regions. This industry-leading market will grow faster than other emerging economies in APAC region, at around 5% per year through 2025, with demand exceeding more than 75 million units. Growth in smaller, developing regions will also be strong, thanks to more mobile populations, economic development and the growth of industrial and transportation facilities. Both South America and Middle East/Africa are expected to grow faster per year and make their transportation facility more reliable respectively.
Some of the key players operating in the global TBR tire market, profiled in the report include Michelin, Bridgestone, Continental, Goodyear, Yokohama, ChemChina - Pirelli, Kumho, Toyo, Cooper, Giti, Hankook among others.
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