Construction Machinery Tires Market Analysis | 2022-2027

Market Highlights

The Construction Machinery Tires Market is likely to grow at a promising CAGR of 3.2%, in the long run, to reach US$ 5.9 Billion in 2027.

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.  

Segments Analysis

By Application Type

The construction machinery tires market is segmented into excavators, dozers/loaders, cranes, construction logistics vehicles, 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.

By Tire Type

The market is segmented into radial tires and bias tires. Radial tires are expected to be the fastest-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.

By 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 fleets for construction operations is expected to have a beneficial impact on the growth of the segment, resulting in increased demand for the 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.

Regional Analysis

In terms of regions, Asia-Pacific is expected to remain the largest as well as the 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, most construction machinery tire manufacturers have a 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 between all 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 1,000 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.

What Deliverables Will You Get in this Report?

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

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