Bus Radial Tire Market Outlook – 2027
The automotive bus radial tire is a circular vehicle component made of rubber to cover the wheel’s rim externally. The major function of the radial tire is to protect the wheel rim and offer tractive force between the road surface and the vehicle. Moreover, radial tire is of a particular design of the vehicular tire. The design of the cord plies is arranged approximately at 90 degrees to the direction of travel, or radially. This radial structure of the tire reduces the rolling resistance and improves the flexibility of the moving tire. It also helps the tire in dissipating heat, thereby increasing its life. In addition, owing to their radial construction, radial tires are lesser prone to flat-spots when a tire is not in use for a long period. As it is manufactured from rubber, it also provides a flexible cushion, thereby reducing the impact of the vibrations and absorbing the shock of the vehicle. In addition, the rubber tire consists of tread, jointless cap piles, beads, and other materials, which include synthetic rubber, carbon black, and fabric. There is an increase in demand for tires exponentially due to the rise in demand for vehicle production to cater to the surge in the requirement of vehicles across all segments. Therefore, tire demand is ultimately governed by automobile production.
COVID-19 scenario analysis:
- With the slowdown in economic growth, the automotive tire industry has suffered massive impact as the fallout of coronavirus has pushed the impact beyond R&D facilities along with other operational areas and retail network.
- As the COVID-19 pandemic has crucially affected the sales of tires and lockdown has completely stopped the transportation all across the globe, it is expected to eventually affect the bus radial tire market as well.
- The second quarter of 2020 was strongly impacted by the COVID-19 pandemic. While the wide-ranging restrictions have been necessary for health and safety reasons, lockdowns led to a sharp drop in the global tire demand.
- The tires industry is directly connected with the original equipment manufacturers (OEM), but not all OEMs may get affected due to the pandemic, specifically in the exports and aftermarket, which drive most of the market’s business.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The global bus radial tire market is driven by the growth of the e-commerce sector and high demand for transportation & logistics, which are expected to spur the product demand over the forecast period. However, volatile prices of raw materials and development in the market of retreading tires are anticipated to hamper the growth of the market. Furthermore, advancement in technology, fuel-efficiency, and safety concerns are expected to offer lucrative opportunities for the market during the forecast period.
The bus radial tire market trends are as follows:
Growth of the e-commerce sector
Last mile deliveries and the advent of e-commerce have spurred road transportation traffic. The increase in the number of miles driven by trucks and busses boosts the demand for bus radial tires. Bus radial tires have high aftermarket demand, owing to the requirement of periodic replacement. Moreover, factors, such as trade war between the U.S. and China, rise in the production levels of bus radial tires worldwide, and surge in the number of last-mile deliveries due to the unprecedented growth of the e-commerce sector, influence the expansion of the global bus radial tire market. The trade war between the two powerhouses of the automotive industry is expected to put forward major hindrances for companies operating in these two countries. However, developing nations, including India, Thailand, Indonesia, and Brazil are expected to provide lucrative grounds for the growth to the players operating in the bus radial tire market.
High demand for transportation & logistics
Over the past decade, the expansion of the global radial tire market is largely driven by two major factors such as an increase in the number of busses on the road and rise in demand for medium transportation buses worldwide. In addition, as technology continues to advance at a rapid pace, the transportation & logistics sector has witnessed consistent developments over the past couple of decades. In addition, as a greater number of companies operating in the current global bus radial tire market is swaying toward expanding their global presence and market share, the overall bus radial tire market landscape is highly competitive and is expected to expand further over the forecast period
Key benefits of the report:
- This study presents the analytical depiction of the bus radial tire market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the bus radial tire market share.
- The current market is quantitatively analyzed to highlight the bus radial tire market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed bus radial tire market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the bus radial tire market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Bus Radial Tire Market Report Highlights
By Rim Size
By Sales Channel
Key Market Players
The Goodyear Tire & Rubber Company, MICHELIN, China National Tyre & Rubber Corporation, KUMHO Tire, BKT Industries Limited, Continental AG, Giti Tire, Yokohoma Rubber Corporation, Sumitomo Rubber Industries Limited, Bridgestone Corporation