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    Material Handling Tires Market Report

    Material Handling Tires Market Report
    Report code - SR2004 Published On : Jun,2022 No. of Pages: 130
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    Material Handling Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Gro See more...

    Market Insights

    Material handling equipment are widely used in a range of industries, such as automotive, warehouses, recycling operations, and dockyards. They are used to ensure that items are moved, stored, and controlled in a factory, warehouse, or other facilities as smoothly as possible. Material handling tires are used in material handling vehicles. Material handling tires have better surface qualities and bear pressure that restrict excessive surface deformation.

    Increased average vehicle life, growing concern for maintenance and safety, and increased annual distance traveled by material handling vehicles are some of the major factors driving the material handling tires market. Forklifts, reach stackers, loaders, trailers, and telehandlers are the most common applications. In 2020, the market for material handling tires witnessed a decline of -1.2% due to the COVID-19 pandemic.

    However, this is a short-term fiasco, and the market is expected to recover in the coming years. Once the recovery begins, major players will regain ground by expanding production and increasing capacity utilization. The rapid expansion of the retail and e-commerce industries is creating a high demand for material handling vehicles, which, in turn, is likely to increase the demand for tires for those vehicles. The material handling tires market is expected to grow at a healthy CAGR of 5.5% in the long run, to reach a value of US$ 9.2 Billion in 2027.

    Material Handling Tires Market – Snapshot

    Growth (2022-2027)

    5.5% for the next five years

    Major Application Type

    Forklift

    Major Tire Type

    Radial tires

    Region with the highest demand

    Asia-Pacific

    Key Players

    Balkrishna Industries Limited (BKT), Bridgestone Corporation, Carlisle Companies Incorporated, Compagnie Generale Des Etablissements Michelin S.C.A., Continental AG, Goodyear Tire and Rubber Company, Nokian Tyres PLC., Titan International, Trelleborg AB, Yokohama Rubber Co. Ltd.

     

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    Segments' Analysis

     

    Based on the application type, the material handling tires market is segmented as forklift, reach stackers and container handlers & top loader, and others. Forklift is expected to remain the biggest demand generator for tires among all material handling vehicle types during the forecast period. Forklifts are one of the most commonly used material handling equipment in several industries and tires are a vital part as they have to bear the load of the object being moved.

    Based on the tire type, the market is segmented into radial tires and bias tires. Radial tires are expected to be the faster-growing tire type in the market during the forecast period. The significant growth of radial tires can be attributed to the benefits it offers, such as higher durability, increased safety, and reduced vibration. The flourishing material handling market is expected to drive the demand for these tires even more in the coming years.

    Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant end-user type in the market during the forecast period. Tires exposed to heavy loads, cause high wear and tear, which necessitates the replacement of tires regularly. The aftermarket segment is likely to account for a significant portion of the global material handling tires market during the forecast period.

    In terms of regions, Asia-Pacific is expected to remain the largest market for material handling tires during the forecast period. The region's high level of exports has boosted the goods transportation industry, resulting in a significant increase in demand for material handling equipment. China, India, Japan, South Korea, and other Asian countries have established themselves as global industrial hubs, consequentially generating demand for material handling equipment in the region. As a result, Asia-Pacific has emerged as the leading material handling equipment tire producer.

    Key Players

    The market consolidation is mostly similar to the other specialty tires market. The market is fragmented as the leading players are holding a small chunk of the market share. The following are the key players in the material handling tires market (arranged alphabetically).

    • Balkrishna Industries Limited (BKT)
    • Bridgestone Corporation
    • Carlisle Companies Incorporated
    • Compagnie Generale Des Etablissements Michelin S.C.A.
    • Continental AG
    • Goodyear Tire and Rubber Company
    • Nokian Tyres PLC.
    • Titan International
    • Trelleborg AB
    • Yokohama Rubber Co. Ltd.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s material handling tires market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The material handling tires market is segmented into the following categories. 

    Material Handling Tires Market, by Application Type

    • Forklift (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Reach Stackers and Container Handlers & Top Loader (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Material Handling Tires Market, by Tire Type

    • Radial Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Bias Tires (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Material Handling Tires Market, by End-User Type

    • OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Material Handling Tires Market, by Region

    • North America (Country Analysis: USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Turkey, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)

    Rest of the World (Country Analysis: Brazil, South Africa, and Others)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    The material handling tires market is estimated to grow at a healthy CAGR of 5.5% over the next five years to reach a value of US$ 9.2 Billion in 2027. The expanding retail and e-commerce industries, which are creating high demand for material handling vehicles, are likely to increase the demand for material handling tires.

    Balkrishna Industries Limited (BKT), Bridgestone Corporation, Carlisle Companies Incorporated, Compagnie Generale Des Etablissements Michelin S.C.A., Continental AG, Goodyear Tire and Rubber Company, Nokian Tyres PLC., Titan International, Trelleborg AB, Yokohama Rubber Co. Ltd. are some of the leading players in the material handling tires market. The material handling tires market is fragmented with a large number of players and the leading companies are holding a small chunk of the market share.

    Asia-Pacific is estimated to remain dominant in the material handling tires market in the foreseen future. The region's high level of exports has boosted the goods transportation industry, resulting in a significant increase in demand for material handling equipment, which, in turn, is driving the growth of the material handling tires market.

    Asia-Pacific is estimated to grow at the fastest rate in the coming five years, as the region generates high demand for material handling equipment. Consequently, Asia-Pacific has emerged as the leading market for material handling equipment tire producers.

    Forklift is likely to maintain its dominance in the market in the next five years, owing to huge fleet of forklifts and their usage in various industries.