Low Rolling Resistance Tire Market Share

Low Rolling Resistance Tire Market Share Analysis

The construction sector is undergoing a transformative phase, embracing advanced technologies to boost efficiency and productivity. Technologies such as artificial intelligence, which facilitates the visualization of pre-construction projects, are making significant contributions to construction activities worldwide. Additionally, the widespread adoption of construction management software and the increased use of modular and prefabricated products are further elevating the construction industry globally.

One key component contributing to enhanced construction practices is the growing utilization of off-road tires in vehicles essential for construction projects worldwide. These off-road tires, integrated into heavy and earth-moving equipment like backhoe loaders, scrapers, dump trucks, and motor graders, provide heightened traction and reliability in extreme operating conditions, thereby amplifying the industry's market share. The shift in consumer preference from conventional tires to off-road tires for construction activities, driven by the desire to improve operational efficiency, is expected to propel the volume share of off-road tires on a global scale.

Substantial investments by both the public and private sectors are playing a pivotal role in the expansion of the construction industry, consequently boosting the growth of the off-road tires market. Large-scale construction projects, particularly those requiring vehicles equipped with off-road tires, are becoming increasingly prevalent. Noteworthy examples include Apple Inc.'s announcement in December 2018 of a USD 1 billion investment for a new project in Austin, Texas. Similarly, Google LLC unveiled a USD 600 million data center construction project in April 2018, involving construction vehicles equipped with off-road tires throughout the forecast period.

The Middle East & Africa region is witnessing a surge in construction operations and projects, fueled by substantial support from foreign investors. China, a major financier in African infrastructures through initiatives like the Belt and Road Initiative (BRI), is playing a crucial role in fostering construction growth. The expanding global construction industry's demand for construction vehicles equipped with off-road tires is anticipated to drive the overall expansion of the global off-road tires market during the study period. This trend underscores the vital role off-road tires play in supporting construction activities across diverse geographical landscapes.