Market Research Report
Construction Machinery Tires Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||907020|
|Published||Content info||60 Pages
Delivery time: 2-3 business days
|Construction Machinery Tires Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: June 1, 2019||Content info: 60 Pages||
The global construction machinery tires market is expected to register a CAGR of more than 5%, during the forecast period, 2019-2024.
The global construction machinery tires market has been segmented by tire type, construction machinery type, sales channel type, and geography.
Excavators are typical of two types, namely wheeled excavators and crawler excavators. Among them, crawler excavators covered a major share of more than 50% of the global excavator market in 2018.
However, the operating cost of wheeled excavators have been less compared to that of crawler excavators, as worn out of crawler's undercarriages and it is replacing or refurbishing are an expensive and time-consuming task. Thus, some regions have started adopted usage of wheeled excavators in the construction projects majorly since 2010.
With growing infrastructure developments, across the world, the need for excavators identified in almost every construction project. Thus, many rental companies across the world continuously invest in purchasing new excavators to keep the average age of its excavator fleet at a potential of 2 to 3 years, to capture the wide customers demand, who are looking for advanced and efficient excavators.
The global construction industry is expected to witness significant growth in the coming years, with the good opportunities in infrastructure, residential, and non-residential sectors. Some of the major factors driving the market are increasing construction of multi-family houses (with the growing trend of nuclear families); and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways due to growing population and urbanization.
Asia-Pacific region is expected to be a major market propelling the global construction industry, with augmenting construction activities in countries, such as India and ASEAN countries (including Thailand, Singapore, Vietnam, and others). For instance, in India, the construction sector is one of the booming industries. The construction sector in the country is expected to grow twice as fast as China's till 2030, with the country's populations. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of an excellent infrastructure in the country. For instance -
Apart from the Asia-Pacific region, in Rest of the World, South Africa is also expected to witness high demand for construction tires, especially from the aftermarket sector.
In South Africa, owing to bad economic conditions and decreasing and exchange rate have been significantly impacting the construction industry in South Africa over a decade. The demand for compact construction equipment rental has been continuously growing in the country, owing to its low rental price as well as the capability to handle construction activities in the country. Thus, most of the rental equipment companies are planning to expand their rental fleet in the compact equipment. Thus, renting equipment has been a greater preference by most of the construction contractors in the country. Such growing initiatives in the construction industry in South Africa is likely to propel construction machinery rental companies to expand their fleet size and maintain a timely servicing of their existing machinery, which in turn may drive a potential demand for the tires from aftermarket consumers, during the forecast period.
Some of the major players dominating the market are Bridgestone Corp., Trelleborg AB, Continental Tires, Sumitomo Rubber Industries Ltd., Goodyear Tire & Rubber Company, and Michelin.