Wilmington, Delaware, United States, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global construction tire market is projected to expand at a CAGR of 3.5% from 2022 to 2031, as per the market outlook presented in a research report by TMR (Transparency Market Research).
Increase in industrialization across developed and developing countries is leading to rise in the number of industrial construction projects. Governments of several emerging economies are focusing on strengthening their road infrastructures. These factors are augmenting the market share.
Need for residential construction projects has increased in the past few years owing to increase in the global population, rise in trend of nuclear families, and migration of a sizable population from villages to cities. Thus, demand for off-highway vehicles supporting construction activities has increased in the past couple of decades. This, in turn, is driving the global market for construction tires. Moreover, the global industry is driven by rise in focus of developed countries on development and adoption of smart cities.
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Construction Tire Market: Key Findings
- Increase in adoption of digitalization and several advanced technologies has brought the world closer. Considerable increase in long-haul and cross-border road freight transportation activities is anticipated to fuel demand for next-generation tires in the next few years, notes a TMR study that covers important insights on global market trends.
- Companies in the oil & gas industry are focusing on usage of advanced construction machinery vehicles for exploration activities. This factor is expected to boost market development in the next few years. Furthermore, rapid expansion of the mining industry is anticipated to play a key role in the overall expansion of the global construction tire industry during the forecast period.
- Companies operating in tires and rubber production are investing heavily in R&D activities in order to develop connected solutions for construction tires. Additionally, players are focusing on usage of additive products in order to develop advanced tires with cutting-edge technologies and features that improve performance and durability of their products.
Growth Drivers
- Rise in construction activities across the globe is anticipated to drive business growth in the overall industry
- Rapid industrialization and urbanization across several developing economies is expected to boost market demand in the next few years
- Increase in worldwide population and growth of the global economy are foreseen to boost market growth during the forecast period
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Regional Analysis
- Asia Pacific is projected to lead the global industry during the forecast period owing to rise in infrastructure development activities in developing countries, such as South Korea, China, and India, and rise in industrialization in these countries
- North America and Europe are anticipated to account for prominent global market shares, as demand for construction tires is expected to rise in these regions during the forecast period. Rise in focus on developing digital infrastructure and increase in usage of autonomous construction machinery in developed countries is likely to propel market expansion in these regions.
Construction Tire Market: Competition Landscape
- Players are adopting strategies, such as mergers, acquisitions, collaborations, and product launches, in order to maintain their prominent market positions
- They are investing heavily in R&D activities to develop technologically advanced construction tires
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Construction Tire Market: Key Players
- 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
- Nexen Tire Corporation
- MICHELIN
- Pirelli & C. S.p.A.
- Nokian Tyres plc
- Sumitomo Rubber Industries, Ltd.
- Qingdao Fullrun Tyre Corp., Ltd.
- Toyo Tire & Rubber Co., Ltd.
- The Goodyear Tire & Rubber Company
- Yokohama Tire Corporation
Construction Tire Market Segmentation
- Tire Type
- Radial
- Bias
- Solid
- Others
- Equipment Type
- Excavators
- Backhoe
- Bulldozers
- Graders
- Wheel Tractor Scraper
- Trenchers
- Loaders
- Tower Cranes
- Compactors
- Telehandlers
- 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
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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