Construction Machinery Tires Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The global construction industry is expected to witness significant growth in the coming years, with good opportunities in the infrastructure, residential, and non-residential sectors. Some of the major factors driving the market are increasing construction of multi-family houses (with the growing trend of nuclear families); and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways, due to growing population and urbanization.

The Asia-Pacific region is expected to be a major market propelling the global construction industry, with augmenting construction activities in countries, such as India and ASEAN countries (including Thailand, Singapore, Vietnam, and others). For instance, in India, the construction sector is one of the booming industries. The construction sector in the country is expected to grow twice as fast as China’s until 2030, with the country’s populations. The infrastructure sector is an important pillar for the growth of the Indian economy. The government is taking various initiatives to ensure time-bound creation of excellent infrastructure in the country. For instance –

• The Indian government has announced a target of USD 376.5 billion investment in infrastructure over a period of three years, including USD 120.5 billion for developing 27 industrial clusters and USD 75.3 billion for road, railway, and port connectivity projects. Indian roadways are the second-largest in the world. Owing to the increasing number of vehicles and traffic, the government is planning to further extend the roadways in the coming years.
• Growing investments in the infrastructure sector and other strategic initiatives of the government are expected to boost the construction sector in the country, in turn , propelling the demand for construction machinery tires from the aftermarket sector.

Apart from Asia-Pacific region, in Rest of the World, South Africa is also expected to witness high demand for construction tires, especially from the aftermarket sector.

In South Africa, owing to bad economic conditions and decreasing rand exchange rate have been significantly impacting the construction industry in South Africa over a decade. The demand for compact construction equipment rental has been continuously increasing in the country, owing to its low rental price, as well as the capability to handle construction activities in the country. Thus, most of the rental equipment companies are planning to expand their rental fleet in compact equipment. Thus, renting an equipment has been a greater preference by most of the construction contractors in the country. Such growing initiatives in the construction industry in South Africa is likely to propel construction machinery rental companies to expand their fleet size and maintain a timely servicing of their existing machinery, which, in turn, may drive a potential demand for the tires from aftermarket consumers, during the forecast period.