Overview and Scope
A construction tire refers to a tire made of rubberized fabric piles over a rubber liner, with the piles’ edges wrapped around a wire bead that holds the tire to the wheel rim. These tires provide traction, can self-clean, and reduce slippage, and can also help to prevent a machine from getting stuck and costing operation’s valuable time and money.
Sizing and Forecast
The construction tire market size has grown steadily in recent years. It will grow from $1.65 billion in 2023 to $1.72 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to economic conditions, infrastructure development, regulatory standards, raw material prices, global trade dynamics, end-user industries.
The construction tire market size is expected to see steady growth in the next few years. It will grow to $2.05 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to sustainable practices, autonomous vehicles in construction, global economic outlook, circular economy initiatives, climate change considerations. Major trends in the forecast period include digital transformation, demand for specialty tires, global economic factors, regulatory compliance, technological advancements.
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Segmentation & Regional Insights
The construction tire market covered in this report is segmented –
1) By Tire Type: Radial, Bias, Solid, Other Tire Type
2) By Equipment Type: Excavators, Backhoe, Bulldozers, Graders, Wheel Tractor Scraper, Trenchers, Loaders, Tower Cranes, Compactors, Other Construction Equipment
3) By Tire Size: Less than 20”, 21” to 30”, 31” to 40”, 41” to 50”, 51” to 60”, More than 61”
4) By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
Asia-Pacific was the largest region in the construction tires market in 2023. The regions covered in the construction tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing smart city projects around the globe is expected to propel the growth of the construction tire market going forward. Smart cities refer to an administrative territory that uses information and communication technology (ICT) for improving its operational efficiency and providing better infrastructural facilities to its residents. Construction tires such as rough tire shreds and smart tires can be used in landfill projects, and in smart city construction that boosts the construction of smart buildings. For instance, in November 2021, the US Federal government announced Investment and Jobs Act in its annual bill in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Additionally, the Indian government allocated $868 million for smart cities development in FY 2021-22 which was increased from $457 million in FY 2020-21. Therefore, the increasing number of smart city projects across the globe is driving the construction tire market.
Key Industry Players
Major companies operating in the market are introducing construction tires specifically for aerial work platforms to sustain their position in the market. Construction tires for aerial work platforms are specialized, heavy-duty rubber tires designed to provide stability, durability, and optimal traction for elevated construction equipment such as boom lifts and scissor lifts. For example, in June 2023, MAXAM Tire, a US-based company that provides construction tires, introduced the MS925 LIFTXTRA, a tire specifically designed for aerial work platforms. The tire is engineered with a robust square shoulder design and a wide footprint to provide optimal strength and stability. The tire features a sturdy square shoulder design and a broad footprint, ensuring it offers maximum strength and stability even under heavy loads. Its self-cleaning R4 tread pattern, equipped with deep lug grooves, enhances handling, while the extra-thick sidewall adds durability, protecting against cuts and damage.
The construction tire market report table of contents includes:
1. Executive Summary
2. Construction Tire Market Characteristics
3. Construction Tire Market Trends And Strategies
4. Construction Tire Market – Macro Economic Scenario
5. Global Construction Tire Market Size and Growth
…
31. Global Construction Tire Market Competitive Benchmarking
32. Global Construction Tire Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Construction Tire Market
34. Construction Tire Market Future Outlook and Potential Analysis
35. Appendix
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