In its latest report, Fact.MR provides compelling insights into factors influencing sales in the global earthmoving equipment tyres market. It studies in detail about various growth drivers and restraints impacting the demand across key segments including vehicle type, tyre type, rim size, sales channel, and region.
Rockville , March 16, 2023 (GLOBE NEWSWIRE) — Fact.MR – A Market Research and Competitive Intelligence Provider: The global earthmoving equipment tyres market is expected to reach US$ 13 billion in 2023. Over the next ten years, global earthmoving equipment tyre sales will surge at 4.2% CAGR. This will take the global market size to US$ 19.7 billion by 2033.
Rise in mining and construction activities worldwide is providing a strong impetus to the global earthmoving equipment tyres market.
In recent years, there has been an increase in mining and construction activities. This in turn is generating high demand for machinery such as excavators, backhoes, and crawlers. Driven by this, sales of earthmoving equipment tyres will rise at a steady pace.
Earthmoving equipment tyres have become essential components of modern earthmoving machinery. These specialized tyres can withstand different surfaces. For instance, they can work normally on rocky and muddy terrains.
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Increasing sales of earthmoving equipment due to urbanization & industrialization will boost the market. Rising government investments and initiatives for smart city projects is likely to fuel demand.
Large amounts are being spent on developing and expanding public infrastructure. For instance, the Saudi government plans to build six mega-business cities & about 800 new factories to create jobs and housing. This is fueling adoption of earthmoving tyres which will eventually trigger earthmoving equipment tyre sales.
Leading earthmoving equipment tyre manufacturers are launching new advanced products. They are also establishing new tyre recycling facilities to reduce environmental impact. This will help them to gain a competitive edge in the market.
Surging need for increased connectivity and improved transportation options will boost the market. Growing globalization will also create a favorable setting for foreign direct investment. This will support expansion of earthmoving equipment tyres market.
Demand remains especially high for radial tyres in the market. This is due to their longer lifespan and better heat dissipation characteristics. The target segment held 2/5th of revenue share in the global earthmoving equipment market in 2022.
Asia Pacific is likely to dominate the global earthmoving equipment tyres industry. Growth in the region is due to rapid expansion of industries such as mining, construction, and agriculture.
Demand will also rise at a healthy pace across Europe and North America. This is attributed to high adoption of advanced earthmoving equipment.
Key Takeaways:
- Global earthmoving equipment tyre sales are set to rise at 4.2% CAGR between 2023 and 2033.
- By tyre type, radial tyres segment accounted for around 40% share of the market in 2022.
- By sales channel, OEM segment is likely to generate lucrative revenues through 2033.
- The United States will remain a lucrative earthmoving equipment tyres market.
- Earthmoving equipment tyre demand across Japan is likely to surge at a steady pace.
- Europe will hold a significant share of the global earthmoving equipment tyres industry by 2033.
Growth Drivers:
- Increasing investments in infrastructure development will boost the earthmoving equipment tyres market.
- Rise in smart city projects by government will propel earthmoving equipment demand.
- Expanding mining activities worldwide is likely to bolster earthmoving equipment tyre sales.
- Development of new tyres with durable and eco-friendly features will support market expansion.
Restraints:
- High cost of earthmoving equipment as well as tyres is limiting the sales in the market.
- Growing popularity of track loaders might reduce earthmoving equipment tyre demand.
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Competitive Landscape:
Substantial investments in research and development are being made by manufacturers to develop new efficient products. They are focused on reducing their carbon footprint. Acquisitions, partnerships, mergers, and collaborations are other strategies adopted by leading companies
Bridgestone, Toyo Tire & Rubber, Yokohama Tires, Michelin, and Pirelli & C. S.p.A are the key players holding a significant share of the earthmoving equipment tyres market.
Recent Developments,
- In October 2022, two radial tyres for compact construction equipment were introduced by Apollo Tyres. These include Pro 1044 and 1045.
- In March 2020, K-Tec Earthmovers Inc., a Canada-based company that manufactures effective earthmoving scrapers for mining and construction sites, merged with earthmoving equipment manufacturer Ashland Industries.
- In January 2023, SA20 team Sunrisers Eastern Cape signed a contract with India-based multinational tire manufacturer BKT Tires.
- In September 2022, BKT launched its new Multimax MP 538 tires for telehandlers. BKT Tires expanded OTR segment tire range with the new BKT Multimax MP 538.
Key Companies Profiled by Fact. MR
- Bridgestone Corporation
- Toyo Tire & Rubber Co. Ltd
- Yokohama Tire Corporation
- Michelin Corporation
- Pirelli & C.S.p.A.
- Hankook Tire Co. Ltd
- Cooper Tire & Rubber Co.
- Continental AG
- Goodyear Tire and Rubber Company
- Sumitomo Corporation
More Valuable Insights on Earthmoving Equipment Tyres Market
In the up-to-date study, Fact.MR offers a detailed study of the global earthmoving equipment tyres market for the forecast period of 2023 to 2033. This study also highlights key drivers impacting the sales of earthmoving equipment tyres through detailed segmentation as follows:
Vehicle Type:
- Crawlers
- Mini Excavators
- Backhoe Loaders
- Compact Loaders
- Skid Steer Loaders
- Dozers
- Wheeled Tractors
- Motor Graders
Tyre Type:
- Radial
- Bias
Rim Size:
- Up to 20 in
- 20 to 35 in
- 35 to 50 in
- 50 to 65 in
- Above 65 in
Sales Channel:
- OEM Sales
- Aftermarket
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Earthmoving Equipment Tyres Market Report
- What is the projected value of the earthmoving equipment tyres market in 2023?
- At what rate will the global earthmoving equipment tyres market surge until 2033?
- Which are the factors hampering the development of the earthmoving equipment tyres market?
- Which region is expected to lead in the global earthmoving equipment tyres market from 2023 to 2033?
- Which are the factors driving the earthmoving equipment tyres market during the forecast period?
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