The bus tires market is anticipated to grow at a significant CAGR of 6.5% during the forecast period (2022-2028). Bus tires are rubber bands or rings that are inflated or made of metal and fitted over the rim of the wheel to provide wear resistance, traction, and other important features. Government expenditures in logistics and transportation, as well as advantageous trade agreements, are expected to fuel the market. Furthermore, market participants’ increasing technical breakthroughs are expected to boost market growth.
The global bus tires market is segmented based on tire type and distribution channel. Based on the tire type, the market is sub-segmented into radial and bias. Among these types, the radial tire segment is expected to propel the growth of the market as the radials use less fuel, have higher grip and flotation, and have superior cut resistance in the tread area. They also run significantly cooler than bias tires. Based on the distribution channel, the market is sub-segmented into OEM and aftermarket.
The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, in August 2021, Michelin launched the MICHELIN 295/ 80R22.5 X MULTI Z2, the newest addition to Michelin’s best-selling commercial vehicle tires in India. This “Made in India” all-position tire fitment for regional and highway bus operations is packed with the newest breakthrough innovations and delivers market-leading safety features and mileage. MICHELIN 295/80R22.5 X MULTI Z2 addresses a complicated set of requirements by utilizing Michelin’s most recent patented innovations, which give unmatched safety performance to the company’s targeted customers while also assisting with delivery timing and efficiency.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Tire Type
- By Distribution Channel
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- American Axle & Manufacturing Inc., Seohan Auto US Corp., Zf Chassis Systems Tuscaloosa LLC, and Automotive Axles Ltd., among others.
A full report is available at: https://orionmarketreports.com/global-bus-tires-market/110074/
Global Bus Tires Market Report by Segment
By Tire Type
- Radial
- Bias
By Distribution Channel
- OEM
- Aftermarket
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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