Increase in Government Spending on New Projects to Drive Demand for Construction Equipment Tire Marke
The increase in investments made by government in developed and developing countries for infrastructure development projects is anticipated to drive growth of the market. An upsurge in government spending is expected to propel demand for construction equipment, in turn, boosting demand for construction equipment tire market. However, construction sector is facing a slow-down owing to the challenges faced by COVID-19, thereby affecting the sales of new construction equipment. This, in turn, is hampering the growth of construction equipment tire market.
Furthermore, growing efforts by government to build highways, dams, railway, and roads as part of developing smart cities in the areas of energy, mobility, and government projects is expected to drive demand for construction equipment, thereby contributing significantly to the construction equipment tire market growth. Moreover, the spending in construction sector follows the overall GDP growth of the country, therefore government across the globe are taking initiatives to improve the country’s infrastructure and to stabilize the economic condition. Thus, the construction industry across the globe is expected to present significant demand for construction equipment such as crawler excavators, dozers, compact track loaders, and crawler cranes. This in turn is anticipated to trigger the need for construction equipment tire, consequently driving their demand and sales during the forecast period.
COVID-19 Impact on the Global Construction Equipment Tire Market
The COVID-19 pandemic has brought about several changes for construction equipment manufacturers and the industry as a whole. Manufacturers have temporarily shut down their manufacturing plants and the demand for construction equipment tire is witnessing a downturn. This has also restricted the movement of goods from one place to another due to disruption in the supply chain. The impact on market is continuing to fluctuate as the sale of new equipment has come to a standstill. This is impacting the growth of the market as tire sales is contingent to the sale of construction equipment.
Moreover, companies are witnessing decline in their revenue, which is also affecting production activity due to high investment nature of the industry. This is likely to negatively impact the sale of new construction equipment tire, owing to lowering demand for new machines, in turn limiting growth of the construction equipment tire market. However, the demand is expected to escalate by 2021 when global economy will start regaining stability owing to the investment in infrastructure development. Therefore, in long run, the global construction equipment tire market is poised to generate significant opportunities.
Construction Equipment Tire Market: Market Segmentation
For a better understanding, global construction equipment tire market is being studied under construction machinery, tire type, sales channel & region.
Based on the construction machinery, the construction equipment tire market can be segmented as:
- Mini Excavator
Based on the tire type, the construction equipment tire market can be segmented as:
Based on the sales channel, the construction equipment tire market can be segmented as:
Based on the region, the construction equipment tire market can be segmented as:
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
Regional Analysis: Asia-Pacific Region to Remain Kingpin in Construction Equipment Tire Market
The high population in China and India have resulted in an increased number of government projects such as airports, renewable energy projects, and roads among others. For instance, The One Belt One Road project by China for improving connectivity and cooperation among multiple countries in Asia, Africa, and Europe is one such initiative by the government of China. Such projects in the region are foreseen to strengthen the demand for construction equipment, thereby offering lucrative opportunities for the global construction equipment market growth.
Moreover, rental & leasing services offered by equipment manufacturers in Asia to drive sales of construction equipment tire as manufacturers will need to maintain the machine regularly, particularly the tire, which plays a crucial role in the equipment. Such factors are foreseen to boost the demand for construction equipment tire.
Global Construction Equipment Tire Market Competitive Landscape
Some of the players in the construction equipment tire market are Caterpillar Inc., Magna Tyres Group, Camso, Michelin, McLaren Industries, Continental AG, GRI Tires, Titan International Inc., Nokian Tyres plc. Bridgestone Corporation, and Trelleborg AB, among others. These market players are focusing on new product launches and increasing their product portfolio to gain a competitive advantage. For instance, GRI launched the GRIPEX LT122, designed for heavy-duty loader applications which is puncture resistance and durability for less downtime in operations.
The research report presents a comprehensive assessment of the Construction Equipment Tire Market and contains deep insights, facts, historical and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Construction Equipment Tire Market segments such as by construction machinery, tire type, sales channel & region.
The Construction Equipment Tire Market report covers exhaustive analysis on:
- Construction Equipment Tire Market Segments
- Construction Equipment Tire Market Dynamics
- Construction Equipment Tire Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis for Construction Equipment Tire Market includes:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (EU-4, BENELUX, France, U.K., Spain, Germany, Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Oceania (India, Malaysia, Thailand, Indonesia, Australia & Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, Turkey, South Africa, & Rest of MEA)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on Construction Equipment Tire Market segments and geographies.
- Detailed overview of parent market
- Changing Construction Equipment Tire Market dynamics in the industry
- In-depth Construction Equipment Tire Market segmentation
- Historical, current and projected Construction Equipment Tire Market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key Construction Equipment Tire Market players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on Construction Equipment Tire Market performance
- Must-have information for Construction Equipment Tire Market players to sustain and enhance their market footprint.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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