Construction Tire Market Set to Reach $1.72 billion by 2024, Fueled by Infrastructure Development and Smart City Initiatives
Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Construction Tire Global Market Report 2024" report has been added to * ResearchAndMarkets.com's* offering.
The construction industry stands on the brink of a transformation with the integration of innovative technologies and a surge in global infrastructure projects. A recently published market research report highlights the significant growth anticipated in the construction tire sector, reflecting the industry's adaptation to the evolving demands of construction practices and urban development.
*Key Insights and Market Trends*
The newest addition to our comprehensive market research portfolio showcases the construction tire market's ascent to a projected valuation of $1.72 billion in 2024, climbing at a resilient compound annual growth rate of 4.3%. Beyond the current scope, the market is further expected to burgeon to an impressive $2.05 billion by 2028, displaying a steady CAGR of 4.5%. This optimistic growth trajectory is attributed to a constellation of factors, including but not limited to economic resilience, flourishing infrastructure endeavors, and eco-friendly innovation within the industry.
*Driving Forces Behind the Market Expansion*
Digital transformation and smart city developments are prominent trends setting the pace for the construction tire market's outward journey. Smart cities leverage information and communication technology to elevate operational efficacy and revitalize urban infrastructure. These initiatives are key opportunities for the application of advanced construction tires, contributing significantly to the market's expansion.
Furthermore, infrastructure development acts as a catalyst for the growing demand for construction equipment tires. With initiatives such as the National Industrial Corridor Development Program, the spectrum of construction activities broadens, amplifying the need for high-quality construction tires.
*Product Innovation and Strategic Movements*
Amidst the competitive landscape, market leaders are propelling product innovation to align with the dynamically changing requirements of construction machinery. The introduction of intelligent tire solutions and specialized tires for elevated construction machinery denotes an industry at the forefront of technological evolution, ensuring optimal performance and safety.
The report also highlights key strategic moves by prominent players, including mergers and acquisitions that are shaping the market's future. Such endeavors not only strengthen companies' market position but also pave the way for a more concentrated effort toward product advancement.
*Regional Market Insights and Segmentation*
With the Asia-Pacific region commanding the largest share of the construction tires market in 2023, the report delves into meticulous regional analyses, presenting comprehensive insights into market performance across diverse geographies. Further segmentation by product category, equipment variety, tire size, and distribution channel provides an all-encompassing view of the marketplace.
This latest market research report is a vital resource for understanding the intricacies of the construction tire market. It furnishes stakeholders, decision-makers, and industry participants with a deep-dive analysis into current trends, forecasted growth, and strategic intelligence that casts light on the future landscape of the industry.
The insights and data offered in this report are instrumental for businesses and analysts to grasp the depth and breadth of the construction tire market's potential, as it continues to ascend on a trajectory of progressive growth and technological integration.
· Robust analysis of the global construction tire market size and forecasted growth.
· Comprehensive examination of key factors influencing market trends and expansion.
· In-depth regional market analyses and detailed segmentation.
As the construction tire market continues to adapt and grow, stakeholders can anticipate a wealth of opportunities arising from infrastructure developments and smart city projects that are set to redefine urban landscapes across the globe.
*A selection of companies mentioned in this report includes*
· Bridgestone Corporation
· Apollo Tyres Ltd.
· China National Tire & Rubber Co. Ltd.
· CEAT Ltd.
· Cooper Tire & Rubber Company
· Continental AG
· Hangzhou Zhongce Rubber Co. Ltd.
· Giti Tire
· Kumho Tire Co.Inc.
· Hankook Tire & Technology Co. Ltd.
· Nexen Tire Corporation
· Michelin
· Pirelli & C. S.p.A.
· Nokian Tyres Plc.
· Sumitomo Rubber Industries Ltd.
· Qingdao Fullrun Tyre Corp. Ltd.
· Balkrishna Industries Limited
· Double Coin Tyre Group Ltd.
· Prometeon Tyre Group S.R.L.
· The Goodyear Tire & Rubber Company
· Titan International Inc.
· Trelleborg AB
· Triangle Group Co. Ltd.
· Yokohama Tire Corporation
· Otani Tire Co. Ltd.
· Linglong Tire Co. Ltd.
· Guizhou Tyre Co. Ltd.
· Shandong Linglong Tire Co. Ltd.
· Sailun Group Co. Ltd.
· Kenda Rubber Industrial Co. Ltd.
· Techking Tires Ltd.
· Birla Tyres
For more information about this report visit https://www.researchandmarkets.com/r/g442ir
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