Tires are an integral part of industrial vehicles such as forklifts, tractors, excavators, road rollers, and bucket loaders. Industrial tires are specially designed to withstand working conditions encountered by vehicles such as forklifts. These tires have a smooth profile and excavators and tractors generally have a heavy tread profile. Some industrial tires are designed to resist damage from chemicals, oils, and other materials that can destroy the tire.
Demand for industrial tires is anticipated to expand during the forecast period owing to rising industrialization, specifically in developing countries such as China and India. Rise in per capita income, globally, has boosted the production of industries. Industrial vehicles such as tractors and forklifts are utilized for loading, unloading, and smooth transportation of products. Therefore, increasing production of industries is likely to boost the demand for industrial tires. Retreading of the tire is likely to hamper the industrial tire market, as retreading of tires enhances the life of older tires and reduces the demand for new tires.
The industrial tire market can be segmented based on tire ply, tire type, belt, design, vehicle, and region. In terms of tire ply, cross ply is likely to be a leading segment of the industrial tire market owing to the heavy load carrying capacity of cross ply tires. Popularity of radial tires has risen in the last few years; however, cross ply tires are preferred over radial tires for industrial applications.
Based on tire type, pneumatic tire is expected to be a prominent segment, as it enhances fuel economy and boosts the speed of the vehicle. Solid tires are mostly preferred for their application in material handling equipment such as forklifts, as they are less prone to wear and tear, and these vehicles are not speed-oriented vehicles. The pneumatic tire segment is anticipated to expand during the forecast period owing to its application in almost all types of industrial vehicles.
Based on the outermost layer of the tire, i.e., belt of the tire, the belted segment is likely to hold a major share of the industrial tire market. Ability of belted tires to travel on all kind of surfaces with high strength to resist wear and tear has fueled the demand for the belted tires.
Based on design, lug tire segment is expected to hold a major share of the market, followed by OTR (Off the Road) tire segment. Lug tires have high load carrying capacity with decent fuel efficiency and are preferred for applications in tractors, excavators, and road rollers, which in turn is propelling the industrial tire market.
In terms of vehicle, the industrial tire market is dominated by the trucks segment owing to their application for transportation, which is a major industry. Transportation of goods, raw materials, and machinery boosts the demand for trucks, thereby causing the trucks segment to hold a major share the industrial tire market, in terms of revenue.
Among all the regions, Asia Pacific is anticipated to be a prominent market for industrial tires followed by North America. Manufacturing industries are major contributors to the GDP (Gross Domestic Product) for most countries; hence, most countries encourage their manufacturing industries by different campaigns and provisions. The industrial sector in Asia Pacific witnessed rapid expansion, which in turn a key factor that is likely to drive the industrial tire market during the forecast period.
Key players operating the global industrial tire market include Bridgestone Corporation, Continental AG, MICHELIN, Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Nokian Tyres plc., and CEAT.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.