Raipur, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Construction Machinery Tires Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Construction Machinery Tires Market is driven by a host of factors, some of which are noted below:
- Rising government efforts to construct highways, dams, railways, and roads as part of the development of smart cities
- Projects in the areas of energy, mobility, and residence
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Construction Machinery Tires Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- By Application Type (Excavators, Dozers/Loaders, Cranes, Construction Logistics Vehicle, and Others),
- By Tire Type (Radial Tires and Bias Tires),
- By End-User Type (OE and Aftermarket),
- By Region (Rest of the World, Asia-Pacific, Europe, and North America)
Construction Machinery Tires Market Insights
By Application Type
The construction machinery tires market is segmented as excavators, dozers/loaders, cranes, construction logistics vehicle, and others. Construction logistics vehicle is expected to be the fastest-growing application type in the market, generating demand for construction machinery tires, during the forecast period. Construction logistics vehicles are used to transport supplies from and to remote locations, resulting in increased tire wear and tear. With the growing infrastructure development, almost every construction project necessitates the use of a logistics vehicle, which drives the growth of the construction machinery tires market.
By Tire Type
The market is segmented as radial tires and bias tires. Radial tires are expected to be the faster-growing tire type in the market during the forecast period. The segment's rapid growth is due to features such as increased durability, lower fuel consumption, reduced vibration, and stable contact with the ground surface. The booming construction industry is expected to increase the demand for these tires even more in the coming years.
By End-User Type
The market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant end-user type in the market during the forecast period. The growth of vehicle fleet for construction operations is expected to have a beneficial impact on the growth of the segment, resulting in increased demand for replacement of tires. Furthermore, growing government investments in infrastructure and a continuously growing number of housing projects are expected to give an impetus to the global construction industry, which will drive the demand for aftermarket construction machinery tires.
Which Region offers the best opportunity and growth?
Asia-Pacific is expected to remain the largest as well as fastest-growing market for construction machinery tires during the forecast period. The demand for both public and private infrastructure has increased due to the region's growing population and rising middle-class spending power, and the region has emerged as a hotspot for construction and infrastructure development.
As the region has the world's largest construction machinery fleet, the majority of construction machinery tire manufacturers have presence in Asia-Pacific to meet the emerging needs of construction machinery OEMs and aftermarket customers. Bridgestone, Yokohama, Goodyear, and Michelin are the major players having both sales and manufacturing capabilities in this region.
COVID-19 Impact on the Construction Machinery Tires Market
The COVID-19 pandemic has positively impacted the global Construction Machinery Tires market. During the pandemic, major manufacturers used a variety of strategies to increase their market share in the broader marketplace, including product launches, product improvements, and R&D spending.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/2884/construction-machinery-tires-market.html#form
Who are the Top Market Players?
After a thorough analysis of the market, the experts have listed a few key players and discussed company profiles of the below-given players -
- Balkrishna Industries Limited (BKT)
- Bridgestone Corporation
- Compagnie Generale Des Etablissements Michelin S.C.A.
- Continental AG
- Goodyear Tire and Rubber Company
- JK Tyre & Industries
- MRF Tyres
- Titan International
- Trelleborg AB
- Yokohama Rubber Co. Ltd.
What deliverables will you get in this report?
- In-depth analysis of the Construction Machinery Tires Market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
Related reports which might be useful:
- Material Handling Tires Market
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- Mining Tires Market
https://www.stratviewresearch.com/2886/mining-tires-market.html
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