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The Business Research Company’s Construction Tire Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LANDON, GREATER LANDON, UNITED KINGDOM, September 30, 2024 /EINPresswire.com/ — The construction tire market has experienced robust growth in recent years, expanding 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.
What Is The Estimated Market Size Of The Global Construction Tire Market And Its Annual Growth Rate?
The construction tire market is projected to continue its strong growth, reaching $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.
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Growth Driver of 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.
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Which Market Players Are Driving The Construction Tire Market Growth?
Key players in the 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.
What Are The Key Trends That Influence Construction Tire Market Share Analysis?
Major companies operating in the market are introducing construction tires specifically for aerial work platforms to sustain their position in the market. Construction tires for aerial work platforms are specialized, heavy-duty rubber tires designed to provide stability, durability, and optimal traction for elevated construction equipment such as boom lifts and scissor lifts.
How Is The Global Construction Tire Market Segmented?
1) By Tire Type: Radial, Bias, Solid, Other Tire Type
2) By Equipment Type: Excavators, Backhoe, Bulldozers, Graders, Wheel Tractor Scraper, 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
Geographical Insights: Asia-Pacific Leading The Construction Tire Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Construction Tire Market Definition
A construction tire refers to a tire made of rubberized fabric piles over a rubber liner, with the piles’ edges wrapped around a wire bead that holds the tire to the wheel rim. These tires provide traction, can self-clean, and reduce slippage, and can also help to prevent a machine from getting stuck and costing operation’s valuable time and money.
Construction Tire Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global construction tire market report covering trends, opportunities, strategies, and more
The Construction Tire Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on construction tire market size, construction tire market drivers and trends, construction tire market major players and construction tire market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
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