The Truck And Bus Tires Global Market Report 2023, provides comprehensive information on the truck and bus tires market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Truck And Bus Tires Global Market Report 2023, the global truck and bus tires market size 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global truck and bus tires market size is expected to grow to $49.88 billion in 2027 at a CAGR of 3.2%.s
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Product innovation is a key trend gaining popularity in the truck and bus tires market. Major companies operating in the truck and bus tires market are focused on developing innovative products to strengthen their market position. For instance, in October 2022, Hankook Tire & Technology, a South Korea-based manufacturer of innovative, high-tech performance tires, launched Smart iON AU06+, a new truck and bus radial (TBR) tire for electric vehicles (EVs). It has a unique feature of improving fuel efficiency, fast torque response, and high load support. The new technology increases the vehicle’s mileage by 25% compared to regular tires. The tire improves the ride quality through optimal ride comfort and lower noise with a cooling system to control overheating.
The truck and bus tires market is segmented:
1) By Type: Radial, Bias
2) By Vehicle Type: Light Duty Vehicle, Heavy Duty Vehicle, Passenger Bus Vehicle
3) By Distribution Channel: OEM (Original Equipment Manufacturer), Aftermarket
4) By Application: Truck Tire, Bus Tire
Asia-Pacific was the largest region in the truck and bus tires market in 2022.
The table of contents in TBRC’s truck and bus tires market report includes:
- Executive Summary
- Truck And Bus Tires Market Characteristics
- Truck And Bus Tires Market Trends And Strategies
- Truck And Bus Tires Market – Macro Economic Scenario
- Truck And Bus Tires Market Size And Growth
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- Africa Truck And Bus Tires Market
- Truck And Bus Tires Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Truck And Bus Tires Market
- Truck And Bus Tires Market Future Outlook and Potential Analysis
- Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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