LEATHERHEAD, England — The international truck tire market will grow at an annual rate of 3.5 percent over the next 10 years, according to the latest research from Smithers Rapra.
As the truck tire market evolves and diversifies, the market value in the truck tire sector will grow from $107.6 billion in 2017 to $152.4 billion in 2027, according to the new Smithers report titled The Future of Global Truck Tires to 2027.
"After adjusting for price and raw material fluctuations, gains in tire manufacturing productivity, and then consumer potential of greater value-adding features, volume consumption of all truck tires will increase at a rate of 3.2 percent per year from 2017-2027," Smithers said in a press release dated October 2017.
Smithers' analysis subdivides the truck tire market across all core segments, including size, vehicle type, geographic region and key national market, the press release said.
According to that analysis, the light truck tire market has a 2017 value of $40 billion worldwide and will outperform the heavier truck tire segment across the next 10 years, growing at an annual rate of 4 percent, according to Smithers.
Medium and heavy truck tires will have a $68.6 billion market in 2017, and will expand 3.3 percent annually through 2027 despite the sizable, competitive yet symbiotic retread tire market, Smithers said.
"The truck tire market is nearly as diverse as the overall tire market itself," Smithers said. "It is influenced by many variables, including highly general phenomena such as economic activity, and specific trends in truck production such as truck production, sales and size.
Evolving truck ownership models, fuel costs, driving patterns and behaviors, and the availability of alternative transport are significant drivers of truck use, which in turn impact the performance requirements of future truck tires regarding miles driven, tire wear, and ultimately the replacement of both vehicles and tires," the company said.
In medium and heavy truck tires, economics rather than regulations are the impetus for information, according to Smithers.
Technical innovation in truck tires generally centers on incremental improvements in performance criteria, such as rolling resistance, lifestyle, sustainability and tire inflation, the company said. Low rolling resistance is becoming increasingly important, as are tire pressure management systems and other tire optimization technologies.
"And emerging disruptive innovations, such as autonomous driving, will have an increasing influence on technology development and implementation," said Arthur Mayer, author of the report.
The Future of Global Truck Tires to 2027 is available from Smithers Rapra for $5,970 per copy. For more information, visit www.smithersrapra.com.