Global truck tyre market to reach $152.4 billion by 2027 – Smithers Rapra.
Intermediate level growth in demand for truck tyres globally is predicted, even as the market continues to evolve and diversify, according to the latest research from Smithers Rapra.
The new market data report, The Future of Global Truck Tyres to 2027, tracks how value in this sector will reach $107.6 billion in 2017. With year-on-year growth forecast at 3.5% across the next decade, this will reach $152.4 billion in 2027.
After adjusting for price and raw material fluctuations, gains in tyre manufacturing productivity, and consumer potential of greater value-adding features; volume consumption of all truck tyres will increase at a rate of 3.2% per year from 2017–2027, Smithers Rapra says. Smithers Rapra’s analysis sub-divides the truck tyre market across all core segments – tyre size, vehicle type, geographic and key national market.
For vehicles type, the light truck market has a 2017 value of $40 billion worldwide. It will outperform the heavier truck segment across 2017-2027; growing at 4% year-onyear. Medium and heavy truck tyres – worth $68.6 billion in 2017 – will retain a healthy 3.3% annual expansion across the same period, despite a sizeable retread market that is both symbiotic and competitive, according to Smithers Rapra. In the case of medium and heavy truck tyres, Arthur Mayer, author of the report, said: “The impetus for the adoption of new technologies is driven by economics more than regulations … with innovations that can provide fuel savings and maximize tyre asset life being significant motivators in purchasing decisions.”
Technical innovations in truck tyres center on performance improvements, such as rolling resistance, lifecycle and sustainability, according to Mayer. Some supporting technologies related to tyre inflation are especially important in truck tyres. Also significant are emerging disruptive innovations, such as autonomous driving, that will influence technology development and implementation, the Smithers Rapra market report said.