Astuteanalytica
Do You Know Truck Bus Tires Market Growing in future
The global truck and bus tires market has experienced tremendous expansion and is estimated to continue over the forecast period. Government spending on logistics and transportation is one of the main drivers of this expansion. To improve logistics and transportation, the government of many nations funding in infrastructure projects like building roads and bridges. For instance, to increase the nation's capacity for logistics and transportation, the Indian government is investing $1.4 billion in the "Bharatmata" project, which intends to construct highways and other types of road infrastructure. Similarly, the Chinese government's "One Belt, One Road" plan is estimated to increase demand for truck and bus tires.
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According to a research report by Astute Analytica, the global Truck and Bus Tire market value was US$ 39,417 million in 2022 and is expected to reach US$ 64,729 million by 2031, growing at a compound annual growth rate (CAGR) of 5.5% over the projection period from 2023 to 2031.
The arrival of commercial vehicle manufacturers into the market is another factor driving the truck and bus tire market. Most manufacturers are focusing on growing their market share in the global truck and bus tires market due to the rising demand for commercial vehicles. To illustrate the development potential of this market, Bridgestone company announced in 2020 that it will invest $120 million to increase its truck and bus tire production capacity in Japan.
Furthermore, the expansion of the industrial sector and the speed of e-commerce are increasing the need for logistics, which is driving the truck and bus tire market. The International Transport Forum predicts that by 2050, the number of products transported by road in OECD nations will increase by 50%.
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Asia Pacific has had the largest truck and bus tire market share since 2022. It is due to the high demand for commercial cars in the area, which is fuel by the expansion of the logistics and transportation sectors as well as the growth of e-commerce.
China and India accounted for a substantial percentage of the Asia Pacific region's approximately 3.9 million units of medium and heavy commercial vehicles sold in 2019. Significant expenditures in infrastructure, such as those made in the region's ports, highways, and bridges are also boosting demand for commercial vehicles and truck and bus tires.
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Other countries in the region, such as South Korea, Indonesia, and Japan, are also witnessing significant growth in the demand for Truck and Bus Tires, driven by factors such as government investments in infrastructure and the growth of the transportation and logistics industry.
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