Earthmoving Equipment Tyres Market Growth Focusing on Trends & Innovations during the Period Until 2026

Posted on 2019-10-07 by Mark Hub in Automotive // 0 Comments

Manufacturers of standard earthmoving equipment tyres are focusing on including advanced features such as cushion holes, better sidewalls, advanced rims, and shock absorption. Along with providing earthmoving equipment tyres, manufacturers are also focusing on offering additional services including repairing, refurbishing, maintenance, remanufacturing, and rental services. Increasing use of technology for achieving increased durability including resistance to heat and reduced rolling resistance is also likely to create an opportunity for manufacturers. With the growing trend of real-time tracking, off-the-road tire manufacturers are also moving towards providing real-time monitoring facility to monitor the overall working condition of the tyres. Also, the trend of retreading instead of tire replacement is gaining momentum, as retreading of tire can help fleet operators reduce operating cost and is also cheaper than replacing tyres.

As per the report by Fact.MR, the global earthmoving equipment tyres market is expected to witness moderate growth, growing at a CAGR of 4.0% in terms of value during the forecast period. The global earthmoving equipment tyres market is also estimated to bring in US$ 16,128.0 million in terms of value by the end of 2026. Meanwhile, in terms of volume, the market is projected to reach 1,884 million units by 2026 end. With advances in automation, the manufacturing process of tyres, especially earthmoving equipment tyres has accelerated. There has been an increase in construction and infrastructure projects globally and earthmovers are being used on a large scale in the construction industry. Hence, driving the demand for earthmoving equipment tyres. Below are the insights on how the global earthmoving equipment tyres market will perform in the coming years.

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5 Forecast Highlights on Global Earthmoving Equipment Tyres Market

Asia Pacific Excluding Japan (APEJ) is likely to lead the global market for earthmoving equipment tyres between 2017 and 2026. By the end of 2026, APEJ is projected to reach nearly US$ 4,800 million revenue. In APEJ region, China is one of the leading manufacturers of off-road-vehicles and also accounts for maximum sales. Meanwhile, India, Malaysia, and Thailand are also witnessing increasing sales of off-the-road vehicles and tyres.
Backhoe loaders are expected to emerge as the highly preferred vehicle type between 2017 and 2026. By the end of 2026, backhoe loaders are estimated to bring in close to US$ 4,400 million revenue.
Compared to the bias tyre type, radial tyre type is expected to gain maximum traction in the global earthmoving equipment tyres market. Radial tyres are estimated to reach nearly US$ 10,900 million revenue by 2026 end.
Rim size of 35-50 inch is expected to be used on a large scale in the global market for earthmoving equipment tyres. Towards 2026 end, 35-50 inch rim size is estimated to exceed US$ 5,800 million revenue.
Sales of earthmoving equipment tyres through aftermarket sales channel is likely to be the highest during 2017-2026. Aftermarket sales channel is projected to create an incremental opportunity of over US$ 3,200 million between 2017 and 2026.

The report has also profiled leading players in the global market for earthmoving equipment tyres, which will remain active through 2026. These include companies such as ZANKER PROMOTION GMBH, Thompson Aero Seating Ltd, Mirus Aircraft Seating Ltd, Geven S.p.A, Acro Aircraft Seating, Aviointeriors S.p.A, JAMCO Corporation, B/E Aerospace, Inc., RECARO Aircraft Seating GmbH & Co. KG, and Zodiac Aerospace Group.

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Market Taxonomy

Region	Vehicle Type	Tyre Type	Rim Size	Sales Channel
North America	Crawlers	Radial	Up to 20 in	OEM Sales
Latin America	Mini Excavaters	Bias	20–35	Aftermarket
Europe	Backhoe Loaders		35–50
Japan	Compact Loaders		50–65
APEJ	Skid Steer Loaders		Above 65
MEA	Doazers
	Wheeled Tractors
	Motor Graders

Increasing Number of Construction Projects to Boost Demand

As the requirement for developing infrastructure in various cities continues to remain high, the ruling authorities are increasingly investing on construction of roads, highways, flyovers, and buildings. Rise in the urban population has also led to increase in demand for building construction projects globally. In addition, government in various countries are developing strategies to accommodate majority of their citizens within the safe confines of residential complexes with enhanced infrastructure facilities. In order to encourage development of smart cities, the ruling authorities are allocating funds to incorporate smart technological solutions for flyover, highways, buildings, streets, and roads. Increasing number of construction projects in various countries will continue to rope in demand for earthmoving equipment, which in turn is expected to reflect positively towards growth of the global market.

Intelligent Technological Advancements to Impact the Global Market Growth

As technological upgradation continues to remain the need of the hour, manufacturers are focusing on incorporating leading technological advancements in the earthmoving equipment globally. Through incorporation of the advanced technological features such as intelligent communication system in the earthmoving equipment tyres, the leading companies in the construction equipment industry are looking to expand their customer base and gain a competitive edge in the global market. Integration of the intelligent communication systems in the earthmoving equipment tyres allows the end users to monitor information regarding the diesel level, hydraulic oil filter clogging, engine oil pressure, and air filter clogging. Increasing integration of technological advancements in the earthmoving equipment tyres is expected to reflect positively towards growth of the global earthmoving equipment tyres market during the forecast period.

Radial Tyre to Represent a Leading Segment

Growing need for tracked vehicles for moving large objects or digging purposes has led to surge in demand for crawler excavator in the construction industry. On the basis of vehicle type, the backhoe loaders segment is expected to represent a significant revenue growth, accounting for a value of over US$ 4,400 Mn by the end of 2026. Also, the backhoe loaders segment is expected to register a healthy CAGR throughout the forecast period.

Based on tyre type, the radial segment is expected to generate significant revenues, recording a value of over US$ 7,100 Mn by the end of 2017. In addition, the radial tyres type segment is expected to register a robust CAGR during the forecast period.

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By rim size, the 35-50 segment is expected to witness the highest revenue growth, accounting for a value of over US$ 5,800 Mn by the end of 2026. Moreover, the 35-50 rim size segment is expected to register the highest CAGR throughout the forecast period.

On the basis of sales channel, the aftermarket segment is expected to represent a robust revenue growth, recording a value of over US$ 6,300 Mn by the end of 2017. On the other hand, the aftermarket sales channel segment is expected to register a significant CAGR during the forecast period.

Competition Tracking

Leading market players operating in the global earthmoving equipment tyres market include Zodiac Aerospace Group, RECARO Aircraft Seating GmbH & Co. KG, B/E Aerospace, Inc, JAMCO Corporation, Aviointeriors S.p.A, Acro Aircraft Seating, Geven S.p.A, Mirus Aircraft Seating Ltd, Thompson Aero Seating Ltd, and ZANKER PROMOTION GMBH.

About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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