TBR Tire Market Segmentation:
Application Segment Analysis
The trucking segment in the TBR tire market is poised to capture a share of 59.1% in the coming years. Significant growth in the revenue share is anticipated as a result of the growing usage of TBR tires in advanced and next-generation vehicles, especially trucks and other vehicles that are used for construction. Moreover, the primary reason for the segment's growth is the increased funding that is being allocated to the advancement of public transportation to meet the growing demand for cutting-edge transportation options. For instance, the Department of Transportation 2024, estimated an investment of USD 20.5 billion attributed to Biden-Harris Administration in the public transportation sector. Furthermore, a rise in construction activity worldwide and a surge in the need for specialized trucks and cargo vehicles are anticipated to boost the market share of this segment during the projected period.
Sales Channel Segment Analysis
The aftermarket segment in the TBR tire market is set to be a faster-growing segment with a lucrative size by the end of the forecast period. The presence of various tire brands in this sector such as Michelin Group, Bridgestone Corporation, and Continental AG is set to contribute to the growth of this sector. They provide TBR tires at an affordable price when compared with Original Equipment Manufacturers (OEMs). Due to features like increased tread depth that are appropriate for a range of loads and road conditions, customers prefer to replace their older tires through aftermarket channels. Moreover, there are several available options for various truck models.
This adaptability encourages both independent fitters and well-known retail chains to offer repeat business. Aftermarket retailers offer cost transparency, in contrast to OEMs who group tire prices with the vehicle. Based on distinct technical features and costs, customers can select particular tires. Commercial fleet owners are drawn to aftermarket players because they offer value-added services like wheel alignment, balancing, and fitting. Growth in this sector will boost the tire cord value in the near future.
Our in-depth analysis of the TBR tire market includes the following segments:
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