Construction Equipment Tire Market – Global Upcoming Trends, Growth Drivers, Opportunities and Challenges to 2030

The increase in investments made by government in developed and developing countries for infrastructure development projects is anticipated to drive growth of the market. An upsurge in government spending is expected to propel demand for construction equipment, in turn, boosting demand for construction equipment tire market. However, construction sector is facing a slow-down owing to the challenges faced by COVID-19, thereby affecting the sales of new construction equipment. This, in turn, is hampering the growth of construction equipment tire market.

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The COVID-19 pandemic has brought about several changes for construction equipment manufacturers and the industry as a whole. Manufacturers have temporarily shut down their manufacturing plants and the demand for construction equipment tire is witnessing a downturn. This has also restricted the movement of goods from one place to another due to disruption in the supply chain. The impact on market is continuing to fluctuate as the sale of new equipment has come to a standstill. This is impacting the growth of the market as tire sales is contingent to the sale of construction equipment.

Moreover, companies are witnessing decline in their revenue, which is also affecting production activity due to high investment nature of the industry. This is likely to negatively impact the sale of new construction equipment tire, owing to lowering demand for new machines, in turn limiting growth of the construction equipment tire market. However, the demand is expected to escalate by 2021 when global economy will start regaining stability owing to the investment in infrastructure development. Therefore, in long run, the global construction equipment tire market is poised to generate significant opportunities.

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Construction Equipment Tire Market: Market Segmentation

For a better understanding, global construction equipment tire market is being studied under construction machinery, tire type, sales channel & region.

Based on the construction machinery, the construction equipment tire market can be segmented as:

• Excavator
• Crawlers
• Mini Excavator
• Loader
• Dozers
• Others

Based on the tire type, the construction equipment tire market can be segmented as:

• Radial
• Bias
• Solid

Based on the sales channel, the construction equipment tire market can be segmented as:

• OEM
• Aftermarket

Based on the region, the construction equipment tire market can be segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa (MEA)

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