Intermediate level growth in demand for truck tyres globally is predicted, even as the market continues to evolve and diversify according to the latest exclusive research from Smithers Rapra.
The new market data report The Future of Global Truck Tyres to 2027 [https://www.smithersrapra.com/market-reports/tyre-industry-market-reports/the-future-of-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 then 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’ 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% year-on-year. Medium and heavy truck tyres – worth $68.6 billion in 2017 – will retain a healthy 3.3% annual expansion across the same period; despite of a very sizable retread market that is both symbiotic and competitive.
Arthur Mayer, author of the report, says: “In the case of medium and heavy truck tyres, the impetus for the adoption of new technologies is driven by economics more than regulations. And while it is a conservative and slow to change market segment, innovations that can provide fuel savings and maximize tyre asset life are significant motivators in purchasing decisions.
“The main areas of technical innovation centre on incremental improvement in critical performance criteria – such as rolling resistance, lifecycle and sustainability. Some supporting technologies related to tyre inflation are especially important in truck tyres. And merging disruptive innovations, such as autonomous driving, will have an increasing influence on technology development and implementation.”
Greenhouse gas emissions targets, fuel economy standards and initiatives, such as SmartWay in the US and tyre labelling in the EU, are pushing the adoption of low rolling resistance (LRR) truck tyres; as well as tyre optimization technologies – principally tyre pressure management systems (TPMS), automatic tyre inflation systems (ATIS). Green tyre standards, and the rapid development of autonomous vehicles is generating impetus for more smart features – such as RFID tagging and multi-functional sensors – embedded into tyres