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The Construction Machinery Tires Market has been segmented by Tire Type (Radial Tire and Bias Tire), Construction Machinery Type (Earth Moving Machinery and Material Handling), Sales Channel Type (OEMs and Aftermarket), and Geography.
The construction machinery tires market is expected to register a CAGR of more than 5%, during the forecast period, 2019-2024.
The construction machinery tires market has been segmented by tire type, construction machinery type, sales channel type, and geography.
|By Tire Type|
|By Construction Machinery Type|
|By Sales Channel Type|
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Excavators are typical of two types, namely wheeled excavators and crawler excavators. Among them, crawler excavators covered a major share of more than 50% of the global excavator market in 2018.
However, the operating cost of wheeled excavators have been less, when compared to that of crawler excavators, as worn out of crawler’s undercarriages and replacing or refurbishing it is an expensive and time-consuming task. Thus, some regions have started adopted usage of wheeled excavators in the construction projects majorly since 2010.
With growing infrastructure developments, across the world, the need for excavators identified in almost every construction project. Thus, many rental companies across the world continuously invest in purchasing new excavators to keep the average age of its excavator fleet at a potential of two to three years, to capture the customers' demand, who are looking for advanced and efficient excavators.
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The global construction industry is expected to witness significant growth in the coming years, with good opportunities in the infrastructure, residential, and non-residential sectors. Some of the major factors driving the market are increasing construction of multi-family houses (with the growing trend of nuclear families); and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways, due to growing population and urbanization.
The Asia-Pacific region is expected to be a major market propelling the global construction industry, with augmenting construction activities in countries, such as India and ASEAN countries (including Thailand, Singapore, Vietnam, and others). For instance, in India, the construction sector is one of the booming industries. The construction sector in the country is expected to grow twice as fast as China’s until 2030, with the country’s populations. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of excellent infrastructure in the country. For instance –
Apart from Asia-Pacific region, in Rest of the World, South Africa is also expected to witness high demand for construction tires, especially from the aftermarket sector.
In South Africa, owing to bad economic conditions and decreasing rand exchange rate have been significantly impacting the construction industry in South Africa over a decade. The demand for compact construction equipment rental has been continuously increasing in the country, owing to its low rental price, as well as the capability to handle construction activities in the country. Thus, most of the rental equipment companies are planning to expand their rental fleet in compact equipment. Thus, renting an equipment has been a greater preference by most of the construction contractors in the country. Such growing initiatives in the construction industry in South Africa is likely to propel construction machinery rental companies to expand their fleet size and maintain a timely servicing of their existing machinery, which, in turn, may drive a potential demand for the tires from aftermarket consumers, during the forecast period.
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Some of the major players dominating the market are Bridgestone Corp., Trelleborg AB, Continental Tires, Sumitomo Rubber Industries Ltd, Goodyear Tire & Rubber Company, and Michelin.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Tire Type
5.1.1 Radial Tire
5.1.2 Bias Tire
5.2 By Construction Machinery Type
5.2.1 Earth Moving Machinery
126.96.36.199 Other Earth Moving Machinery
5.2.2 Material Handling
188.8.131.52 Dump Trucks
5.3 By Sales Channel Type
5.4.1 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of the World
188.8.131.52 South Africa
184.108.40.206 Other Countries
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Bridgestone Corporation
6.2.2 Continental Tires
6.2.3 Hankook Tire
6.2.5 Sumitomo Rubber Industries Ltd
6.2.6 Goodyear Tire & Rubber Company
6.2.7 Alliance Tire Company Ltd
6.2.8 Trelleborg AB
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability