Wilmington, Delaware, United States, Sept. 18, 2023 (GLOBE NEWSWIRE) — The construction tire market was estimated to have acquired US$ 1.6 billion in 2021. As per the report published by TMR It is anticipated to register a 3.5% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 2.3 billion.
To create products and linked solutions with a better production potential for construction tires, tire and rubber producers are investing heavily. The global construction tire business is also focused on additive goods for new tire products with complex systems and features that assist in increasing the performance and usable life of construction tires.
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|Market Revenue||USD 1.6 Bn|
|Estimated Value||USD 2.3 Bn|
|Growth Rate – CAGR||3.5%|
|No. of Pages||220 Pages|
|Market Segmentation||By Tire Type, Equipment Type, Tire Size, Sales Channel|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Apollo Tires Ltd, Balkrishna Industries Limited, Bridgestone Corporation, China Rubber Tire & Rubber Co., Ltd., Continental AG, Double Coin Tire Group Ltd., MICHELIN, Nokian Tires, Prometeon Tire Group S.R.L., Qingdao Rhino Tire Co., Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Titan International, Inc., Trelleborg AB, Triangle Group Co., Ltd., and Yokohoma Tire Corporation.|
Key Findings of the Market Report
- By increasing productivity and guaranteeing project completion on schedule, heavy construction equipment, especially for big projects, significantly lowers overall project costs.
- As leasing is more affordable than buying, the industry trend of renting construction machinery is gaining steam.
- The increased need for construction and mining equipment is boosting the OEM construction tire demand.
Market Trends for Construction Tires
- The surge in urbanization and industrialization is what essentially drives the global market for construction tires. Many governments, particularly those in emerging nations, are making large investments in programs for industrial growth.
- Off-highway vehicle demand is rising, as building operations require more of them. Furthermore, smart cities are expanding quickly around the globe. Another significant aspect promoting market growth is the extensive use of contemporary construction machinery trucks.
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Global Market for Construction Tire: Regional Outlook
Various reasons are propelling the growth of the construction tire market in different countries. These are:
- During the projection period, Asia Pacific is expected to dominate the worldwide market. Strong infrastructure development spending in India, China, and South Korea is thought to be a major driver of the region’s need for construction tires. Five major infrastructure projects totaling USD 13870 million were started in the APAC area in Q4 2022, including countries with emerging economies like Australia,China, and Malaysia.
- During the projection period, Europe and North America are projected to account for a sizable portion of the worldwide demand for construction tires. To collect crucial data, reduce traffic, and enhance road safety, these areas are constructing digital infrastructure that will allow connections between cars and infrastructures.
- The introduction of linked tires has led to a new era in the development of construction tires. It is predicted that the deployment of autonomous construction equipment will expand in the near future due to the growth of smart cities, which will also enhance the usage of smart tires.
Global Construction Tire Market: Key Players
Major firms within the global construction tire market are growing their businesses by using cutting-edge technology. In order to strengthen their positions in the global construction tire market, major strategies pursued by prominent industry players include mergers and acquisitions and the growth of product portfolios.
The following companies are well-known participants in the global construction tire market:
- Apollo Tyres Ltd.
- Bridgestone Corporation
- CEAT Ltd.
- China National Tire & Rubber Co., Ltd.
- Continental AG
- Cooper Tire & Rubber Company
- Giti Tire
- Hangzhou Zhongce Rubber Co., Ltd.
- Hankook Tire
- Kumho Tire Co. Inc.
- Nexen Tire Corporation
- Nokian Tyres plc
- Pirelli & C. S.p.A.
- Qingdao Fullrun Tyre Corp., Ltd.
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Company
- Toyo Tire & Rubber Co., Ltd.
- Yokohama Tire Corporation
Key developments in the global construction tire market are:
|Market Player||Year||Key Developments|
|FThe Goodyear Tire & Rubber Company||2021||
Partial Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Market Size in Thousand Units, Value US$ Bn, 2017-2031
1.2. TMR Analysis and Recommendations
1.3. Competitive Dashboard Analysis
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Market Dynamics
2.4. Market Factor Analysis
2.4.1. Porter’s Five Force Analysis
2.4.2. SWOT Analysis
2.5. Regulatory Scenario
2.6. Key Trend Analysis
2.7. Value Chain Analysis
2.8. Cost Structure Analysis
2.9. Profit Margin Analysis
3. COVID-19 Impact Analysis – Construction Tire Market
4. Global Construction Tire Market, by Tire Type
4.1. Market Snapshot
4.1.1. Introduction, Definition, and Key Findings
4.1.2. Market Growth & Y-o-Y Projections
4.1.3. Base Point Share Analysis
4.2. Global Construction Tire Market Volume (Thousand Units), Value (US$ Bn) Analysis & Forecast, 2017-2031, By Tire Type
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Global Construction Tire Market Segmentation
- Equipment Type
- Wheel Tractor Scraper
- Tower Cranes
- Dump Trucks
- Other Construction Equipment
- Tire Size
- Less than 20”
- 21” to 30”
- 31” to 40”
- 41” to 50”
- 51” to 60”
- More than 61”
- Sales Channel
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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