LONDON--(BUSINESS WIRE)--The bus tire market size is expected to grow by 1.77 million units during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
In recent years, the global tire market has grown substantially, supported by the global growth in vehicle production, rising pool of aging vehicles, and lower rubber prices enabling higher profit margins. The drop in rubber prices is allowing tire manufacturers to report higher margins as rubber incurs the maximum cost in the manufacture of tires. Lower rubber prices will have a strong impact on smaller players in the tire manufacturing industry.
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As per Technavio, the development of specialized tires for electric buses will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Bus Tire Market: Development of Specialized Tires for Electric Buses
The global bus and coaches market is increasingly shifting from conventional buses to electric buses, due to the urgent need to reduce emission levels. Moreover, one of the crucial factors that impact 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, prominent tire manufacturers such as MICHELIN and Goodyear Tire & Rubber have developed specialized tires for electric vehicles. These tires restrict the heating of materials to maximize energy efficiency. Thus, the development of specialized tires for electric buses will drive the growth of the bus tire market.
“Other factors such as the growing adoption of environment-friendly tire manufacturing processes and increase in demand for buses and coaches will have a significant impact on the growth of the bus tire market value during the forecast period,” says a senior analyst at Technavio.
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Bus Tire Market: Segmentation Analysis
This market research report segments the bus tire market by product (replacement tires and OE tires), and geographical regions (APAC, EMEA, and Americas).
The APAC led the market in 2018, followed by EMEA and Americas respectively. The growth of the bus tire market share in APAC can be attributed to several factors such as the growing adoption of buses following the implementation of the BRT system, and regulatory push encouraging the use of public transportation.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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