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Get a free sample of Construction Equipment Tire Market
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Continental AG and Yokohama Tire Corporation are dominating the construction equipment market with dominant share of over 15% in 2023. Major participants are fiercely competing for market shares through strategic pricing, technological advancements, and expanding product portfolios. Continuous innovation, customer-centric approaches, and global market presence are the key elements of their competitive strategies.
Major players operating in the construction equipment tire industry are:
Asia Pacific held over 40% share of the construction equipment tire market in 2023 and is expected to register commendable CAGR from 2024-2032, due to increased regional transportation demands, led by the expanding infrastructure projects and urbanization in the region.
The aftermarket sales channel segment held 60% share of the construction equipment tire industry in 2023 and is expected to register appreciable CAGR from 2024 to 2032, owing to the growing utilization of construction equipment, driven by increased construction and infrastructure projects.
The market size of construction equipment tire was worth USD 5.9 billion in 2022 and is expected to register over 6.5% CAGR from 2024-2032, due to the increasing investments in business expansion and companies allocating funds to enhance production capacities worldwide.
Apollo Tyres Ltd., Bridgestone Corporation, Cooper Tire & Rubber Company, Giti Tire, Goodyear Tire & Rubber Company, Hankook Tire, Michelin, Sumitomo Rubber Industries Ltd, and Yokohama Tire Corporation are some of the major construction equipment tire companies worldwide.