Construction Tire Market Trends and Forecast
The future of the global construction tire market looks promising with opportunities in the OEM and aftermarket markets. The global construction tire market is expected to reach an estimated $1.8 billion by 2030 with a CAGR of 3.2% from 2024 to 2030. The major drivers for this market are increasing construction activities, growth in infrastructure projects worldwide requiring specialized tires for various terrains and conditions, and technological advancements in tire materials and designs enhancing performance.
• Lucintel forecasts that radial is expected to witness the highest growth over the forecast period.
• Within this market, OEM is expected to witness higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Construction Tire Market
• United States – Michelin develops durable construction tires for heavy equipment, focusing on enhanced traction and longevity. Government promotes infrastructure development with advanced tire technologies.
• China – Linglong Tire expands production of construction tires to support belt and road Initiative projects. Government supports domestic tire manufacturing for global competitiveness.
• Germany – Continental AG introduces smart construction tires with embedded sensors for real-time monitoring of pressure and temperature, aiming to enhance safety and efficiency on job sites. Government promotes innovation in tire technology for sustainable infrastructure.
• Brazil – Trelleborg Wheel Systems launches eco-friendly construction tires with reduced rolling resistance. Government encourages sustainable practices in the construction and transportation sectors.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Construction Tire Market by Segment
The study includes a forecast for the global construction tire market by type, application, and region.
Construction Tire Market by Type [Value from 2018 to 2030]:
• Radial
• Bias
• Solid
• Others
Construction Tire Market by Application [Value from 2018 to 2030]:
• OEM
• Aftermarket
Construction Tire Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Construction Tire Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies construction tire companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the construction tire companies profiled in this report include-
• Apollo Tyres
• Bridgestone Corporation
• Cooper Tire & Rubber Company
• Giti Tire
• Hangzhou Zhongce Rubber
• Hankook Tire
• Kumho Tire
Recent Development in the Construction Tire Market
• Bridgestone: Bridgestone launched durable construction tires for heavy equipment, featuring enhanced traction and durability to meet the demands of construction sites and infrastructure projects.
• Triangle Group: Triangle Group expanded production of off-road construction tires, focusing on supplying robust tires for heavy-duty vehicles used in construction and mining sectors.
• Apollo Tyres: Apollo Tyres introduced specialized tires for construction vehicles, emphasizing improved efficiency and safety in construction operations to support infrastructure development.
• Continental AG: Continental AG developed construction tires with advanced features like improved wear resistance and fuel efficiency, aligning with sustainability goals and regulatory requirements in the transportation and construction sectors.
Features of the Global Construction Tire Market
Market Size Estimates: Construction tire market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Construction tire market size by type, application, and region in terms of value ($B).
Regional Analysis: Construction tire market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the construction tire market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the construction tire market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the construction tire market size?
Answer: The global construction tire market is expected to reach an estimated $1.8 billion by 2030.
Q2. What is the growth forecast for construction tire market?
Answer: The global construction tire market is expected to grow with a CAGR of 3.2% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the construction tire market?
Answer: The major drivers for this market are increasing construction activities, growth in infrastructure projects worldwide requiring specialized tires for various terrains and conditions and technological advancements in tire materials and designs enhancing performance.
Q4. What are the major segments for construction tire market?
Answer: The future of the construction tire market looks promising with opportunities in the OEM and aftermarket markets.
Q5. Who are the key construction tire market companies?
Answer: Some of the key construction tire companies are as follows:
• Apollo Tyres
• Bridgestone Corporation
• Cooper Tire & Rubber Company
• Giti Tire
• Hangzhou Zhongce Rubber
• Hankook Tire
• Kumho Tire
Q6. Which construction tire market segment will be the largest in future?
Answer: Lucintel forecasts that radial is expected to witness the highest growth over the forecast period.
Q7. In construction tire market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the construction tire market by type (radial, bias, solid, and others), application (OEM and aftermarket), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Construction Tire Market, Construction Tire Market Size, Construction Tire Market Growth, Construction Tire Market Analysis, Construction Tire Market Report, Construction Tire Market Share, Construction Tire Market Trends, Construction Tire Market Forecast, Construction Tire Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.