Global Construction Machinery Tires Market Size study & Forecast, by Tire Type (Radial Tire and Bias Tire), Construction Machinery Type (Earth Moving Machinery and Material Handling), Sales Channel Type (OEMs and Aftermarket), and Regional Analysis, 2022-

Global Construction Machinery Tires Market Size study & Forecast, by Tire Type (Radial Tire and Bias Tire), Construction Machinery Type (Earth Moving Machinery and Material Handling), Sales Channel Type (OEMs and Aftermarket), and Regional Analysis, 2022-2029

The global Construction Machinery Tires Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2029. Construction Machinery Tires are used in vehicles majorly used to transport supplies across remote locations. It enhances wear and tear. The Construction Machinery Tires market is expanding because of factors such as the rising demand for heavy commercial vehicles and the growing government focus on the development of infrastructure.

According to Statista in 2020, approximately 10.1 million commercial vehicles were produced in North America. Whereas, the production and sales of commercial vehicles in Europe, North America and Asia-Pacific are also surging. In Europe, during 2018-2019 the production of commercial vehicles increased from 260,16,617 to 28,552,56 units. Whereas rising demand for construction activities and technological advancement and innovations create lucrative opportunities for the market. However, the higher cost of construction machinery hampers market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Construction Machinery Tires Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. Asia Pacific dominated the market in terms of revenue, owing to the increasing demand for heavy commercial vehicles, and growing construction and manufacturing activities. Whereas the Asia Pacific is expected to grow with the highest CAGR during the forecast period, owing to factors such as increasing government focus ad spending towards the infrastructure development across the region.

Major market players included in this report are:
Bridgestone Corporation
Continental Tires
Hankook Tire American Corporation
Michelin
Sumitomo Rubber Industries Ltd
Goodyear Tire & Rubber Company
Alliance Tire Company Ltd
Trelleborg AB
Toyo Tire & Rubber Co., Ltd.
Yokohama Tire Corporation

Recent Developments in the Market:
.. In November 2022, Hercules Tires and TIS Off-road collaborated to create the ""TIS TT1 tyre,"" an all-season mud tyre with two distinct shoulder designs made for jeeps and light vehicles. The TT1 benefits from an aggressive tread pattern to guarantee that the tyre gives superior traction in challenging off-road conditions.