Top Market Shifts Transforming the Construction Tire Market Landscape: Key Insights

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What Is the Expected CAGR for the Construction Tire Market Through 2025?
The steady expansion of the construction tire market has been observed over the recent past. The market, which was valued at $1.71 billion in 2024 is projected to reach $1.76 billion in 2025, growing at a compound annual growth rate (CAGR) of 3.0%. Factors such as economic circumstances, development of infrastructure, regulatory norms, pricing of raw materials, international trade patterns and end-user industry growth have contributed to the historic period of expansion.

What's the Projected Size of the Global Construction Tire Market by 2029?
The construction tire industry's market size is anticipated to witness consistent expansion in the forthcoming years. The market is projected to reach a value of $2.13 billion by 2029, growing at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period is due to the influence of factors such as sustainable methods, employment of autonomous vehicles in construction, global economic conditions, initiatives towards a circular economy, and mindfulness of climate change. Noteworthy trends during this forecast period are expected to include digital transformation, surge in demand for specialty tires, the influence of global economic circumstances, regulatory adherence, and technological progression.

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Top Growth Drivers in the Construction Tire Industry: What's Accelerating the Market?
The global surge in smart city initiatives is projected to enhance the expansion of the construction tire market. A smart city is an administrative region that utilizes information and communication technology (ICT) to boost its operational efficacy and offer superior infrastructure facilities to its inhabitants. Construction tires, such as rugged tire shreds and smart tires, are beneficial for landfill projects and the construction of intelligent buildings in smart cities. In the Smart City Index Report disclosed by IMD Business School, based in Switzerland, in April 2023, it was uncovered that the count of smart cities escalated by 16.3%, from 118 cities in 2021 to 141 in 2023. Consequently, the burgeoning number of smart city initiatives worldwide is fueling the growth of the construction tire market.

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What Trends Will Shape the Construction Tire Market Through 2029 and Beyond?
The rise of product innovation is a notable trend within the construction tire market. To maintain their competitive edge, major companies in this sector are launching creative solutions. For example, in October 2022, the Germany-based automotive part firm, Continental AG, unveiled their latest product, the LD-Master L5 Traction construction tire. This specifically-designed tire caters to heavy loads and abrasive surfaces, and boasts integrated tire sensors that monitor temperature and pressure in real-time. The tire not only boosts the ContiEarth range, it's also customized for loaders operating in challenging conditions where high performance and vehicle uptime are essential. Its solid tread block design and reinforced carcary provide reliable traction, durability, and longevity making it optimal for intensive construction work.

What Are the Main Segments in the 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 cra*per, 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

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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Which Top Companies are Driving Growth 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

Which Regions Will Dominate the Construction Tire Market Through 2029?
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

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