Construction Tire Global Market Report 2024

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 expansion observed during the historical period can be ascribed to factors such as economic conditions, infrastructure development, regulatory standards, raw material prices, global trade dynamics, and the state of 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 anticipated growth in the forecast period can be linked to sustainable practices, the integration of autonomous vehicles in construction, the global economic outlook, initiatives promoting a circular economy, and considerations related to climate change. Prominent trends expected in this period encompass digital transformation, a surge in demand for specialty tires, global economic factors, adherence to regulatory standards, and advancements in technology.

The proliferation of smart city initiatives worldwide is anticipated to drive the growth of the construction tire market in the foreseeable future. Smart cities, defined by their utilization of information and communication technology (ICT) to enhance operational efficiency and upgrade infrastructure for residents, create opportunities for construction tire applications. These include the use of rough tire shreds and smart tires in landfill projects and the construction of smart buildings within smart city frameworks. Notably, in November 2021, the US Federal government allocated $500 million in its annual bill towards accelerating smart city initiatives, aiming to expand the number of smart cities in the nation. Similarly, in FY 2021-22, the Indian government increased its allocation to $868 million for smart cities development, up from $457 million in FY 2020-21. Consequently, the escalating global adoption of smart city projects is a driving force behind the expansion of the construction tire market.

Anticipated growth in infrastructure development is poised to fuel the expansion of the construction tire market in the upcoming period. Infrastructure development encompasses strategic planning, construction, and enhancement of essential facilities to support economic, social, and communal activities within a region or country. Projects such as the construction of roads, bridges, airports, and other public facilities stimulate heightened construction activities, leading to amplified demand for construction equipment, including construction tires. As an example, in November 2021, the Asian Development Bank (ADB) approved a US$ 250 million loan for the National Industrial Corridor Development Program (NICDP), a segment of a US$ 500-million loan aimed at constructing 11 industrial corridors spanning 17 states. Thus, the escalating global emphasis on infrastructure development is a significant driving factor behind the expansion of the construction tire market.

Product innovation emerges as a notable trend gaining traction in the construction tire market. Key market players are actively introducing innovative solutions to maintain and bolster their market positions. Notably, in June 2021, the Goodyear Tire and Rubber Company, a US-based tire manufacturer, unveiled SightLine, an intelligent tire solution. This cutting-edge solution enhances safety and reliability in mobility, specifically in cargo vans utilized across field service, construction, and last-mile delivery sectors. SightLine's capabilities enable tires to provide real-time feedback on both tire and road conditions, catering to the evolving landscape of connected and autonomous mobility.

Leading market players are strategically introducing specialized construction tires tailored explicitly for aerial work platforms, aiming to fortify their market presence. These construction tires, designed for elevated construction machinery such as boom lifts and scissor lifts, are heavy-duty rubber tires engineered to ensure stability, endurance, and superior traction. For instance, in June 2023, MAXAM Tire, a US-based tire provider, launched the MS925 LIFTXTRA specifically crafted for aerial work platforms. Featuring a robust square shoulder design and a broad footprint, this tire is engineered to deliver unparalleled strength and stability. Equipped with a self-cleaning R4 tread pattern and deep lug grooves, it enhances maneuverability while its reinforced sidewall adds resilience, guarding against cuts and damage even under heavy loads.

In March 2021, Yokohama, a Japan-based company specializing in performance, off-road, and SUV tires, completed the acquisition of Trelleborg Wheel Systems for a sum of $2.2 billion (€2.1 billion). This acquisition is poised to significantly bolster Yokohama's off-highway tire (OHT) business, a segment anticipated to be a key driver for future growth. Simultaneously, it is expected to contribute to Trelleborg's progression towards becoming a premier provider of engineered polymer solutions within its chosen industries. Trelleborg Wheel Systems, based in Sweden, primarily operates in the construction tire sector.

Major companies operating in the construction tire market report are 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.

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. The countries covered in the construction tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of construction tires encompass radial, bias, solid, and other variations. Radial-built tires involve the use of belts positioned just below the tread, along with multiple steel cords extending from the beads throughout the tread, arranged at approximately a right angle to the tread's center line and parallel to each other. Equipment diversity includes excavators, backhoes, bulldozers, graders, wheel tractor scrapers, trenchers, loaders, tower cranes, compactors, and others. Tire sizes range from less than 20 inches, 21 to 30 inches, 31 to 40 inches, 41 to 50 inches, 51 to 60 inches, to more than 61 inches. These products are distributed through various channels, including original equipment manufacturers (OEM) and the aftermarket.

The construction tire market research report is one of a series of new reports that provides construction tire market statistics, including construction tire industry global market size, regional shares, competitors with a construction tire market share, detailed construction tire market segments, market trends and opportunities, and any further data you may need to thrive in the construction tire industry. This construction tire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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