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Global Construction Tire Market 2024 : Trends, Business Growth And Major Driving Factors | Bridgestone Corporation, Apollo Tyres Ltd., China National Tire & Rubber Co. Ltd.
Construction Tire Global Market Report 2024
Construction Tire Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.05 billion In 2028 At A CAGR Of 4.5%.
The construction tire market size has grown steadily in recent years. It will grow from $1.65 billion in 2023 to $1.72 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to economic conditions, infrastructure development, regulatory standards, raw material prices, global trade dynamics, end-user industries.
The construction tire market size is expected to see steady growth in the next few years. It will grow to $2.05 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to sustainable practices, autonomous vehicles in construction, global economic outlook, circular economy initiatives, climate change considerations. Major trends in the forecast period include digital transformation, demand for specialty tires, global economic factors, regulatory compliance, technological advancements.
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Construction Tire Market Major Segments
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, 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), Aftermarket
Key Driver - Surge In Smart City Projects Drives The Construction Tire Market
Increasing smart city projects around the globe is expected to propel the growth of the construction tire market going forward. Smart cities refer to an administrative territory that uses information and communication technology (ICT) for improving its operational efficiency and providing better infrastructural facilities to its residents. Construction tires such as rough tire shreds and smart tires can be used in landfill projects, and in smart city construction that boosts the construction of smart buildings. For instance, in November 2021, the US Federal government announced Investment and Jobs Act in its annual bill in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Additionally, the Indian government allocated $868 million for smart cities development in FY 2021-22 which was increased from $457 million in FY 2020-21. Therefore, the increasing number of smart city projects across the globe is driving the construction tire market.
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Prominent Trend - Intelligent Tire Solutions For Connected Mobility
Product innovations are a key trend gaining popularity in the construction tire market. Major companies operating in the market are introducing innovative solutions to sustain their position in the market. For instance, in June 2021, Goodyear Tire and Rubber Company, a US-based tire manufacturing company, launched SightLine, an intelligent tire solution. SightLine enables safer and more reliable mobility with cargo vans used for field service, construction, and last-mile delivery industries. This enables the tires to provide feedback on the tire and road conditions for connected and autonomous mobility.
Construction Tire Market Players
Major companies operating in the construction tire market report are 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 .
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the construction tires market in 2023. The regions covered in the construction tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Construction Tire Market Report Structure
3. Construction Tire Market Trends And Strategies
4. Construction Tire Market - Macro Economic Scenario
5. Construction Tire Market Size And Growth
…..
27. Construction Tire Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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