Global Bus Tire Market 2019-2023| Development of Specialized Tires for Electric Buses to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Dec 6, 2018--The global bus tire market is expected to post a CAGR of close to 3% during the period 2019-2023, according to the latest market research report by . However, the market is expected to decelerate on a year-on-year basis during the forecast period.
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Technavio has released a new market research report on the global bus tire market for the period 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global bus tire market is the falling rubber prices boosting 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 represent 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 demand should continue to trend upward with volume growth in line with broad economic indicators.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the development of specialized tires for electric buses as one of the key emerging trends in the global bus tire market:
Global 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. 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, tire manufacturers have developed specialized tires. Prominent tire manufacturers such as MICHELIN and Goodyear Tire & Rubber have developed specialized tires for electric vehicles. This development is crucial for the global bus tire market 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 in order to reduce the carbon footprint,” says a senior analyst at Technavio for research on wheels and tires.
Global bus tire market: Segmentation analysis
This market research report segments the global bus tire market by product (replacement tires and OE tires), and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of close to 74%, followed by the EMEA and the Americas respectively. Although the Americas held the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE TIRES & RUBBER
SOURCE: Technavio Research
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PUB: 12/06/2018 09:12 AM/DISC: 12/06/2018 09:11 AM