Market Share of Commercial Vehicles Tires Industry
The commercial vehicle tires market is dominated by several key players such as Bridgestone Corporation, Michelin, Titan International, Trelleborg Wheel Systems, Balkrishna Industries Limited, Continental AG, and Others.
Growing construction demand, aftermarket replacement rate, and acquisition activities among key players are driving growth in the market. The rapid expansion of tire manufacturing facilities and investment in research and development across the globe is likely to witness major growth for the market during the forecast period. For instance,
In February 2023, Continental AG launched Agricultural Tire, the VF TractorMaster in size VF900/60R42. The company developed the tire size specifically to be able to carry the weight of agricultural machinery with over 300 horsepower.
In August 2022, Apollo Tires announced the expansion of its new range of truck and bus radial tires, Apollo EnduRace RD NRG, which is a fuel-efficient drive tire for the Indian market. The tires have been rigorously tested in all terrain before making entry into the market. The company claims that the tire offers 5-8% fuel efficiency owing to its four-block design and special-grade raw material making its rolling resistance low.
In March 2022, the Michelin X One Line Energy D2 tire, which has the lowest rolling resistance among its heavy-duty truck drive tires, was unveiled by Michelin. The tire's Regenion tread technology achieves the ideal ratio of grooves and features for wet grip while offering the lowest rolling resistance for fuel efficiency. Linehaul, dry van truckload, and refrigerated freight applications are all suitable for the Michelin X One. Its compact design results in reduced tread squirm and further improves fuel efficiency.
Commercial Vehicles Tires Market Leaders
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Bridgestone Corporation
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Continental AG
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Balkrishna Industries Limited
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Trelleborg AB
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Michelin Group
*Disclaimer: Major Players sorted in no particular order
