The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company’s Construction Tire Global Market Report 2024 offers crucial insights into the construction tire market help businesses analyse and build stronger strategies.

The construction tire market has witnessed a steady increase in size over recent years, with projections indicating continued growth. From $1.65 billion in 2023, it is expected to reach $1.72 billion in 2024, boasting a compound annual growth rate (CAGR) of 4.3%. Factors contributing to this growth include:

• Economic conditions
• Infrastructure development
• Regulatory standards
• Raw material prices
• Global trade dynamics
• End-user industries

Anticipating Future Trends

Looking ahead, the market is forecasted to maintain its upward trajectory, with expectations to grow to $2.05 billion by 2028, exhibiting a CAGR of 4.5%. Key drivers for this anticipated growth include:

• Sustainable practices
• Integration of autonomous vehicles in construction
• Global economic outlook
• Emphasis on circular economy initiatives
• Considerations for climate change

Read The Full Construction Tire Market Report Here:

https://www.thebusinessresearchcompany.com/report/construction-tire-global-market-report

Identifying Major Trends

In the forecast period, several trends are expected to shape the construction tire market:

• Digital transformation
• Increased demand for specialty tires
• Influence of global economic factors
• Emphasis on regulatory compliance
• Technological advancements

Surge In Smart City Projects Drives The Construction Tire Market

Capitalizing on Smart City Initiatives

The proliferation of smart city projects worldwide is poised to fuel the expansion of the construction tire market. Smart cities leverage information and communication technology (ICT) to enhance operational efficiency and infrastructure quality. Construction tires find utility in various smart city endeavors, including landfill projects and the construction of smart buildings.

Government Investments Stimulate Growth

Government investments play a pivotal role in fostering smart city initiatives. For example:

• The US Federal government allocated $500 million towards smart city projects.
• The Indian government increased funding for smart city development from $457 million to $868 million between fiscal years 2020-21 and 2021-22.

Key Players Driving Market Growth

Major companies actively contributing to the construction tire market include:

• Bridgestone Corporation
• Apollo Tyres Ltd.
• China National Tire & Rubber Co. Ltd.
• CEAT Ltd.
• Continental AG

Intelligent Tire Solutions For Connected Mobility

Embracing Product Innovations

Product innovations are a notable trend within the construction tire market, with companies introducing intelligent solutions to enhance market competitiveness. For instance:

• Goodyear Tire and Rubber Company launched SightLine, an intelligent tire solution enabling safer and more reliable mobility for various industries.
• Yokohama’s acquisition of Trelleborg Wheel Systems for $2.2 billion is poised to expand off-highway tire (OHT) business opportunities.

Segmentation Insights

The construction tire market segmentation includes:

• Tire Type: Radial, Bias, Solid, Other Tire Types
• Equipment Type: Excavators, Backhoe, Bulldozers, Graders, etc.
• Tire Size: Less than 20”, 21” to 30”, 31” to 40”, 41” to 50”, 51” to 60”, More than 61”
• Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket

Regional Dominance

Asia-Pacific emerged as the largest region in the construction tire market in 2023, showcasing the region’s prominence in this sector.

In conclusion, as the construction industry continues to evolve, so too does the demand for specialized tires. With smart city initiatives gaining momentum and technological advancements reshaping the landscape, the construction tire market is primed for sustained growth and innovation.

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The Construction Tire Global Market Report 2024  provides a comprehensive outlook of the construction tire market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The construction tire market forecast offers a thorough analysis on construction tire market size, construction tire market share, prominent players and their strategies.

The Table Of Content For The Construction Tire Market Include:
1. Construction Tire Market Executive Summary
2. Construction Tire Market Segments
3. Construction Tire Market Size And Construction Tire Market Growth Rate
4. Key Construction Tire Market Trends
5. Major Construction Tire Market Drivers
……
25. Key Mergers And Acquisitions In The Construction Tire Market
26. Top Construction Tire Companies
27. Construction Tire Market Opportunities And Strategies
28. Construction Tire Market, Conclusions And Recommendations
29. Appendix

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