Despite restrictions brought about by the COVID-19 pandemic, the truck and bus radial (TBR) tyre market is set for a “largely positive growth,” reaching an approximate valuation of US$98 billion by the end of the 2020-2030 forecast period. Market intelligence analysts at Fact.MR expect the TBR tyre market to surpass a high revenue threshold, primarily on the back of burgeoning global transportation and logistics industries.

According to a recent TBR tyre market report, trucks are poised to capture substantial share by application, attributed to increased demand and production of medium and heavy-duty trucks to transport raw materials and finished goods to consumers; high dependence on public transport, meanwhile, will heighten bus-grade radial tyre sales.

A combination of strategic collaborations, joint ventures, acquisitions, and market-specific product launches from notable tyre manufacturers including Bridegstone Corp., The Goodyear Tire and Rubber CO., Michelin, and ZC Rubber, is expected to push the global TBR landscape, particularly Asia Pacific. These companies are also seeking to reduce production costs and availability of rubber across emerging economies in the Asia Pacific region.

On the other hand, increased traffic and e-Commerce has prompted industries to develop effective transportation links and subsequently, constant fleet maintenance and TBR demand.While the sales/aftermarket segment will benefit, companies such as Bridgestone and Michelin are also integrating smart, sustainable solutions to provide enhanced after sales services to potential clients. Bridgestone partnered with Microsoft in June 2020 to develop an intelligent tyre monitoring system with the objective of reducing accidents caused by technical failure; while Michelin has agreed to launch a new range of sustainable tyres for motorsports under a July 2020 collaboration with MotoE.

http://rubberjournalasia.com/tbr-tyre-market-expected-to-chart-us98-bn-growth-by-2030/