Increasing preference for better infrastructure facilities among the urban population has led to surge in the number of construction projects. With the growing urban population, demand for constructing commercial spaces, residential complexes, and multiplexes is expected to remain high.
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Growing need for constructing commercial and residential buildings has led to surge in demand for earthmoving equipment in the construction industry significantly. Increasing demand for earthmoving equipment such as loaders, excavators, and construction tractors is expected to rev up demand for the earthmoving equipment tyres in the construction industry.
According to Fact.MR, the global earthmoving equipment tyres market is expected to represent a value of over US$ 16,100 Mn by the end of 2026. In terms of volume, the global earthmoving equipment tyres market is expected to reach over 1,800 Mn units during the forecast period.
Increasing Number of Construction Projects to Boost Demand
As the requirement for developing infrastructure in various cities continues to remain high, the ruling authorities are increasingly investing on construction of roads, highways, flyovers, and buildings. Rise in the urban population has also led to increase in demand for building construction projects globally. In addition, government in various countries are developing strategies to accommodate majority of their citizens within the safe confines of residential complexes with enhanced infrastructure facilities. In order to encourage development of smart cities, the ruling authorities are allocating funds to incorporate smart technological solutions for flyover, highways, buildings, streets, and roads. Increasing number of construction projects in various countries will continue to rope in demand for earthmoving equipment, which in turn is expected to reflect positively towards growth of the global market.
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Intelligent Technological Advancements to Impact the Global Market Growth
As technological upgradation continues to remain the need of the hour, manufacturers are focusing on incorporating leading technological advancements in the earthmoving equipment globally. Through incorporation of the advanced technological features such as intelligent communication system in the earthmoving equipment tyres, the leading companies in the construction equipment industry are looking to expand their customer base and gain a competitive edge in the global market. Integration of the intelligent communication systems in the earthmoving equipment tyres allows the end users to monitor information regarding the diesel level, hydraulic oil filter clogging, engine oil pressure, and air filter clogging. Increasing integration of technological advancements in the earthmoving equipment tyres is expected to reflect positively towards growth of the global earthmoving equipment tyres market during the forecast period.
Radial Tyre to Represent a Leading Segment
Growing need for tracked vehicles for moving large objects or digging purposes has led to surge in demand for crawler excavator in the construction industry. On the basis of vehicle type, the backhoe loaders segment is expected to represent a significant revenue growth, accounting for a value of over US$ 4,400 Mn by the end of 2026. Also, the backhoe loaders segment is expected to register a healthy CAGR throughout the forecast period.
Based on tyre type, the radial segment is expected to generate significant revenues, recording a value of over US$ 7,100 Mn by the end of 2017. In addition, the radial tyres type segment is expected to register a robust CAGR during the forecast period.
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Competition Tracking
Leading market players operating in the global earthmoving equipment tyres market include Zodiac Aerospace Group, RECARO Aircraft Seating GmbH & Co. KG, B/E Aerospace, Inc, JAMCO Corporation, Aviointeriors S.p.A, Acro Aircraft Seating, Geven S.p.A, Mirus Aircraft Seating Ltd, Thompson Aero Seating Ltd, and ZANKER PROMOTION GMBH.
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