Increasing preference for better infrastructure facilities among the urban population has led to surge in the number of construction projects. With the growing urban population, demand for constructing commercial spaces, residential complexes, and multiplexes is expected to remain high. Growing need for constructing commercial and residential buildings has led to surge in demand for earthmoving equipment in the construction industry significantly. Increasing demand for earthmoving equipment such as loaders, excavators, and construction tractors is expected to rev up demand for the earthmoving equipment tyres in the construction industry.
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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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.
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.
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Earthmoving Equipment Tyres Market Expected to Witness the Highest Growth by 2026
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