Earthmoving Equipment Tyres Market

Earthmoving Equipment Tyres Market Study by Radial and Bias Tyres for Crawlers, Mini Excavators, Backhoe Loaders, Skid Steer Loaders, Dozers, Tractors, and Motor Graders from 2023 to 2033

Analysis of Earthmoving Equipment Tyres Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Earthmoving Equipment Tyres Market Outlook (2023 to 2033)

At present, global demand for earthmoving equipment tyres is valued at US$ 13 billion and is expected to increase at 4.2% CAGR from 2023 to 2033. By the end of 2033, the global earthmoving equipment tyres market is forecasted to attain a valuation of US$ 19.7 billion.

Earthmoving equipment is typically heavy equipment that is designed to perform operations such as digging, excavations, landscaping, etc. This type of equipment is extensively used in construction, mining, and agricultural applications in uneven terrain, which require highly durable and robust tyres.

Earthmoving equipment tyres are specialized tyres made specifically for rough use in sectors such as off-road construction, mining, forestry, and agriculture. Rapid industrialization and urbanization around the world have led to a noticeable increase in the use of earthmoving machines, which has subsequently bolstered the demand for earthmoving equipment tyres.

Growing use of earthmoving equipment such as excavators, backhoe loaders, construction tractors, crawlers, etc. is also anticipated to uplift sales of earthmoving equipment tyres in the future. Increasing investments in infrastructure development and the launch of new residential and commercial construction projects around the world are also projected to promulgate shipments of earthmoving equipment tyres over the coming years.

Increasing focus on sustainability and waste reduction around the world is projected to create a new opportunity for earthmoving equipment tyre manufacturers in the name of recycling. Prime earthmoving equipment tyre companies are focusing on opening up new recycling facilities and reducing their overall impact on the environment by preventing the rubber from ending up in landfills.

  • In February 2021, Michelin, a French multinational tyre manufacturer, collaborated with a Swedish company called Enviro, to launch the construction of its first tyre recycling plant based in Chile. The plant intended to use Enviro’s patented technology that recovers steel, gas, oil, and carbon black from end-of-life tyres. The plant was estimated to process and recycle around 30,000 tons of earthmover tyres.
  • Eco Green Equipment, a tyre recycling company based in the United States is developing and manufacturing next-generation tyre recycling equipment to create a more sustainable ecosystem for end-of-life tyres from earthmovers, agricultural equipment, heavy vehicles, etc.

Technological advancements in earthmoving tyre manufacturing are also projected to favour market development throughout the forecast period. On the contrary, the high costs of earthmover tyres and the lack of skilled operators for earthmoving machines are anticipated to disrupt the earthmoving equipment tyres market evolution over the next ten years.

A comprehensive account of local supply, product standards, supply chain management, safety regulations, and other factors affecting market growth on a regional and global level has been discussed thoroughly in this recently updated earthmoving equipment tyres market research report by Fact.MR, a market research and competitive intelligence provider.

Report Attributes

Details

Earthmoving Equipment Tyres Market Size (2023)

US$ 13 Billion

Projected Market Value (2033F)

US$ 19.7 Billion

Global Market Growth Rate (2023 to 2033)

4.2% CAGR

Market Share of Radial Tyres (2022)

>40%

Key Companies Profiled

  • 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

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How are Start-ups Reinventing Earthmoving Equipment Tyres?

“Innovation - Key Ingredient for Creation of Revolutionary Tyres”

Aspiring earthmoving equipment tyre companies are focusing on developing new and innovative products and solutions that make them stand out in the crowd of established market players. New earthmoving equipment tyre suppliers are focusing on evolving trends in the automotive industry and coupling them with robust research and development to hasten the launch of novel solutions.

  • Global Air Cylinder Wheels (GACW), a new company based in Arizona, is reinventing the wheel and focusing on eliminating the use of rubber. The start-up is making tyres with steel and it has dubbed the new tyre as Air Suspension Wheel (ASW). The mechanical wheel features an air suspension system that blows air into the flexible bellows that enable the tyre to grip the road and prevent passengers from falling out of their seats. The company is currently focusing on heavy equipment tyres for mining and off-road construction applications.
  • Qamcom Group, Volvo Group, and Roman Lustin, a former Volvo Group engineer, came together to form a new venture called Fyrqom AB. The start-up is the brainchild of Roman Lustin who got the idea of an automated calibration system for tire pressure monitoring systems in heavy-duty vehicles. The company senses the immense potential for this in the future as legal demand for the installation of tire pressure monitoring systems in heavy vehicles increases from 2024.

This latest earthmoving equipment tyres market research report by Fact.MR proffers a comprehensive assessment of how new developments by start-ups are influencing product standards and pricing trends on a global level.

Earthmoving Equipment Tyres Market Forecast by Fact.MR

Country-wise Insights

Which Country Leads Earthmoving Equipment Tyre Demand in North America?

“United States to Spearhead Regional Market Development through 2033”

Increasing construction projects in the residential sector of the United States are projected to primarily influence demand for earthmoving equipment tyres over the coming years. Moreover, the presence of key mining companies and surging mining activity in the United States are also predicted to boost earthmoving equipment tyre shipments throughout the forecast period.

  • Cleveland-Cliffs Inc., Newmont Mining Corp., and Freeport-McMoRan Inc. are the three top companies in the United States mining industry landscape at present.

Increasing adoption of advanced agricultural machinery in the country by farmers is also projected to bolster demand for earthmover tyres over the coming years.

Why are Sales of Earthmoving Equipment Tyres Increasing in Japan?

“Rising Investments in Infrastructure Development”

The construction industry is the prime driver for earthmoving equipment tyre shipments in Japan at present. Frequent incidences of natural disasters such as earthquakes and floods in the country have rejuvenated the stagnant construction industry in recent years and this is projected to primarily influence demand for earthmover tyres in the country going forward. Moreover, the launch of new construction projects for events such as the Olympics and World Expo has also bolstered the use of earthmoving machines and resulted in high demand for vehicle tyres.

The presence of key tyre manufacturers and robust growth of the construction industry are slated to influentially promulgate earthmoving equipment tyre sales in Japan over the next ten years. Demand for heavy equipment tyres from precious metal mining operations is also expected to contribute to market growth in the country through 2033.

Should Earthmoving Equipment Tyre Manufacturers Invest in European Countries?

“Surging Mining Activity to Offer Bankable Market Opportunities”

The abundance of natural resources in European countries such as Poland, Sweden, Ireland, Austria, etc. makes the European region a highly lucrative one for the mining industry and thus, drives the demand for earthmoving equipment tyres. Increasing focus on infrastructure development and growing construction activity in the residential sector are also anticipated to uplift sales of earthmover tyres and truck tyres in most European countries over the coming years.

High focus on sustainability and the implementation of stringent mandates regarding the conservation of the environment are also expected to create new opportunities for earthmoving equipment tyre manufacturers in Europe. Recycling earthmoving machine tyres are anticipated to be a popular trend in European countries in the future.

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Category-wise Insights

Sales of Which Type of Earthmoving Equipment Tyre are Faring Well?

“Radial Tyres to Account for Commanding Market Share”

Based on product type, the earthmoving equipment tyres market is segmented into radial and bias.

Radial tyres currently account for the majority of market share in the global landscape and are anticipated to maintain a similar stance across the forecast period. Radial tyres have a longer life than any other tyre type and they have better heat dissipation characteristics, which prevent the tyre from overheating at high speeds. They also have less rolling resistance, which improves fuel efficiency, and have flexible sidewalls which protect the interior of the tyre.

  • Radial tyres accounted for more than 40% share of the earthmoving equipment tyres market in 2022.

Competitive Landscape

Prime earthmoving equipment tyre manufacturers are focusing on launching new products that help them expand their sales potential and gain a competitive advantage over other market players.

  • In January 2023, Balkrishna Industries (BKT), a leading multinational Indian company, announced the launch of two new EARTHMAX tyres at the Bauma CONEXPO India. The newly launched tyres are specifically designed for Indian industry use and are being branded as ‘Made for India’.
  • In February 2023, the American business arm of Japanese tyre manufacturer Bridgestone, announced the launch of a new all-position radial tyre ‘M863’ for off-highway and on-highway use. The tyre can be used for dump trucks, construction fleets, logging trucks, concrete mixers, etc.

Additional information about new developments by leading earthmoving equipment tyre vendors and how they are influencing future pricing trends and other aspects of the product have been mentioned extensively in this latest Fact.MR market research survey.

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Earthmoving Equipment Tyres Industry Research Segments

  • By Vehicle Type :

    • Crawlers
    • Mini Excavators
    • Backhoe Loaders
    • Compact Loaders
    • Skid Steer Loaders
    • Dozers
    • Wheeled Tractors
    • Motor Graders
  • By Tyre Type :

    • Radial
    • Bias
  • By Rim Size :

    • Up to 20 in
    • 20 to 35 in
    • 35 to 50 in
    • 50 to 65 in
    • Above 65 in
  • By Sales Channel :

    • OEM Sales
    • Aftermarket
  • By Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

- FAQs -

How big is the earthmoving equipment tyres market?

The global earthmoving equipment tyres market stands at US$ 13 billion in 2023.

What is the projected market size for earthmoving equipment tyres by 2033?

Earthmoving equipment tyre shipments are projected to reach US$ 19.7 billion by 2033-end.

At what rate will earthmoving equipment tyre demand rise?

From 2023 to 2033, sales of earthmoving equipment tyres are forecasted to increase steadily at 4.2% CAGR.

Which type of tyre accounts for a major market share?

Radial tyres accounted for more than 40% share of the global market in 2022.

Who are the key earthmoving equipment tyre manufacturers?

Leading earthmoving equipment tyre manufacturing companies are Bridgestone Corporation, Michelin Corporation, Pirelli & C. S.p.A., and Continental AG.

Earthmoving Equipment Tyres Market