Global Truck & Bus Radial Tire Market Size To Exceed USD 34.48 Billion By 2033: Market Statistics Report

Global Truck & Bus Radial Tire Market Size To Exceed USD 34.48 Billion By 2033

According to a research report published by Spherical Insights & Consulting, The Global Truck & Bus Radial Tire Market Size is Expected to Grow from USD 18.56 Billion in 2023 to USD 34.48 Billion by 2033, at a CAGR of 6.39% during the forecast period 2023-2033.  

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Truck & Bus Radial Tire Market Size, Share, and COVID-19 Impact Analysis, By Application (Trucks and Buses), By Sales Channel (Aftermarket and OEMs), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

The global truck & bus radial tire market refers to the industry focused on radial tires developed especially for buses and trucks. Particularly compared to bias tires, these tires provide improved performance, durability, and fuel efficiency. The market includes demand from the global commercial transportation sectors in addition to manufacturing and distribution. Key driving factors for the growth of the truck & bus radial tire market include the growing need for high-performance, sustainable tires that use less fuel and demand fewer services. The market is growing as a consequence of technological developments, including smart tire systems, growing transportation demands, increasing logistical networks, and regulatory constraints for sustainability and fuel efficiency. However, radial tires' high beginning costs, volatile raw material prices, and competition from less expensive options like bias-ply tires could all impede market growth.

The trucks segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period.

On the basis of application, the global truck & bus radial tire market is divided into trucks and buses. Among these, the trucks segment accounted for the largest revenue share in 2023 and is projected to grow at a significant CAGR during the forecast period. The segment growth is attributed to the increasing focus on minimizing fleet operations' maintenance costs, the need for better fuel economy, improvements in tire technology, and the growing need for long-haul transportation.

The aftermarket segment accounted for the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

On the basis of sales channel, the global truck & bus radial tire market is divided into aftermarket and OEMs. Among these, the aftermarket segment accounted for the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segment growth is driven by the increasing demand for personalized tire solutions, the variety of tire brands accessible, the expansion of tire distribution networks, and the development of tire technology that improves longevity and performance.

North America is anticipated to hold the largest share of the global truck & bus radial tire market over the predicted timeframe.

North America is anticipated to hold the largest share of the global truck & bus radial tire market over the predicted timeframe. The regional market growth is driven by the dependable presence of original equipment manufacturers (OEMs), including Freightliner, Kenworth, and Peterbilt, which ensures steady demand for high-performance tires.  Furthermore, the region's sophisticated transportation system, growing sales of commercial vehicles, and emphasis on safety, energy efficiency, and durability all significantly promote market expansion.

Asia Pacific is expected to grow at the fastest CAGR in the global truck & bus radial tire market during the forecast period. The regional market growth can be attributed to the high-performance tire adoption has been prompted by an assortment of factors, including growing government initiatives concentrating on infrastructure development and sustainability, growing logistics and transportation sectors, rising need for durable and inexpensive tires, and rapid industrialization.

Company Profiling

Major vendors in the global truck & bus radial tire market are MICHELIN, Apollo Tires, Yokohama Rubber Corporation, Bridgestone Corporation, Sumitomo Rubber Industries, Ltd., Continental AG, Balkrishna Industries Limited (BKT), Giti Tire, The Goodyear Tire & Rubber Company, Kumho Tire, and Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In March 2025, Hankook Tire introduced its 5th generation lineup of truck and bus radial (TBR) tires, featuring smart tire technology. These tires equipped with sensors that provide real-time data on tire conditions, enabling fleet operators to monitor and manage tire performance more effectively, leading to improved safety and cost efficiency.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global truck & bus radial tire market based on the below-mentioned segments: 

Global Truck & Bus Radial Tire Market, By Application

• Trucks
• Buses

Global Truck & Bus Radial Tire Market, By Sales Channel

• Aftermarket
• OEMs

Global Truck & Bus Radial Tire Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa