Engineering Machinery Tire Market Research Report 2025
According to trusted estimates, global engineering machinery tire market is expected to witness a strong CAGR during 2020-2025. Inflowing investments in infrastructure development, rapid industrialization and urbanization, and increasing number housing and construction projects are among the major factors contributing to the demand for construction vehicles, in turn stimulating the growth of engineering machinery tire market.
Soaring volume of freight owing to increase of manufacturing operations in developing countries such as India and South Africa is driving the sales of heavy-duty vehicles, which in turn is boosting the demand for engineering machinery tires. Growing focus among fleet managers and operators to opt for retread on account of its low cost as compared to tire replacements will propel the market growth. Rising automation across various industries such as construction, mining, and agriculture will further enhance the business scenario over the forecast timeline.
Based on the type, global engineering machinery tire industry is bifurcated into bias tire and radial tire. The latter segment is expected to witness an escalated demand over the next five years, owing to various advantages of radial tires over bias tires such as lower fuel consumption, less ground compaction and damage, higher productivity due to minimal transversal slip, and an extended lifespan.
Speaking of the application spectrum, engineering machinery tire industry is split into heavy dump truck, grader, crane, loader, and others. Expansion of mining industry due to rising demand for precious metals, coal, and oil is supporting the demand for heavy dump trucks. High performance and payload capacity of over 6500 pounds are bolstering adoption of these trucks, thereby favoring the overall market share.
As per the regional analysis, US, Canada, Mexico, Germany, France, UK, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil, Saudi Arabia, Argentina, Turkey, Egypt, and South Africa are the key contributors of global engineering machinery tire market.
Engineering machinery tire industry in Asia Pacific is expected to register a momentous growth through 2025, owing to the booming construction sector in developing nations like India, Thailand, Vietnam, and Singapore. Citing an instance, the Indian government has pledged to invest USD 376.5 billion over the next three years towards infrastructure development, with USD 120.5 billion allocated for developing 27 industrial clusters and USD 75.3 billion for the construction of roads, railways, and ports. Furthermore, escalating vehicle sales in tandem with rising traffic congestion is urging the government to expand the roadways. These factors coupled with dense presence of major tire manufacturers in the region are contributing to the growth of APAC engineering machinery tire market.
Goodyear, Double Coin, Doublestar, China National Tyre & Rubber, Linglong Tire, Eurotire, Pirelli, Giti, Alliance Tire Group, Bridgestone, Yokohama Tire, Cheng-Shin Rubber, Prinx Chengshan, Fujian Haian Rubber, Xuzhou Xugong, Triangle, BKT, Shandong Yinbao, Techking Tires, Shandong Taishan Tyre, Belshina, Continental, MRF, and Titan are the prominent players of global engineering machinery tire market.