TBR Tire Market Introduction
In the past few years, the automotive industry has witnessed a continuous recovery owing to the advancement in the average life-span of vehicles, a gradual economic upturn, and low-interest rates. Further, the expected increase in the global population, rising per capita income, and expansion in middle-class population especially in emerging markets is projected to boost the industry growth at a considerable rate throughout the forecast. On the other hand, the increasing importance of data analytics has shifted tire manufacturers focus from technical characteristics of tires to effective marketing and analyzing consumer behavior. In addition, this helped the companies to introduce TBR tires that can meet consumers’ needs perfectly. Moreover, intense competition in the market has encouraged prominent players to redesign their operating procedures by concentrating more on consumer needs, capitalizing on the digital revolution, and simplifying the organizational processes and structure. Additionally, major countries across the globe have moved towards a zero-waste scenario and the results are quite satisfying when compared to other industries. Moreover, to produce cost-effective solutions by reusing the waste tires, Key vendors in the market are emphasizing material recycling and energy recovery. This is anticipated to create significant opportunities for OE in the market.
Continuous advancement in TBR tire production technologies and government Laws has the significant role in the market transformation. Further, the introduction of environmental-friendly, sustainable, high-performance tires has driven the TBR tire market growth at a significant rate. Also, advanced in tires manufacturing processes and increasing demand from the replacement market are anticipated to boost the global TBR tire market size during the forecast period.
The TBR tire market can be segmented into type, application, distribution channels, and region.
By type, the TBR tire market is segmented into all position, drive, and trailer. Based on application, the market is segmented into trucking industry and public transport services. By distribution channel, the TBR tire market is bifurcated into online stores and bricks & mortar stores. Region wise, the market is analyzed across six major geographies such as North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa (MEA).
TBR Tire Market Competitive Landscape
Major players in the TBR tire industry are inclined towards spending a substantial amount on brand marketing and promotional activities. In addition, key vendors in the TBR tire market are inclined towards entering into a strategic agreement and collaboration with online portals and information providers to understand key buying factors that can influence the tire purchase decision. Prominent players identified and analyzed in the TBR tire industry are Bridgestone, Michelin, Goodyear, Continental Co., Pirelli, Sumitomo, Hankook, Yokohama, Chen Shin Tyres, GiTi, Cooper, Kumho, and MRF among others.
Major Regions/Countries include:
- Western Europe
- United Kingdom
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific (APAC)
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
- North Africa
- South Africa
- Rest of MEA
This research report on TBR tire market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.