Construction Equipment Tire Market Size - By Tire Type (Radial, Bias, Solid), By Construction Equipment Type (Earthmoving & Road Building Equipment, Material Handling & Cranes, Concrete Equipment), By Sales Channel (OEM, Aftermarket) & Forecast 2024 - 2032
Global Construction Equipment Tire Market will register a 6.5% CAGR from 2024 to 2032, fueled by advances in tire technology and the introduction of innovative products. Ongoing enhancements in tire manufacturing, focusing on durability, performance, and specialized features, contribute to market growth. The introduction of new tire launches tailored to meet evolving industry demand further stimulates market expansion. As the construction sector prioritizes efficiency and safety, the synergy of technological progress and innovative launches will significantly drive market size.
Manufacturers are incorporating technical advances in their latest iterations of tires, thereby bolstering their industry share and positioning themselves for robust growth and competitiveness. For instance, in 2023, BKT, a leading off-highway tire manufacturer, showcased premium tires for construction and industrial equipment. Featured products included EARTHMAX SR53 and EARTHMAX SR468 tires, alongside the newly launched Multiforce BK T91 rubber tracks designed for compact track loaders.
The construction equipment tire industry is classified based on the type of tire, construction equipment, and region.
The bias segment will garner remarkable gains by 2032 due to the segment's enduring popularity in heavy-duty applications, offering robust construction and reliability. With bias tires known for their load-bearing capacity and durability under challenging conditions, they will become a preferred choice for various construction and industrial equipment. As demand for resilient and sturdy tires rises, the bias segment will stand out as a key player in shaping the construction equipment tire market.
The construction equipment tire market share from the earthmoving and roadbuilding equipment segment will witness a substantial upswing by 2032, owing to the widespread use of specialized tires in heavy-duty applications, emphasizing durability and high load-bearing capabilities. As earthmoving and road-building activities surge globally, the demand for robust tires will escalate, making this segment a pivotal player in meeting the evolving needs of construction and industrial equipment and shaping the tire market for these applications.
Europe construction equipment tire industry will demonstrate a significant CAGR from 2024 to 2032, propelled by the region's robust infrastructure development, stringent regulations emphasizing tire quality, and an expanding construction industry. As European countries invest significantly in construction projects, the demand for high-performance and durable tires escalates. With a focus on safety and efficiency, Europe will emerge as a key contributor, significantly contributing to the industry gains.