Strong Growth Projected for Commercial Truck Tires after 2020

Strong Projected Growth for Commercial Truck Tires Expected After 2020

Truck tires in commercial applications are often some of the first and most effective in utilizing new technologies. In 2021, it appears that they will continue to keep up with this trend, especially when it comes to advances in Nanopro-tech polymers. This technology allows trucks to benefit from greater fuel economy by dispersing the silica in the rubber. Strong Projected Growth for Commercial Truck Tires Expected After 2020, Know the details in this post.

Nanopro-tech polymers are just one form of technology becoming widespread in the commercial tire world, but they are an important one. Major tire manufacturers across the world have invested heavily in the technology and continue to commit resources to the research and development of this material. This includes Michelin, Bridgestone, Goodyear and others – basically all important members of the commercial truck tire market.

Optimism for Increase in Shipments a Driving Factor

2020 brought many questions about the future for the trucking industry, but experts expect to see a rise in shipment volumes as the global economy recovers. With a COVID-19 vaccine now available and in the midst of distribution, manufacturers across a wide range of industries expect to see production return to 2019 levels. This is reason for optimism as far as the trucking industry is concerned, as more shipments will be available, and drivers will be able to stay on the road more often.

Commercial truck tire manufacturers, in turn, share the optimism of the industry as a whole. More miles for drivers means higher demand for new tires, and as trucking companies look for greener, more sustainable options, they are likely to purchase tires with higher environmental standards and technological advances.

Tire manufacturers expect the driver shortage to be alleviated in 2021, leading to more capacity for both long and short haul shipments. They believe this will lead to consistent growth in both new and return sales.

New Markets to Explore

The pandemic created a new level of demand for a service that already existed – final mile delivery. Consumers were already ordering from online retail services like Amazon, but the demand increased as workers were forced to stay home, and businesses were required to practice social distancing measures. This led to an increase in final-mile delivery drivers on the road, and a rise in smaller commercial trucks being purchased.

While final-mile delivery services may not be required as much in 2021 after business opens up as normal, tire manufacturers believe that both consumers and businesses have seen value in them that they did not previously examine. It is likely to enjoy popularity in coming years as remote work and smaller offices because normalized. Similar to the over-the-road market, this brings optimism to the commercial tire industry as it suggests that more drivers will be on the road, often in high-traffic areas with potential for severe weather conditions.

In addition, last mile vehicles can place more stress and wear on tires (due to more turning, braking, backing, parking, etc.) than long haul, therefore a possible need to replace tires more frequently.  Operators of these fleets will be looking for the most reliable tires that bring them consistent results and high levels of performance.