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What Are the Long-Term Growth Opportunities and Market Size Outlook for the Construction Tire Market?
The construction tire market size has grown steadily in recent years. It will grow from $1.71 billion in 2024 to $1.76 billion in 2025 at a compound annual growth rate (CAGR) of 3.0%. 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 $2.13 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. 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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What Are the Key Drivers of the Construction Tire Market?
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 April 2023, according to the Smart City Index Report published by IMD Business School, a Switzerland-based business school, the number of smart cities increased by 16.3%, from 118 cities in 2021 to 141 in 2023. Therefore, the increasing number of smart city projects across the globe is driving the construction tire market.
How Is the Construction Tire Market Divided by Type and Application?
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
Subsegments:
1) By Radial: Heavy-Duty Radial Tires, All-Terrain Radial Tires, Specialty Radial Tires
2) By Bias: Heavy-Duty Bias Tires, All-Terrain Bias Tires, Specialty Bias Tires
3) By Solid: Solid Rubber Tires, Polyurethane Solid Tires
4) By Other Tire Types: Foam-Filled Tires, Non-Pneumatic Tires (NPT), Hybrid Tires
How Are Current Trends Influencing the Construction Tire Market Growth?
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 October 2022, Continental AG, a Germany-based automotive part company, launched the LD-Master L5 Traction construction tire, designed for heavy loads and abrasive surfaces, featuring integrated tire sensors for real-time monitoring of temperature and pressure. This new radial tire enhances the ContiEarth range and is tailored for loaders in demanding environments where high productivity and vehicle uptime are crucial. With its solid tread block design and reinforced carcass, the LD-Master L5 Traction ensures secure traction, durability, and long service life, making it ideal for intensive construction tasks.
What Are the Top Companies to Watch in the Construction Tire Market?
Major companies operating in the construction tire market include Bridgestone Corporation, Apollo Tyres Ltd., China National Tire & Rubber Co. Ltd., CEAT Ltd., Cooper Tire & Rubber Company, Continental AG, Hangzhou Zhongce Rubber Co. Ltd., Giti Tire, Kumho Tire Co.Inc., Hankook Tire & Technology Co. Ltd., Nexen Tire Corporation, Michelin, Pirelli & C. S.p.A., Nokian Tyres Plc., Sumitomo Rubber Industries Ltd., Qingdao Fullrun Tyre Corp. Ltd., Balkrishna Industries Limited, Double Coin Tyre Group Ltd., Prometeon Tyre Group S.R.L., The Goodyear Tire & Rubber Company, Titan International Inc., Trelleborg AB, Triangle Group Co. Ltd., Yokohama Tire Corporation, Otani Tire Co. Ltd., Linglong Tire Co. Ltd., Guizhou Tyre Co. Ltd., Shandong Linglong Tire Co. Ltd., Sailun Group Co. Ltd., Kenda Rubber Industrial Co. Ltd., Techking Tires Ltd., Birla Tyres
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How Does Construction Tire Market Growth Vary Across Major Regions?
Asia-Pacific was the largest region in the construction tires market in 2024. 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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