Global TBR market to reach $152.4 billion by 2027
Smithers’ “The Future of Global Truck Tires to 2027” research reports that the value of this sector will reach $107.6 billion in 2017. With year-on-year growth forecast at 3.5 per cent 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 then consumer potential of greater value adding features; volume consumption of all truck tires will increase at a rate of 3.2 per cent per year from 2017–2027.
Smithers’ 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 $40.0 billion worldwide. It will outperform the heavier truck segment across 2017-2027; growing at 4.0 per cent year-on-year. Medium and heavy truck tires – worth $68.6 billion in 2017 – will retain a healthy 3.3 per cent annual expansion across the same period; despite of a very sizeable retread market that is both symbiotic and competitive.