Construction Equipment Tire Market Analysis

Construction Equipment Tire Market Analysis

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The aftermarket segment accounted for around 60% market share in 2023 and is projected to grow by 2032. Growing utilization of construction equipment, driven by increased construction and infrastructure projects, leads to higher wear rates on tires, requiring more frequent replacements and contributing to the aftermarket demand. Fleet operators and construction companies actively manage their equipment fleets, and routine maintenance, including tire replacement, is crucial for ensuring optimal performance, safety, and compliance with regulations.
 

The radial segment held about 65% of the market share in 2023. The introduction of radial tires renowned for their durability on both hard rock and muddy surfaces is a significant driver propelling the radial tire segment growth. These tough performers cater to the specific demands of construction, quarry, and mining operations, offering versatile solutions. For instance, in November 2023, Yokohama Off-Highway Tires unveiled two new radial wheel loader or dozer tires with deep treads in the L-5 Galaxy series. These new tires offer robust performance for construction, quarry, and mining operations, excelling in challenging conditions such as hard rock & muddy surfaces.
 

Asia Pacific region dominated more than 40% share of the construction equipment tire market in 2023. Increased regional transportation demands, driven by expanding infrastructure projects and urbanization, elevate the need for construction equipment. This surge directly influences the demand for specialized tires, ensuring the efficient operation of heavy machinery. As construction and development activities intensify across the region, the Asia Pacific market is responding dynamically to meet the evolving requirements of the transportation and construction sectors.