PUBLISHER: The Business Research Company | PRODUCT CODE: 1409715
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409715
“Port & Industrial Tire Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on port & industrial tire market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for port & industrial tire? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The port & industrial tire market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Port and industrial tires encompass tires designed to deliver efficient performance for various machinery such as shuttle sprinter carriers, straddle carriers, reach stackers, container handlers, and similar equipment. These specialized industrial tires are specifically crafted for applications in ports and marinas that demand the handling of heavy loads and prolonged operational cycles.
The primary categories of port and industrial tires comprise solid tires, PU (polyurethane) tires, cushion tires, and pneumatic tires. Solid tires are constructed from rubber or another elastic material, offering load support without the need for confined air. These tires are highly cost-effective and possess a substantial loading capacity. They find application in various vehicles, including stacker trucks, lift trucks, terminal tractors, electric forklifts, IC engine forklifts, and IC engine industrial trucks, distributed through both OEM (Original Equipment Manufacturer) and aftermarket channels. Solid tires are employed across diverse applications, such as forklifts, large industrial trucks, hand trucks, pallet trucks, and dump trucks.
The port & industrial tire market research report is one of a series of new reports from The Business Research Company that provides port & industrial tire market statistics, including port & industrial tire industry global market size, regional shares, competitors with a port & industrial tire market share, detailed port & industrial tire market segments, market trends and opportunities, and any further data you may need to thrive in the port & industrial tire industry. This port & industrial tire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The port & industrial tire market size has grown strongly in recent years. It will grow from $8.06 billion in 2023 to $8.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period can be attributed to the expansion of global trade, increasing industrialization and infrastructure development, growth in the automotive industry, optimization of supply chains, and the influence of replacement and maintenance cycles.
The port & industrial tire market size is expected to see strong growth in the next few years. It will grow to $11.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be linked to the expansion of e-commerce, a heightened emphasis on sustainability, the integration of automation in material handling, the initiation of global infrastructure projects, considerations of trade and tariff policies, and efforts toward pandemic recovery. Noteworthy trends expected in the forecast period encompass the dynamics of global trade, technological advancements in tire design, the incorporation of automation and robotics in material handling, a focus on safety and environmental standards, the continued growth of e-commerce, and developments in last-mile delivery.
The anticipated growth in import and export activities is expected to drive the expansion of the port and industrial tire market in the future. Exporting involves selling goods and services to foreign countries, while importing entails acquiring products from outside one's own country. Port and industrial tires play a crucial role in material handling and the transportation of shipments within port areas, necessitating durable tires for global trade activities. For example, the United Nations Conference On Trade And Development (UNCTAD) shared in February 2022 that global trade rebounded from the pandemic, reaching over $28 trillion in 2021, a $6 trillion increase from 2020. This reflects a 25% rise over 2020 and a 13% increase over 2019, indicating that heightened import and export activities are propelling the growth of the port and industrial tire market.
The expected increase in port activity is poised to contribute to the growth of the port and industrial tire market. Port operations involve the use of various vehicles and equipment for the movement of goods and people, as well as the construction and maintenance of infrastructure. Port and industrial tires are essential for the operation of material handling equipment such as forklifts, reach stackers, and container handlers. These tires facilitate the efficient flow of cargo through ports, ensuring smooth loading and unloading processes. For instance, data from the Port of Los Angeles for Calendar Year 2022 and Fiscal Year 2021/22 revealed that the total goods handled in shipping containers reached 38.7 million twenty-foot equivalent units (TEUs), with 16% of those being loaded TEUs. Therefore, the increasing port activity is a driving force behind the growth of the port and industrial tire market.
A prominent trend in the port and industrial tire market is the focus on product innovation by major companies. These companies are actively developing new and innovative solutions to enhance their market position. For instance, in March 2022, The Goodyear Tire & Rubber Company introduced the Endurance RSA ULT and Fuel Max RSA ULT, specialized tires for last-mile delivery fleets and other commercial and industrial applications. The Fuel Max RSA ULT features Goodyear's Fuel Max Technology, providing low rolling resistance for increased fuel efficiency, longer wear, and a lower cost per mile. The Endurance RSA ULT incorporates IntelliMax Rib Technology, reinforcing tire tread for added durability during deliveries.
Leading companies in the port and industrial tire market are also focusing on innovative solutions, such as radial tires, to improve strength, performance, and efficiency. Radial tires have tire cords arranged perpendicularly, defining their construction. In April 2023, Bridgestone Americas, Inc. launched the V-Steel Port Container Straddle (VPCS) radial tire designed for straddle containers in intermodal yards and port terminals. This tire offers improved load capacity, speed rating, and durability for longer service life and more efficient operations, aiding port customers in increasing equipment operating hours.
In March 2022, The Yokohama Rubber Co., Ltd. announced the acquisition of Trelleborg AB's Wheel Systems business for an undisclosed amount. This acquisition is expected to help Yokohama Rubber expand its Off-Highway Tires (OHT) business, identified as a future growth driver. The deal will contribute to achieving a more optimal sales composition in Yokohama Rubber's tire division. Trelleborg AB is a Sweden-based producer of industrial tires.
Major companies operating in the port & industrial tire market report are Continental AG, Cheng Shin Rubber Industry Co. Ltd., Camso Tire Inc., The Goodyear Tire and Rubber Company, Nokian Tyres PLC, RovInc.e Tire Co. Ltd., Bridgestone Corporation, Balkrishna Industries Limited, Michelin & Cie Cie en Commandite par Actions, ATG Tires Inc., Firestone Tire and Rubber Company, Xuzhou Armor Rubber Company Limited, Maxxis International Co. Ltd., Sumitomo Rubber Industries Ltd., Titan Company Limited, Trelleborg AB, Aichi Tire Co. Ltd., Mitas Cooling Solutions Pvt Ltd., Advance Tire Co. Ltd., Hankook Tire & Rubber Co. Ltd., Armour Tire Corp., Cooper Tire & Rubber Company, Goodyear Tire & Rubber Company, Yokohama Rubber Co. Ltd., Pirelli & C. S.p.A., Toyo Tire & Rubber Co. Ltd., Kumho Tire Co. Inc., Giti Tire Co. Ltd., Linglong Tire Co. Ltd., Double Coin Holdings Ltd
Asia-Pacific was the largest region in the port and industrial tires market in 2023. The regions covered in the port & industrial tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the port & industrial tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The port and industrial tire market consists of sales of rubber tires, radial tires, bias tires, and press-on-band tires. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.