Truck and Bus Tyre Market

The article explores the global market for truck and bus tyres, forecasting an increase in market volume and value from 2022 to 2030. It covers trends in consumption, production, imports, and exports, highlighting key countries and growth rates. Key findings include a decline in global consumption in 2022, China being the largest producer and exporter, and Mexico and the United States being the largest importers. The average import and export prices, as well as growth rates, are also discussed.

Market Forecast

Driven by increasing demand for tyres for buses or lorries worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 498M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market value to $73.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Tyres For Buses or Lorries

In 2022, global consumption of tyres for buses or lorries declined slightly to 451M units, reducing by -4.6% against 2021 figures. The total consumption volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, consumption reached the peak volume of 472M units, and then fell modestly in the following year.

The global truck and bus tyre market size reduced to $58.2B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $58.5B, leveling off in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (82M units), Mexico (69M units) and China (62M units), with a combined 47% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +20.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest truck and bus tyre markets worldwide were the United States ($9.5B), Mexico ($8.9B) and China ($6.1B), with a combined 42% share of the global market.

Mexico, with a CAGR of +18.2%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of truck and bus tyre per capita consumption was registered in Portugal (1,780 units per 1000 persons), followed by Mexico (524 units per 1000 persons), the United States (244 units per 1000 persons) and Japan (152 units per 1000 persons), while the world average per capita consumption of truck and bus tyre was estimated at 57 units per 1000 persons.

In Portugal, truck and bus tyre per capita consumption expanded at an average annual rate of +1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Mexico (+19.1% per year) and the United States (+4.6% per year).

Production

World Production of Tyres For Buses or Lorries

After two years of growth, production of tyres for buses or lorries decreased by -3.5% to 434M units in 2022. In general, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the production volume increased by 13% against the previous year. Over the period under review, global production attained the peak volume at 450M units in 2021, and then shrank in the following year.

In value terms, truck and bus tyre production shrank to $51.7B in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the production volume increased by 15% against the previous year. Global production peaked at $69.1B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (171M units) constituted the country with the largest volume of truck and bus tyre production, accounting for 39% of total volume. Moreover, truck and bus tyre production in China exceeded the figures recorded by the second-largest producer, India (37M units), fivefold. The United States (33M units) ranked third in terms of total production with a 7.6% share.

In China, truck and bus tyre production increased at an average annual rate of +3.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+0.4% per year) and the United States (+0.6% per year).

Imports

World Imports of Tyres For Buses or Lorries

Global truck and bus tyre imports rose slightly to 276M units in 2022, growing by 1.9% on 2021 figures. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.5% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 53%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, truck and bus tyre imports rose markedly to $29.4B in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 24%. Over the period under review, global imports reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

In 2022, Mexico (70M units) and the United States (59M units) represented the largest importers of tyres for buses or lorriesin the world, together constituting 47% of total imports. It was distantly followed by Germany (14M units), making up a 5% share of total imports. Canada (9.3M units), Australia (6.6M units), France (5.9M units), the Netherlands (5.3M units), Italy (5.3M units) and the Philippines (4.2M units) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +26.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($6.9B) constitutes the largest market for imported tyres for buses or lorries worldwide, comprising 23% of global imports. The second position in the ranking was taken by Germany ($1.8B), with a 6.1% share of global imports. It was followed by Mexico, with a 5.6% share.

In the United States, truck and bus tyre imports increased at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-0.6% per year) and Mexico (+2.1% per year).

Import Prices By Country

The average truck and bus tyre import price stood at $106 per unit in 2022, surging by 8.8% against the previous year. In general, the import price, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2018 an increase of 13%. Global import price peaked at $179 per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($149 per unit), while Mexico ($24 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+1.8%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Tyres For Buses or Lorries

In 2022, shipments abroad of tyres for buses or lorries increased by 4.5% to 260M units, rising for the third consecutive year after two years of decline. The total export volume increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 20% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, truck and bus tyre exports expanded markedly to $29.6B in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 23%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in the near future.

Exports By Country

China was the largest exporter of tyres for buses or lorries in the world, with the volume of exports finishing at 109M units, which was approx. 42% of total exports in 2022. It was distantly followed by Thailand (28M units), mixing up an 11% share of total exports. The United States (11M units), Slovakia (7.9M units), Turkey (7.6M units), Germany (7.6M units), Vietnam (7.3M units), Canada (6.7M units), Japan (6.7M units), India (5.9M units), France (5.3M units), South Korea (4.9M units) and Spain (4.7M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to truck and bus tyre exports from China stood at +6.3%. At the same time, Vietnam (+20.2%), Thailand (+13.6%), Slovakia (+7.3%), Turkey (+4.0%), Spain (+3.4%) and India (+1.8%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +20.2% from 2012-2022. France and Germany experienced a relatively flat trend pattern. By contrast, the United States (-2.9%), Canada (-4.7%), Japan (-5.2%) and South Korea (-12.2%) illustrated a downward trend over the same period. While the share of China (+11 p.p.), Thailand (+6.8 p.p.) and Vietnam (+2.2 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Canada (-3 p.p.), the United States (-3.3 p.p.), Japan (-3.4 p.p.) and South Korea (-7.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($9.2B) remains the largest truck and bus tyre supplier worldwide, comprising 31% of global exports. The second position in the ranking was held by Thailand ($3B), with a 10% share of global exports. It was followed by the United States, with a 6.3% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +1.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+11.1% per year) and the United States (-2.7% per year).

Export Prices By Country

The average truck and bus tyre export price stood at $114 per unit in 2022, with an increase of 6.4% against the previous year. In general, the export price, however, saw a noticeable decline. The growth pace was the most rapid in 2018 an increase of 28% against the previous year. The global export price peaked at $159 per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($187 per unit), while China ($84 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform