Construction Equipment Tire Market Size - By Tire Type (Radial, Bias, Solid), By Construction Equipment Type (Earthmoving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment), By Sales Channel (OEM, Aftermarket) & Forecast 2024 - 2032

Construction Equipment Tire Market Size

Construction Equipment Tire Market was valued at USD 5.9 billion in 2023 and is projected to record over 6.5% CAGR from 2023 to 2032. As companies allocate funds to enhance production capacity and meet the rising demand for heavy machinery, the construction equipment tire sector benefits from increased sales. For instance, in December 2022, JK Tyre & Industries planned to invest USD 114.5 million in expanding its capacity over the next two years. The company's export ventures are diversifying across multiple regions. In addition to the American market, JK Tyres has a significant export presence in Latin American countries, Africa, and the Middle East.
 

Rapid infrastructure development, fueled by increased global investments, stands as a primary driver propelling the construction equipment tire market. Growing infrastructure projects necessitate heavy machinery, leading to a surge in demand for specialized, durable tires. Governments worldwide investing in roadways, bridges, and urban development contribute significantly to this trend. As the construction sector expands, the market for construction equipment tires continues to thrive, reflecting the industry's responsiveness to evolving global economic landscapes and developmental priorities.

The construction equipment tire market faces challenges linked to global economic uncertainties. Fluctuations in economic conditions impact infrastructure projects, causing delays or cancellations that, in turn, affect the demand for construction equipment tires. The market growth is intricately tied to the stability and growth of the global economy. Economic downturns can significantly impact construction activity, leading to a reduced need for heavy machinery and specialized tires, posing a key challenge for sustained growth in the construction equipment tire sector.
 

COVID-19 Impact

The COVID-19 pandemic has adversely affected the construction equipment tire industry. Disruptions in the global supply chain, labor shortages, and project delays have led to decreased construction activities. Lockdowns and restrictions have hindered manufacturing & distribution, causing a slowdown in the production and adoption of construction equipment tires. Uncertainties in economic conditions and reduced investments in construction projects further contribute to the negative impact, posing challenges for the growth and recovery of the construction equipment tire industry.
 

Construction Equipment Tire Market Trends

Incorporating innovative tire designs that boost mileage is proving to be a lucrative growth factor for the construction equipment tire industry. New designs, emphasizing durability & efficiency, enhance the lifespan of tires, providing cost savings for businesses. For instance, in October 2023, Apollo Tires introduced the second iteration of its truck tire, EnduRace RA 2, designed for regional transportation. This latest version features a new tread design and enhanced materials. Available in the 315/70 size for 22.5-inch rims, this new-age tire has undergone a re-engineering process aimed at achieving an average 5% increase in mileage.
 

Expansion in the construction and mining industries is a key driver propelling the market. With increased infrastructure development and mining activities worldwide, there is a growing demand for heavy machinery, necessitating robust tires. Construction equipment tires play a vital role in supporting the substantial loads and challenging terrains encountered in these industries. As the construction and mining sectors expand globally, the demand for specialized tires for heavy equipment continues to rise, fostering the market growth.
 

Construction Equipment Tire Market Analysis

The aftermarket segment accounted for around 60% market share in 2023 and is projected to grow by 2032. Growing utilization of construction equipment, driven by increased construction and infrastructure projects, leads to higher wear rates on tires, requiring more frequent replacements and contributing to the aftermarket demand. Fleet operators and construction companies actively manage their equipment fleets, and routine maintenance, including tire replacement, is crucial for ensuring optimal performance, safety, and compliance with regulations.
 

The radial segment held about 65% of the market share in 2023. The introduction of radial tires renowned for their durability on both hard rock and muddy surfaces is a significant driver propelling the radial tire segment growth. These tough performers cater to the specific demands of construction, quarry, and mining operations, offering versatile solutions. For instance, in November 2023, Yokohama Off-Highway Tires unveiled two new radial wheel loader or dozer tires with deep treads in the L-5 Galaxy series. These new tires offer robust performance for construction, quarry, and mining operations, excelling in challenging conditions such as hard rock & muddy surfaces.
 

Asia Pacific region dominated more than 40% share of the construction equipment tire market in 2023. Increased regional transportation demands, driven by expanding infrastructure projects and urbanization, elevate the need for construction equipment. This surge directly influences the demand for specialized tires, ensuring the efficient operation of heavy machinery. As construction and development activities intensify across the region, the Asia Pacific market is responding dynamically to meet the evolving requirements of the transportation and construction sectors.
 

Construction Equipment Tire Market Share

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.
 

Construction Equipment Tire Market Companies

Major players operating in the construction equipment tire industry are:

• Apollo Tyres Ltd.
• Bridgestone Corporation
• China National Tire & Rubber Co., Ltd.
• Continental Tires
• Cooper Tire & Rubber Company
• Giti Tire
• Goodyear Tire & Rubber Company
• Hankook Tire
• Michelin
• Sumitomo Rubber Industries Ltd
• Yokohama Tire Corporation
   

Construction Equipment Tire Industry News

• In October 2023, Trident launched a skid steer tire, showcasing a patented non-directional traction tread pattern. This groundbreaking design ensures outstanding performance while providing added benefits including reduced wear and lowered inventory expenses.
   

This market research report on construction equipment tire includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipments (Units) from 2018 to 2032 for the following segments:

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Market, By Tire Type

• Radial
• Bias
• Solid
• Others

Market, By Construction Equipment Type

• Earthmoving & Road Building Equipment
  • Backhoes
  • Excavators
  • Loaders
  • Compaction Equipment
  • Others 
• Material Handling & Cranes
  • Storage & Handling Equipment
  • Engineered Systems
  • Industrial Trucks
  • Bulk Material Handling Equipment
• Concrete Equipment
  • Concrete Pumps
  • Crushers
  • Transit Mixers
  • Asphalt Pavers
  • Batching Plants

Market, By Sales Channel

• OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia