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    Construction Machinery Tires Market Report

    Construction Machinery Tires Market Report
    Report code - SR2003 Published On : Jun,2022 No. of Pages: 130
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    Construction Machinery Tires Market Size, Share, Trend, Forecast, Competitive Analysis, an See more...

    Market Insights

    The market for construction machinery tires is expected to rise as governments in developed and developing nations increase their spending on infrastructural development. Furthermore, there is an increased demand for private residential and commercial buildings due to the increasing global population. All these factors are expected to stimulate the demand for construction equipment, which will pave the way to enhance the demand for construction equipment tires as well. Construction equipment such as dozers, loaders, excavators, logistics vehicles, and cranes are likely to be in high demand all over the world.

    Developing transportation networks through significant investments in highways, bridges, and tunnels to make commuting easier, as well as many other infrastructures for public welfare, are examples of public infrastructure. With rising labor costs, there is a greater need for improved productivity and resource utilization, which can be accomplished with the assistance of various advanced construction equipment. In 2020, the construction machinery tires market, witnessed a minor decline of -5.3% amid the pandemic. The fall in demand was the result of the lockdowns and various restrictions imposed by several countries, which posed significant challenges for the market stakeholders.

    However, rising government efforts to construct highways, dams, railways, and roads as part of the development of smart cities and projects in the areas of energy, mobility, and residence are expected to boost the demand for construction equipment, ultimately boosting the construction machinery tires market significantly. The construction machinery tires market is likely to rebound at a healthy CAGR of 3.2% in the long run to reach a value of US$ 5.9 Billion in 2027.  

    Construction Machinery Tires Market – Snapshot

    Growth (2022-2027)

    3.2% for the next five years

    Major Application Type

    Construction logistics vehicle

    Major Tire Type

    Radial tires

    Region with the highest demand

    Asia-Pacific

    Key Players

    Balkrishna Industries Limited (BKT), Bridgestone Corporation, Compagnie Generale Des Etablissements Michelin S.C.A., Continental AG, Goodyear Tire and Rubber Company, JK Tyre & Industries, MRF Tyres, Titan International, Trelleborg AB, and Yokohama Rubber Co. Ltd.

     

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    Segments' Analysis

    Based on the application type, the construction machinery tires market is segmented as excavators, dozers/loaders, cranes, construction logistics vehicle, and others. Construction logistics vehicle is expected to be the fastest-growing application type in the market, generating demand for construction machinery tires, during the forecast period. Construction logistics vehicles are used to transport supplies from and to remote locations, resulting in increased tire wear and tear. With the growing infrastructure development, almost every construction project necessitates the use of a logistics vehicle, which drives the growth of the construction machinery tires market.

    Based on the tire type, the market is segmented as radial tires and bias tires. Radial tires are expected to be the faster-growing tire type in the market during the forecast period. The segment's rapid growth is due to features such as increased durability, lower fuel consumption, reduced vibration, and stable contact with the ground surface. The booming construction industry is expected to increase the demand for these tires even more in the coming years.

    Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant end-user type in the market during the forecast period. The growth of vehicle fleet for construction operations is expected to have a beneficial impact on the growth of the segment, resulting in increased demand for replacement of tires. Furthermore, growing government investments in infrastructure and a continuously growing number of housing projects are expected to give an impetus to the global construction industry, which will drive the demand for aftermarket construction machinery tires.

    In terms of regions, Asia-Pacific is expected to remain the largest as well as fastest-growing market for construction machinery tires during the forecast period. The demand for both public and private infrastructure has increased due to the region's growing population and rising middle-class spending power, and the region has emerged as a hotspot for construction and infrastructure development. As the region has the world's largest construction machinery fleet, the majority of construction machinery tire manufacturers have presence in Asia-Pacific to meet the emerging needs of construction machinery OEMs and aftermarket customers. Bridgestone, Yokohama, Goodyear, and Michelin are the major players having both sales and manufacturing capabilities in this region.

    Key Players

    The market has a simple and well-established supply chain with raw material suppliers at the first node, tire manufacturers at the second node, and end-users at the third node of the market, as well as the presence of distributors in between all the three nodes to ease the supply of goods. The following are the key players in the construction machinery tires market.

    • Balkrishna Industries Limited (BKT)
    • Bridgestone Corporation
    • Compagnie Generale Des Etablissements Michelin S.C.A.
    • Continental AG
    • Goodyear Tire and Rubber Company
    • JK Tyre & Industries
    • MRF Tyres
    • Titan International
    • Trelleborg AB
    • Yokohama Rubber Co. Ltd.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s construction machinery tires market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The construction machinery tires market is segmented into the following categories. 

    Construction Machinery Tires Market, by Application Type

    • Excavators (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Dozers/Loaders (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Cranes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Construction Logistics Vehicle (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Construction Machinery Tires Market, by Tire Type

    • Radial Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Bias Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Construction Machinery Tires Market, by End-User Type

    • OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Construction Machinery Tires Market, by Region

    • North America (Country Analysis: USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Turkey, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, South Africa, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The construction machinery tires market is estimated to grow at a healthy CAGR of 3.2% over the next five years to reach a value of US$ 5.9 Billion in 2027. Continuous demand for tires in construction machinery for a wide range of construction activities to provide mobility, residence, and other solutions to the world's growing population is one of the major factors driving the market growth.

    Balkrishna Industries Limited (BKT), Bridgestone Corporation, Compagnie Generale Des Etablissements Michelin S.C.A., Continental AG, Goodyear Tire and Rubber Company, JK Tyre & Industries, MRF Tyres, Titan International, Trelleborg AB, and Yokohama Rubber Co. Ltd. are the leading players in the construction machinery tires market. All these companies have huge product manufacturing capacities and are having presence in all the regions, making them superior to other players in the market.

    Asia-Pacific is estimated to remain dominant in the construction machinery tires market in the foreseen future, due to the presence of various developing countries engaged in numerous construction activities such as the construction of bridges, roads, dams, and numerous residential projects.

    Asia-Pacific is estimated to grow at the fastest rate in the coming five years, owing to the presence of huge fleet of construction machinery and continuous infrastructure development in the region.

    Dozers/Loaders are likely to maintain their dominance in the market in the next five years. Their widespread use and larger fleet size in comparison to other construction machinery contribute to the segment's dominance.

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