Construction Machinery Tires Market is Forecasted to Reach US$ 5.9 billion in 2027, Says Stratview Research

The global construction machinery tires market is projected to witness a growth rate of 3.2% annually from 2022 to 2027, with an anticipated size of US$ 5.9 billion by 2027, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global construction machinery tires market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2027: US$ 5.9 billion
Growth (CAGR): 3.2% during 2022-2027
Forecast Period: 2022-2027
Trend Period: 2016-2020
Base Year: 2021
Number of Segments Covered: 4
Number of Tables & Graphs: 100+

Segment Insights on the Construction Machinery Tires Market:
The global construction machinery tires market is segmented based on application type, tire type, end-user type, and region.

Based on application type - The construction machinery tires market is segmented into excavators, dozers/loaders, cranes, construction logistics vehicles, and others. Construction logistics vehicle is expected to be the fastest-growing application type in the market, generating demand for construction machinery tires, during the forecast period. Construction logistics vehicles are used to transport supplies from and to remote locations, resulting in increased tire wear and tear. With the growing infrastructure development, almost every construction project necessitates the use of a logistics vehicle, which drives the growth of the construction machinery tires market.

Based on the tire type - The market is segmented into man-portable and vehicle-mounted anti-tank missiles.
The market is segmented into radial tires and bias tires. Radial tires are expected to be the fastest-growing tire type in the market during the forecast period. The segment's rapid growth is due to features such as increased durability, lower fuel consumption, reduced vibration, and stable contact with the ground surface. The booming construction industry is expected to increase the demand for these tires even more in the coming years.

Based on the end-user type - The market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant end-user type in the market during the forecast period. The growth of vehicle fleets for construction operations is expected to have a beneficial impact on the growth of the segment, resulting in increased demand for the replacement of tires. Furthermore, growing government investments in infrastructure and a continuously growing number of housing projects are expected to give an impetus to the global construction industry, which will drive the demand for aftermarket construction machinery tires.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/2884/construction-machinery-tires-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest as well as the fastest-growing market for construction machinery tires during the forecast period. This growth outlook is majorly attributed to the following-
- The demand for both public and private infrastructure has increased due to the region's growing population and rising middle-class spending power, and the region has emerged as a hotspot for construction and infrastructure development.
- As the region has the world's largest construction machinery fleet, most construction machinery tire manufacturers have a presence in Asia-Pacific to meet the emerging needs of construction machinery OEMs and aftermarket customers. Bridgestone, Yokohama, Goodyear, and Michelin are the major players having both sales and manufacturing capabilities in this region.

Construction Machinery Tires Market Drivers:

Some of the key drivers listed in the report are given below.
- The market for construction machinery tires is expected to rise as governments in developed and developing nations increase their spending on infrastructural development.
- Furthermore, there is an increased demand for private residential and commercial buildings due to the increasing global population.
- All these factors are expected to stimulate the demand for construction equipment, which will pave the way to enhance the demand for construction equipment tires as well.
- Construction equipment such as dozers, loaders, excavators, logistics vehicles, and cranes are likely to be in high demand all over the world.

Top Companies in the Construction Machinery Tires Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• Compagnie Generale Des Etablissements Michelin S.C.A.
• Continental AG
• Goodyear Tire and Rubber Company
• JK Tyre & Industries
• MRF Tyres
• Titan International
• Trelleborg AB
• Yokohama Rubber Co. Ltd.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Construction Machinery Tires Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.