Market Size of Construction Machinery Tires Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Construction Machinery Tires Market Analysis
The construction machinery tires market is expected to register a CAGR of more than 5%, during the forecast period, 2019-2024.
- Increased focus on infrastructureand automation in the construction and manufacturing processes showed a great impact on the construction machinery demand over the past two years (2017-2018), globally.
- The improving economy and increasing construction activities across developing countries, like India andSouth Africa, etc., are likely to drive a potential demand for construction machinery, and in turn, anticipateto propel a considerable demand for off-the-road tires, majorly from the aftermarket segment (that includes rental companies and individual machine owners), during the forecast period.
- The demand for tire retreads has been increasing for these vehicles, as fleet managers/operators continue to leverage retread programs to reduce the operating costs. Retreading saved the heavy commercial vehicle segment to a significant extent, as it is significantly cheaper than a tire replacement. The major players in the market are Michelin, Bridgestone, etc.
