What Has Driven the Growth of the Construction Tire Market in Recent Years?
The construction tire market has seen considerable growth due to a variety of factors.
• In recent years, the market size for construction tires has seen consistent growth. The forecast predicts a rise from $1.71 billion in 2024 to $1.78 billion in 2025, showcasing a compound annual growth rate (CAGR) of 4.3%. The historic growth of this market can be credited to factors such as economic conditions, infrastructure advancement, regulatory norms, the cost of raw materials, global trading trends, and end-user industry growth.
How Will the Construction Tire Market Size?
The Construction Tire market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, robust expansion is predicted for the construction tire market, with expectations to surge to a figure of $2.19 billion by the year 2029, reflecting a compound annual growth rate (CAGR) of 5.3%.
The forecasted growth can be linked to several factors including sustainable practices, the use of autonomous vehicles in construction, the global economic outlook, circular economy strategies, and considerations about climate change. The major trends anticipated during the forecast period encompass digital transformation, an increase in demand for specialty tires, global economic influences, regulatory adherence, and technological innovation.
Which Factors Are Boosting Growth In The Construction Tire Market?
The rise in global smart city initiatives is anticipated to fuel the expansion of the construction tire market. Smart cities are administrative regions leveraging information and communication technology (ICT) to enhance their operational efficiency and deliver improved infrastructure to inhabitants. Construction tires, including rugged tire shreds and intelligent tires, can be utilized in landfill projects and smart city construction, thereby promoting the establishment of smart buildings. For example, in April 2023, as per the Smart City Index Report released by IMD Business School, a Swiss-based institution, there was a 16.3% increase in the number of smart cities, growing from 118 in 2021 to 141 in 2023. Thus, the growing count of smart city projects worldwide is pushing the growth of the construction tire market.
What Key Areas Define The Segmentation Of The Global Construction Tire Market?
The construction tire market covered in this report is segmented –
1) By Tire Type: Radial, Bias, Solid, Other Tire Type
2) By Equipment Type: Excavators, Backhoe, Bulldozers, Graders, Wheel Tractor Scraper, Trenchers, Loaders, Tower Cranes, Compactors, Other Construction Equipment
3) By Tire Size: Less Than 20”, 21” To 30”, 31” To 40”, 41” To 50”, 51” To 60”, More Than 61”
4) By Sales Channel: Original Equipment Manufacturer(OEM), After market
Subsegments:
1) By Radial: Heavy-Duty Radial Tires, All-Terrain Radial Tires, Specialty Radial Tires
2) By Bias: Heavy-Duty Bias Tires, All-Terrain Bias Tires, Specialty Bias Tires
3) By Solid: Solid Rubber Tires, Polyurethane Solid Tires
4) By Other Tire Types: Foam-Filled Tires, Non-Pneumatic Tires (NPT), Hybrid Tires
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How Are Emerging Trends Reshaping The Dynamics Of The Construction Tire Market?
The emergence of product innovations is a prominent trend that's becoming increasingly popular in the construction tire market. Major companies in the sector are developing new solutions to maintain their market dominance. For example, in October 2022, German automotive parts company, Continental AG, unveiled LD-Master L5 Traction, a construction tire innovatively designed for heavy burdens and harsh surfaces, complete with integrated tire sensors for real-time temperature and pressure tracking. This addition boosts the ContiEarth variety and perfectly suits loaders operating in challenging settings where high productivity and vehicle downtime are vital. With its sturdy tread block design and reinforced body, LD-Master L5 Traction promises secure traction, durability, and extended lifespan, making it optimal for rigorous construction operations.
Who Are the Key Players In The Construction Tire Market?
Major companies operating in the construction tire market include:
• Bridgestone Corporation
• Apollo Tyres Ltd.
• China National Tire & Rubber Co. Ltd.
• CEAT Ltd.
• Cooper Tire & Rubber Company
• Continental AG
• Hangzhou Zhongce Rubber Co. Ltd.
• Giti Tire
• Kumho Tire Co.Inc.
• Hankook Tire & Technology Co. Ltd.
• Nexen Tire Corporation
• Michelin
• Pirelli & C. S.p.A.
• Nokian Tyres Plc.
• Sumitomo Rubber Industries Ltd.
• Qingdao Fullrun Tyre Corp. Ltd.
• Balkrishna Industries Limited
• Double Coin Tyre Group Ltd.
• Prometeon Tyre Group S.R.L.
• The Goodyear Tire & Rubber Company
• Titan International Inc.
• Trelleborg AB
• Triangle Group Co. Ltd.
• Yokohama Tire Corporation
• Otani Tire Co. Ltd.
• Linglong Tire Co. Ltd.
• Guizhou Tyre Co. Ltd.
• Shandong Linglong Tire Co. Ltd.
• Sailun Group Co. Ltd.
• Kenda Rubber Industrial Co. Ltd.
• Techking Tires Ltd.
• Birla Tyres
What Is The Most Dominant Region In The Construction Tire Market?
Asia-Pacific was the largest region in the construction tires market in 2024. The regions covered in the construction tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
