Commercial Vehicles Tires Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 34.16 Billion |
| Market Size (2029) | USD 42.72 Billion |
| CAGR (2024 - 2029) | 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Commercial Vehicles Tires Market Analysis
The Commercial Vehicles Tires Market size is estimated at USD 34.16 billion in 2024, and is expected to reach USD 42.72 billion by 2029, growing at a CAGR of greater than 3.80% during the forecast period (2024-2029).
- The COVID-19 pandemic had a significant effect on the automotive tires market directly in the short term as the production and sales of new vehicles witnessed a decline in 2020. Moreover, owing to restrictions, vehicle owners reduced the amount of driving, resulting in delayed visits for maintenance or tire replacement. However, the COVID-19 outbreak has also resulted in the growth of the e-commerce sector. This factor can propel the demand for commercial vehicle components for transportation purposes during the outbreak.
- Over the medium term, The growing focus on fuel economy, rising demand for convenience, and high maintenance or replacement costs of conventional tires are driving the growth of the automotive tires market. Another factor that is responsible for the growth of the industry is the adoption of cutting-edge manufacturing technology by OEMs to offer product differentiation through sustainability, durability, and affordability.
- Due to rapid urbanization, construction activities have seen a surge, and developments in transport infrastructure are fuelling the growth of commercial vehicles and commercial vehicle tires. The improving economic environment in developing countries and the increasing emphasis on the mechanization of agricultural activities are also factors expected to drive the growth of the market in the coming years.
- Increasing mining production volume acts as a catalyst for higher demand for OTR tires as it leads to fleet expansion, frequent tire replacements, and maintenance requirements. OTR tires play a critical role in ensuring operational efficiency, minimizing downtime, and maximizing productivity in mining operations. As the mining industry grows, the demand for OTR tires rises to meet the heavy-duty requirements and enhance the performance of mining equipment. This is likely to witness major growth for the market during the forecast period.
Commercial Vehicles Tires Market Trends
Agriculture as Application to Shift Market Demand
- The agricultural sector is highly affected by the cyclical nature of sales. To boost the productivity on the lands of agriculturally deprived economies and to meet the food need of the growing population, OEMs are trying to build machinery installed with IoT, GPS, and Automation techniques to gain more from the land. In emerging economies, farmers are rapidly adopting mechanization practices.
- The migration of people from rural to urban regions, rising labor costs, and lack of skilled labor in most developing countries are fueling tractor sales. Shortage of farm labor and its rising cost are among the main reasons for the increasing mechanization of the farming industry.
- The increasing need for operational efficiency and the rise in labor costs are expected to boost the demand for agricultural tractors. Over the forecast period, the market for agricultural tractors will be driven by limited labor availability.
- Machinery inputs in agriculture by way of mechanization have evolved considerably in recent years in the regions. The introduction of internal combustion engines and tractors as power sources brought about a revolution in the agriculture sector by covering large agricultural areas in a short time, which in turn is likely to enhance the demand for tires in the coming years.
- Major tire manufacturers are expanding their manufacturing facilities across the regions, which in turn is likely to create lucrative opportunities for the market during the forecast period. For instance,
- In March 2021, Apollo Tire expanded its tire manufacturing facility in the Netherlands, Europe. The company expanded the Apollo Vredestein facility in the country.
- Labor-saving technologies, particularly in harvesters and tractors, are being increasingly adopted to expand farm operations. The increased liberalization would radically reinforce a structural evolution, which will help bring about increased adoption of advanced agricultural machinery tools in agricultural operations, which in turn is likely to increase in demand for tires during the forecast period.
- Major manufacturers are introducing new agricultural machinery across the globe, which in turn is likely to enhance the demand for agricultural tires in the coming years. For instance,
- In May 2022, Horsch launched Leeb VL sprayer at the fair AgroBrasília 2022 held in Brazil. The sprayer increases crop efficiency, regardless of size, whether small, medium, or large, thereby lowering input costs.
- Tire manufacturers are increasingly getting involved in making their farm tires larger to support the additional weight of farm machinery, which has grown in size to a significant extent in the last 3-5 years.
Asia Pacific is Expected to Lead the Market
- To overcome major problems like traffic congestion, population explosion, high manufacturing costs, and aging transportation infrastructure, developing economies are now investing heavily in infrastructure development.
- The demand for construction machinery has increased in Asia-Pacific. The ongoing recovery of the region's construction industry improved business in the mining and quarrying sectors, and a favorable economic environment with low-interest rates is further anticipated to help the market grow.
- Growing electrification of commercial vehicles in countries such as China is also expected to drive the growth of the commercial vehicle tire market in the country. China has a fleet of more than 425,000 electric buses. Europe just has 2250 electric buses. This high adoption can be attributed to a strong municipal framework that many provinces in China have adopted.
- China is among the key adopters of technology and seeks to bring advancements in tire technology; the players anticipated witnessing numerous growth opportunities during the forecast period. For instance,
- In August 2022, Sumitomo Rubber announced that it would increase its electric vehicle (EV) tire production capacity in China and Europe. The company will install additional production facilities for EV tires at its plants in China and Turkey.
- The rapid urbanization in the ASEAN countries, like the Philippines, Thailand, Vietnam, and the rest of Asia-Pacific, is expected to be a factor in the increase in the demand for light, medium, and heavy commercial vehicles in the region, which in turn is likely to enhance the demand for tires during the forecast period.
- In February 2021, e-commerce giant Amazon announced a partnership with Mahindra Electric to deploy electric vehicles into its delivery network. Amazon aims to reach 10,000 EVs in fleet size by 2025. Flipkart, in the same period, partnered with Hero Electric and Piaggio to achieve a 100% electric delivery fleet by 2030. These partnerships aim to improve the charging infrastructure and include more electric vehicles in the commercial vehicles sector in India.
- With the above-mentioned development across the region, the demand for tires will be high during the forecast period.
Commercial Vehicles Tires Industry Overview
The commercial vehicle tires market is dominated by several key players such as Bridgestone Corporation, Michelin, Titan International, Trelleborg Wheel Systems, Balkrishna Industries Limited, Continental AG, and Others.
Growing construction demand, aftermarket replacement rate, and acquisition activities among key players are driving growth in the market. The rapid expansion of tire manufacturing facilities and investment in research and development across the globe is likely to witness major growth for the market during the forecast period. For instance,
In February 2023, Continental AG launched Agricultural Tire, the VF TractorMaster in size VF900/60R42. The company developed the tire size specifically to be able to carry the weight of agricultural machinery with over 300 horsepower.
In August 2022, Apollo Tires announced the expansion of its new range of truck and bus radial tires, Apollo EnduRace RD NRG, which is a fuel-efficient drive tire for the Indian market. The tires have been rigorously tested in all terrain before making entry into the market. The company claims that the tire offers 5-8% fuel efficiency owing to its four-block design and special-grade raw material making its rolling resistance low.
In March 2022, the Michelin X One Line Energy D2 tire, which has the lowest rolling resistance among its heavy-duty truck drive tires, was unveiled by Michelin. The tire's Regenion tread technology achieves the ideal ratio of grooves and features for wet grip while offering the lowest rolling resistance for fuel efficiency. Linehaul, dry van truckload, and refrigerated freight applications are all suitable for the Michelin X One. Its compact design results in reduced tread squirm and further improves fuel efficiency.
Commercial Vehicles Tires Market Leaders
-
Bridgestone Corporation
-
Continental AG
-
Balkrishna Industries Limited
-
Trelleborg AB
-
Michelin Group
*Disclaimer: Major Players sorted in no particular order
Commercial Vehicles Tires Market News
- February 2023: JK Tyre introduced three new off-road tires specifically designed for the mining segment. These tires cater to the off-road needs of mining operations, providing enhanced performance and durability. The launch emphasizes JK Tyre's commitment to serving the mining industry with specialized OTR tires that can withstand challenging terrains and deliver optimal traction and load-carrying capacity.
- January 2023: Balkrishna Industries (BKT), an Indian multinational company in the off-highway tire market, launched two new OTR tires under the sub-brand EARTHMAX at the bauma CONEXPO India 2023. These "Made for India" tires are specifically designed for the Indian infrastructure, construction, and mining sectors. BKT's continuous R&D aims to elevate the standard benchmark in the OTR tire industry by introducing new technologies.
- May 2022: Bridgestone launched R192E all-position radial tires for e-buses offering ultra low-rolling resistance and high load capacity, which aids in increasing the range and allows the vehicle to maximum operation on a single charge.
Commercial Vehicles Tires Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Market Drivers
- 4.1.1 Rise in Commercial Vehicle Sales
-
4.2 Market Restraints
- 4.2.1 Volatility In Commodity Prices
-
4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD Billion)
-
5.1 By Vehicle Weight
- 5.1.1 Less Than 3.5 tons
- 5.1.2 3.5 tons To 16 tons
- 5.1.3 More Than 16 tons
-
5.2 By Application
- 5.2.1 Construction
- 5.2.2 Mining
- 5.2.3 Agriculture
- 5.2.4 Transport
- 5.2.5 Other Applications
-
5.3 By Terrain
- 5.3.1 On-Road
- 5.3.2 Off-Road
-
5.4 By Sales Channel
- 5.4.1 Online
- 5.4.2 Offline
-
5.5 By End-user
- 5.5.1 OEM
- 5.5.2 Aftermarket
-
5.6 By Material
- 5.6.1 Natural Rubber
- 5.6.2 Poly Butadiene Rubber
- 5.6.3 Styrene Butadiene Rubber
- 5.6.4 Nylon Cord Fabric And Wire
- 5.6.5 Other Materials
-
5.7 By Geography
- 5.7.1 North America
- 5.7.1.1 United States
- 5.7.1.2 Canada
- 5.7.1.3 Rest of North America
- 5.7.2 Europe
- 5.7.2.1 Germany
- 5.7.2.2 United Kingdom
- 5.7.2.3 France
- 5.7.2.4 Russia
- 5.7.2.5 Spain
- 5.7.2.6 Rest of Europe
- 5.7.3 Asia Pacific
- 5.7.3.1 India
- 5.7.3.2 China
- 5.7.3.3 Japan
- 5.7.3.4 South Korea
- 5.7.3.5 Rest of Asia-Pacific
- 5.7.4 Rest of the World
- 5.7.4.1 South America
- 5.7.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
-
6.2 Company Profiles*
- 6.2.1 Bridgestone Corporation
- 6.2.2 Continental AG
- 6.2.3 Balkrishna Industries Limited
- 6.2.4 The Michelin Group
- 6.2.5 Trelleborg Corporation
- 6.2.6 ATG Tires Private Limited
- 6.2.7 Sumitomo Corporation
- 6.2.8 Hankook Tire And Technology Group
- 6.2.9 McLaren Industries
- 6.2.10 Goodyear Tyre And Rubber Company
- 6.2.11 Michelin Group
- 6.2.12 MRF Limited
- 6.2.13 Apollo Tyres
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityCommercial Vehicles Tires Industry Segmentation
Commercial Vehicle tires are large, robust tires designed for use on vehicles and machinery in industries such as mining, construction, and agriculture. These tires are specifically engineered to withstand rugged terrains, heavy loads, and harsh conditions, providing excellent traction, durability, and stability in off-road applications.
The commercial vehicle tires market is segmented into vehicle weight, application, terrain type, sales channel, end-user, material, and geography. Based on the vehicle weight, the market is segmented into Less than 3.5 tons, between 3.5 and 16 tons, and greater than 16 tons. Based on the application, the market is segmented into construction, mining, agriculture, transport, and other applications. Based on the terrain type, the market is segmented into on-road and off-road. Based on the sales channel, the market is segmented into offline and online. Based on the end-user, the market is segmented into OEM and aftermarket. Based on the material, the market is segmented into natural rubber, polybutadiene rubber, styrene-butadiene rubber, nylon cord fabric, wire, and other materials; based on geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
For each segment, the market sizing and forecast have been done based on the value (USD).
| By Vehicle Weight | Less Than 3.5 tons | |
| 3.5 tons To 16 tons | ||
| More Than 16 tons | ||
| By Application | Construction | |
| Mining | ||
| Agriculture | ||
| Transport | ||
| Other Applications | ||
| By Terrain | On-Road | |
| Off-Road | ||
| By Sales Channel | Online | |
| Offline | ||
| By End-user | OEM | |
| Aftermarket | ||
| By Material | Natural Rubber | |
| Poly Butadiene Rubber | ||
| Styrene Butadiene Rubber | ||
| Nylon Cord Fabric And Wire | ||
| Other Materials | ||
| By Geography | North America | United States |
| Canada | ||
| Rest of North America | ||
| By Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Russia | ||
| Spain | ||
| Rest of Europe | ||
| By Geography | Asia Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| By Geography | Rest of the World | South America |
| Middle-East and Africa |
Commercial Vehicles Tires Market Research FAQs
How big is the Commercial Vehicles Tires Market?
The Commercial Vehicles Tires Market size is expected to reach USD 34.16 billion in 2024 and grow at a CAGR of greater than 3.80% to reach USD 42.72 billion by 2029.
What is the current Commercial Vehicles Tires Market size?
In 2024, the Commercial Vehicles Tires Market size is expected to reach USD 34.16 billion.
Who are the key players in Commercial Vehicles Tires Market?
Bridgestone Corporation, Continental AG, Balkrishna Industries Limited, Trelleborg AB and Michelin Group are the major companies operating in the Commercial Vehicles Tires Market.
Which is the fastest growing region in Commercial Vehicles Tires Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Commercial Vehicles Tires Market?
In 2024, the Asia Pacific accounts for the largest market share in Commercial Vehicles Tires Market.
What years does this Commercial Vehicles Tires Market cover, and what was the market size in 2023?
In 2023, the Commercial Vehicles Tires Market size was estimated at USD 32.86 billion. The report covers the Commercial Vehicles Tires Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Commercial Vehicles Tires Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Commercial Vehicles Tires Industry Report
Statistics for the 2024 Commercial Vehicles Tires market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Commercial Vehicles Tires analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
