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Construction Equipment Tire Market Trends

Report ID: GMI7607
Published Date: Dec 2023
Report Format: PDF

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Construction Equipment Tire Market Trends

Incorporating innovative tire designs that boost mileage is proving to be a lucrative growth factor for the construction equipment tire industry. New designs, emphasizing durability & efficiency, enhance the lifespan of tires, providing cost savings for businesses. For instance, in October 2023, Apollo Tires introduced the second iteration of its truck tire, EnduRace RA 2, designed for regional transportation. This latest version features a new tread design and enhanced materials. Available in the 315/70 size for 22.5-inch rims, this new-age tire has undergone a re-engineering process aimed at achieving an average 5% increase in mileage.

Expansion in the construction and mining industries is a key driver propelling the market. With increased infrastructure development and mining activities worldwide, there is a growing demand for heavy machinery, necessitating robust tires. Construction equipment tires play a vital role in supporting the substantial loads and challenging terrains encountered in these industries. As the construction and mining sectors expand globally, the demand for specialized tires for heavy equipment continues to rise, fostering the market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of construction equipment tire was worth USD 5.9 billion in 2022 and is expected to register over 6.5% CAGR from 2024-2032, due to the increasing investments in business expansion and companies allocating funds to enhance production capacities worldwide.

The aftermarket sales channel segment held 60% share of the construction equipment tire industry in 2023 and is expected to register appreciable CAGR from 2024 to 2032, owing to the growing utilization of construction equipment, driven by increased construction and infrastructure projects.

Asia Pacific held over 40% share of the construction equipment tire market in 2023 and is expected to register commendable CAGR from 2024-2032, due to increased regional transportation demands, led by the expanding infrastructure projects and urbanization in the region.

Apollo Tyres Ltd., Bridgestone Corporation, Cooper Tire & Rubber Company, Giti Tire, Goodyear Tire & Rubber Company, Hankook Tire, Michelin, Sumitomo Rubber Industries Ltd, and Yokohama Tire Corporation are some of the major construction equipment tire companies worldwide.