Market Size of Construction Machinery Tires Industry
Study Period | 2018 - 2028 |
Base Year For Estimation | 2021 |
Forecast Data Period | 2024 - 2028 |
Historical Data Period | 2018 - 2020 |
Major Players*Disclaimer: Major Players sorted in no particular order |
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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 infrastructure and 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 and South Africa, etc., are likely to drive a potential demand for construction machinery, and in turn, anticipate to 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.