Port & Industrial Tire Market to Surpass Valuation of US$ 13.8 Bn by 2031: Transparency Market Research

Port & Industrial Tire Market: Introduction

According to the report, the global port & industrial tire market is projected to surpass US$ 13.8 Bn by 2031, expanding at a CAGR of 5.65% during the forecast period. Major tire manufacturers are investing in technological developments, including B-Tag Systems, to monitor tire pressure and temperature. The system alerts the driver about the maintenance of tires to avoid operational down time. Using sensors, B-TAG reports tire pressure and temperature data to drivers and managers of mine operations in real time. The system is expected to help mine operators create a safer working environment and facilitate more efficient operations. This is anticipated to propel the port & industrial tire market across the globe.

Expansion of Port & Industrial Tire Market:

The growth of maritime logistics, owing to the expansion of port infrastructure in order to cater to the demand for material handling is boosting the demand for port & industrial tires. The growth of the global economy due to emergence of new trade ports is driving the demand for port handling vehicles and, in turn, port & industrial tires.

The expansion of industries in developing countries, such as Mexico, Brazil, India, and those in ASEAN, is driving the demand for forklifts and internal combustion engine vehicles. Increase in FDIs and expansion of foreign industries in developing countries, owing to cheaper land and labor is driving the adoption of industrial vehicles in developing countries. This, in turn, is estimated to boost the port & industrial tire market across the globe.

In terms of tire type, the polyurethane tires (PU) segment dominated the global port & industrial tire market, in terms of revenue, in 2020. Internal combustion engine vehicles forklifts and trucks that are utilized for outdoor applications prefer polyurethane tires. Rise in freight logistics is expected to boost the demand for material handling on ports and thereby, boost the sales of polyurethane tires. This, in turn, is estimated to propel the polyurethane tires (PU) segment during the forecast period.

Based on sales channel, the OEM segment accounted for notable share of the global port & industrial tire market. However, the aftermarket segment is expected to gain market share by the end of the forecast period, owing to high maintenance awareness among consumers. Forklift and industrial trucks operators prefer to replace worn out tires, as they hamper work productivity and also damage the shop floor. Port & industrial tires most preferred in construction and mining applications are utilized to work in rugged terrain and hence, need for frequent replacement. This, in turn, is estimated to propel the aftermarket segment during the forecast period.

Rise in infrastructure development across the globe for economic development, where cranes and conveyors are being used for lifting heavy loads, and forklifts are less preferred, acts as a challenge for the port and industrial tire market.

Automated overhead cranes can reduce labor costs, track inventory, optimize storage, reduce damage, increase productivity, and reduce the capital expense associated with forklift systems, which is estimated to hamper the sales of forklift and consequently, hinder the port and industrial tire market across the globe.

Regional Analysis of Port & Industrial Tire Market

Based on region, the global port & industrial tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific accounted for a major share of the global port & industrial tire market, owing to the presence of large industrial spaces and awareness about tire replacement. Asia Pacific is witnessing an expansion of the port and industrial sector due to increasing investment in countries such as China and India. Governments are taking initiatives to provide better logistic systems in their respective countries.

The market in Asia Pacific is expanding significantly due to legislation for manual load handling, demanding use of handling equipment. Port & industrial tires are better option to heavy equipment, thereby fueling demand of port & industrial tire in the region.

Port & Industrial Tire Market Players

Prominent players operating in the global port & industrial tire market include Bridgestone Corporation, Continental AG, MICHELIN, The Goodyear Tire & Rubber Company, CEAT Ltd., Yokohama Tire Corporation, Cooper Tire & Rubber Company, and Nokian Tyres Plc.

Global Port & Industrial Tire Market: Segmentation

  • Port & Industrial Tire Market, by Tire Type
    • Solid Tires
    • Pneumatic Tires
      • Radial
      • Bias
    • PU Tires
    • Cushion Tires
  • Port & Industrial Tire Market, by Application
    • Forklift
      • Class 1: Electric Motor Rider Trucks
      • Class 2: Electric Motor Narrow Aisle Trucks
      • Class 3: Electric Motor Hand Trucks or Hand/Rider Trucks
      • Class 4: IC Engine Trucks (Solid/Cushion Tires)
      • Class 5: IC Engine Trucks (Pneumatic Tires)
    • Large Industrial Trucks
    • Hand Trucks
    • Pallet Trucks
    • Dump Trucks
    • Mining Application
    • Construction Application
    • Manufacturing Application
  • Port & Industrial Tire Market, by Tire Size
    • Less than 4”
    • 5” to 7”
    • 8” to 10”
    • 11” to 15”
    • More than 15”
  • Port & Industrial Tire Market, by Vehicle Type
    • Stacker
    • Lift Truck
    • Terminal Tractor
    • Electric Forklift
    • IC Engine Forklift
    • IC Engine Industrial Trucks
  • Port & Industrial Tire Market, by Sales Channel
    • OEM
    • Aftermarket
  • Port & Industrial Tire Market, by Region
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • Latin America

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