Below are some of the key findings from the bus tire market research report
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Global bus tire industry overview
The key factor driving the growth of the global bus tire market is the falling rubber prices which is boosting the profit margins of tire manufacturers. The significant drop in rubber prices over the past few years has added to manufacturers' bottom lines. Tire manufacturing costs involve raw materials that usually represents about 50% of the overall cost. Lower rubber prices could make a strong impact on smaller players in the tire manufacturing industry. Hence, the outlook for tire manufacturers is positive, and the demand should continue to trend upward with volume growth in line with broad economic indicators. This will drive the global bus tire market and the market is expected to post a CAGR of nearly 3% during the period.
The development of specialized tires for electric buses is identified as one of the key emerging trends in the global bus tire market. The global bus and coaches market is increasingly shifting from conventional buses to electric buses. Moreover, one of the crucial factors impacting the adoption of electric buses is mileage. Consequently, bus manufacturers are making constant efforts to enhance mileage by adopting advanced technologies. As tires contribute significantly to the energy consumption of electric buses, tire manufacturers have developed specialized tires. Prominent tire manufacturers have developed specialized tires for electric vehicles as electric bus adoption is growing across the world. Apart from the development of specialized tires for electric processes and falling prices of rubber, the growing adoption of environment-friendly tire manufacturing processes is gaining significance in the bus tire market to reduce the carbon footprint.
Top bus tire companies covered in this market research report
The bus tire market is highly concentrated. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by the companies, this bus tire industry analysis report will aid clients identify new growth opportunities and design new growth strategies.
The report offers a complete analysis of various companies including:
- Bridgestone
- Continental
- MICHELIN
- Pirelli & C.
- The Goodyear Tire & Rubber
- THE YOKOHAMA RUBBER
Bus tire market segmentation based on geographic regions
- Americas
- APAC
- EMEA
With a complete study of the growth opportunities for the companies, the APAC region will account for the highest growth of this market throughout the forecast period. This region will witness an increase in its market share and dominate the market during the forecast period.
Bus tire market segmentation based on product
- Replacement tires
- OE tires
The replacement tires segment will account for the highest growth in the market. Additionally, the report also provides an accurate prediction of the contribution of the various products segments to the growth of the bus tire market size.
Key highlights of the global bus tire market for the forecast years 2019-2023:
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the bus tire market during the next five years
- Precise estimation of the global bus tire market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- Growth of the bus tire industry across the Americas, APAC, and EMEA
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details on the factors that will challenge the growth of bus tire companies
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