TBR Tire Market Regional Analysis:
North America Market Insights
North America industry is estimated to hold largest revenue share of 50% by 2035. The surge in commercial vehicles such as trucks drives the growth of TBR tires in this region. According to the National Automobile Dealers Association 2022, it was witnessed that the sales of commercial trucks gained 3.8% from 2021 to 2022. The gain in this sector will augment the tire material value in the near future.
In the U.S. there is an increase in the transportation sector along with rapid industrial development is acting as a growing factor for the TBR tires market revenue. The U.S. Energy Information Administration estimated that about 27% of U.S. energy consumption was used by transportation in 2022. While American Public Transportation Association in 2024 propelled that the public transport ridership surpassed 16% between 2022 and 2023.
The demand for battery and electric vehicles in Canada is projected to fuel the TBR tires in the near future. The transportation industry benefits from electric vehicles as they reduce vehicle emissions, which will encourage the use of these vehicles in the upcoming years. Régie de l'énergie du Canada in 2024, propelled the registration of 86,032 electric vehicles in Canada in 2021. This consists of about 5.3% of the whole registrations of vehicles in that year.
APAC Market Insights
Asia Pacific will also encounter huge growth in the TBR tire market value during the forecast period with a notable size. This region will account for the second position in this landscape owing to the growth in sales of commercial vehicles. According to The Global Economy 2023, the sale of commercial vehicles was about 428,875 in 2023.
The prevalence of TBR tire manufacturers such as Zhongce Rubber Group Co., Ltd., Giti Tire, and Sailun Jinyu Group Co., Ltd. in China showed an increase in the production and exports of TBR tires for global usage. For instance, Qingdao Keter Tyre Co., Ltd. in September 2023 showcased their TBR, AGR, OTR, and PCR under the KETER, NEOTERRA, and GREENTRAC product line.
The growth in the purchase of connected & electric vehicles in Japan owing to their benefits is increasing the demand for more TBR tires in this country. International Energy Agency 2024, in Japan the sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual increase. Such demand for EVs and radial tires in this country will fuel the revenue share.
