Construction Tire Market to Witness Steady Growth: Anticipated to Reach $2.19 Billion by 2029, at a CAGR of 5.3%
How is
the Construction Tire Market Performing in Terms of Size and Growth?
The construction tire market has witnessed steady growth in recent years. Its
size grew from $1.71 billion in 2024 to an expected $1.78 billion in 2025, at a
compound annual growth rate (CAGR) of 4.3%. The growth during this period can
be attributed to economic conditions, infrastructure development, regulatory
standards, raw material prices, and global trade dynamics.
The market is projected to see robust growth in the next few years, expanding
to $2.19 billion in 2029 at a CAGR of 5.3%. The growth in the forecast period
can be linked to sustainable practices, autonomous vehicles in construction,
global economic outlook, circular economy initiatives, and climate change
considerations. Major trends in the forecast period include digital
transformation, demand for specialty tires, global economic factors, regulatory
compliance, and technological advancements.
For additional insights, get your free sample of The Global Construction Tire
Market Report: https://www.thebusinessresearchcompany.com/sample.aspx?id=9484&type=smp
What
Are the Key Growth Drivers of the Construction Tire Market?
Increasing smart city projects globally are expected to spearhead the growth of
the construction tire market. Smart cities, which utilize information and
communication technology (ICT) to improve operational efficiency and
infrastructural facilities, often depend on construction tires for landfill
projects and the construction of smart buildings.
For instance, in April 2023, the Smart City Index Report published by IMD
Business School reported a 16.3% increase in the number of smart cities, from
118 cities in 2021 to 141 in 2023. This uptick in smart city projects is
significantly contributing to the growth of the construction tire market.
What Are the Main Segments within the Construction Tire Market?
1. By
Tire Type: Radial, Bias, Solid, Other Tire Type
2. By Equipment Type: Excavators, Backhoe, Bulldozers, Graders, Wheel Tractor
Scraper, Trenchers, Loaders, Tower Cranes, Compactors, Other Construction Equipment
3. By Tire Size: Less Than 20”, 21” To 30”, 31” To 40”, 41” To 50”, 51” To 60”,
More Than 61”
4. By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
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Who Are
the Major Players in the Construction Tire Market?
Key companies operating in the construction tire market include Bridgestone
Corporation, Apollo Tyres Ltd., China National Tire & Rubber Co. Ltd., CEAT
Ltd., Cooper Tire & Rubber Company, Continental AG, Hangzhou Zhongce Rubber
Co. Ltd., Giti Tire, Kumho Tire Co.Inc., Hankook Tire & Technology Co.
Ltd., Nexen Tire Corporation, Michelin, Pirelli & C. S.p.A., Nokian Tyres
Plc., Sumitomo Rubber Industries Ltd., Qingdao Fullrun Tyre Corp. Ltd.,
Balkrishna Industries Limited, Double Coin Tyre Group Ltd., Prometeon Tyre
Group S.R.L., The Goodyear Tire & Rubber Company, Titan International Inc.,
Trelleborg AB, Triangle Group Co. Ltd., Yokohama Tire Corporation, Otani Tire
Co. Ltd., Linglong Tire Co. Ltd., Guizhou Tyre Co. Ltd., Shandong Linglong Tire
Co. Ltd., Sailun Group Co. Ltd., Kenda Rubber Industrial Co. Ltd., Techking
Tires Ltd., Birla Tyres.
What Trends are Emerging in the Construction Tire Market?
One major trend in the construction tire market is product innovation. Major
companies are launching innovative solutions to solidify their market position.
For example, in October 2022, Continental AG, launched the LD-Master L5
Traction construction tire. Designed for heavy loads and abrasive surfaces, it
features integrated tire sensors for real-time monitoring of temperature and
pressure. This radial tire enriches the ContiEarth range and is ideal for
loaders in demanding environments where high productivity and vehicle uptime
are crucial.
Which Region is Leading the Construction Tire Market?
In 2024, Asia-Pacific was the largest region in the construction tire market.
Other regions covered in this report include Western Europe, Eastern Europe,
North America, South America, Middle East, and Africa.
What Does The Construction Tire Market Report 2025 Offer?
A construction tire is made out of rubberized fabric piles over a rubber liner,
offering traction, reducing slippage and helping to prevent machinery from
getting stuck. Such properties of the construction tire are crucial in saving
time and money during operations. The Construction Tire Market research report
from The Business Research Company offers global market size, growth rate,
regional shares, competitor analysis, detailed segments, trends, and
opportunities.
To unlock more valuable market insights, purchase the exclusive report now: https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=9484
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