The global construction equipment tire market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The rising infrastructure developments coupled with government investment in the infrastructure industry is one of the major factors driving the growth of the global construction equipment tire market. According to the data published by India Brand Equity Foundation (IBED) in 2021, India is anticipated to spend $1.4 trillion on infrastructure projects through the national infrastructure pipeline (NIP), from 2019 to2023, to ensure sustainable development in the country. Further, in the Union Budget 2021, Government allocated 8.28 billion for road works and $7.88 billion for national highways. The government is anticipated to construct 850kms road by March 2022. Moreover, an additional 11,000 km of National Highways is anticipated to be completed by March 2022. In May 2021, the Minister of Road Transport and Micro, Small and Medium enterprises stated that the government is ensuring utmost priority to infrastructure development and has set a target of road construction worth $206 billion in the next two years. Moreover, in Union Budget 2021, to support initiatives such as “ housing for all” and the smart cities mission, the government allocated $1.89 billion to AMRUT and Smart Cities Mission. Thus, such huge investments in infrastructure development are fueling the demand for the global construction equipment tire market.
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Looking toward the demand for the construction equipment tire, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in November 2021, Bridgestone India launched the L390HL tire for construction vehicles. The L390HL is a tire suitable for the heavy load segment and is available in the size 295/90R20. The tire is in the block and shoulder lud design for heat radiation and blocks tear resistance. Also, Dual Nylon is another feature that protects highly stresses body ply turn up and spread stress over a large area to reduce cracking. Further, in October 2021, Continental AG launched CompactMAster EM designed to handle the rough condition. The Compactmaster Em is ideal for vehicles that work on paved surfaces, sand, and gravel in construction. Thus, such launches are anticipated to drive the growth of the market during the forecast period (2022-2028).
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Continental Tire the Americas, LLC., Michelin, and Hankook Tire & Technology Co., Ltd., among others
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Construction Equipment Tire Market Report by Segment
By Type
- Pneumatic
- Solid
- Polyurethane
By Application
- OEM
- Aftermarket
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