Categories: Market Research

Global Construction Tire Market Size and Forecast 2024-2033|Bridgestone Corporation, Apollo Tyres Ltd., China National Tire & Rubber Co. Ltd., CEAT Ltd., Cooper Tire & Rubber Company

The Construction Tire by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Construction Tire, 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.

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.

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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

Product innovations are a key trend gaining popularity in the construction tire market. Major companies operating in the market are introducing innovative solutions to sustain their position in the market. For instance, in June 2021, Goodyear Tire and Rubber Company, a US-based tire manufacturing company, launched SightLine, an intelligent tire solution. SightLine enables safer and more reliable mobility with cargo vans used for field service, construction, and last-mile delivery industries. This enables the tires to provide feedback on the tire and road conditions for connected and autonomous mobility.

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

26. South America Construction Tire Market

27. Brazil Construction Tire Market

28. Middle East Construction Tire Market

29. Africa Construction Tire Market

30. Construction Tire Market Competitive Landscape And Company Profiles

Top Major Players: