Port and Handling Equipment Tire Market Expected to Witness Impressive Growth at a 3.7% CAGR by 2031 - TMR Report

The increasing port infrastructure development activities in emerging and underdeveloped countries to create a sustainable ecosystem is augmenting the demand for port and handling equipment tire

/EIN News/ -- Wilmington, Delaware, United States, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global port and handling equipment tire market is projected to flourish at a CAGR of 3.7% from 2022 to 2032.

As per the report published by TMR, a valuation of US$ 1.1 billion is anticipated for the market in 2031. As of 2023, the market for port and handling equipment is expected to close at US$ 0.8 billion.

The expansion of international trade and the increasing volume of containerized shipping led to a higher demand for port and handling equipment, driving the need for specialized tires to support material handling operations like loading, unloading, shifting, and putting operations.

The growing infrastructure development and expansion of ports, terminals, and distribution centers worldwide create opportunities for tire manufacturers to supply tires for handling equipment.

The rapidly growing e-commerce sector and logistics are augmenting the demand for port and handling equipment tires. The adoption of automation and advanced technologies in material handling equipment, such as automated guided vehicles (AGVs) and robotic systems, increases the demand for high-performance tires that support the efficiency of automated operations., expected to drive the market demand for port and handling equipment tire market.

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Market Snapshot:

Report Coverage	Details
Market Revenue	US$ 740.0 Mn
Estimated Value	US$ 1.1 Bn
Growth Rate - CAGR	3.7%
Forecast Period	2023-2031
No. of Pages	260 Pages
Market  Segmentation	By Material Type, Tire Size, Tire Type, Application, Sales Channel
Regions Covered	North America, Europe, Asia Pacific, Middle East & Africa, South America
Companies Covered	NORTEC, Interco Tire Corporation, Yokohama Rubber Co. Ltd., Apollo Tyres Ltd., JK Tire & Industries Ltd, Bridgestone Corporation, Continental AG, Michelin, Deere & Company, Trelleborg AB, Nokian Tires Plc, Maxxis International, Sumitomo Rubber Industries Ltd., Nexen Tire Corporation, Titan International Inc., Balkrishna Industries Ltd.

Key Takeaways from the Market Report

• As of 2021, the port and handling equipment tire market was valued at US$ 740 million
• By material, the synthetic rubber segment is rising significantly due to the increasing demand
• Based on tire type, the demand for redial and solid tires remains high
• By value, the automated guided vehicle (AGVs) application segment is expected to generate high revenue during the forecast period.

Port and Handling Equipment Tire Market: Prominent Drivers and Trends

• The increasing demand for specialized tires that are tailor-made for specific material handling equipment, such as forklifts, reach stackers, and container handlers.

• The increasing government investments in port infrastructure and the implementation of favorable policies and incentives for the maritime and logistics sectors can stimulate market growth.

• The manufacturers are incorporating advanced technologies into their tire designs to improve performance and efficiency by using innovative rubber compounds, tire reinforcement materials, and advanced tread patterns to optimize traction, stability, and wear resistance.
  

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Port and Handling Equipment Tire Market – Regional Analysis

• North American region, including the United States and Canada, has a well-established port infrastructure and significant international trade volumes. The demand for port and handling equipment tires is driven by the presence of large ports, distribution centers, and industrial facilities. The market is characterized by the adoption of advanced material handling equipment and a focus on efficiency and safety.
• The Asia-Pacific region is a key driver of the global port and handling equipment tire market. Rapid economic growth, increasing international trade, and significant port infrastructure development in countries like China, Japan, South Korea, and Singapore contribute to the region's tire market. Additionally, the growth of e-commerce and logistics industries in the region boosts the demand for material-handling equipment and tires.

Competitive Landscape

The market players operating in the port and handling equipment tire market are enhancing their product portfolio and expanding the market footprint to strengthen the market position. Transparency Market Research has profiled the following players in its global port and handling equipment tire market report:

• NORTEC
• Interco Tire Corporation
• Yokohama Rubber Co. Ltd.
• Apollo Tyres Ltd.
• JK Tire & Industries Ltd
• Bridgestone Corporation
• Continental AG
• Michelin
• Deere & Company
• Trelleborg AB
• Nokian Tires Plc
• Maxxis International
• Sumitomo Rubber Industries Ltd.
• Nexen Tire Corporation
• Titan International Inc.
• Balkrishna Industries Ltd.

Key Developments in the Port and Handling Equipment Tire Market

• In April 2023 - Nexen Tire America, Inc., announced the unveiling of its sustainable-material demonstration tire composed of 52% sustainable materials which is an example of the company’s extensive activities in pursuit of sustainability.
• In March 2021 — Titan International announce the introduction of the Titan AgraEDGE: a new, full-line tire offering. These cutting-edge, cost-competitive tires.
• Michelin offers a range of specialized tires designed for various types of material handling equipment, including forklifts, container handlers, reach stackers, and industrial trailers. These tires are engineered to provide excellent traction, stability, and durability to support heavy loads and rough operating conditions.
  

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Port and Handling Equipment Tire Market – Key Segments

Material Type

• Synthetic Rubber
• Natural Rubber
• Carbon Black
• Fabrics & Wire

Tire Size

• Less Than 20”
• 21” to 30”
• 31” to 40”
• 41” to 50”
• More Than 51”
  

Tire Type

• Radial
• Bias
• Solid
• Others

Application

• Tug Boats
• Cranes
• Ship Loaders
• Reach Stackers
• Automated Guided Vehicles (AGVs)
• Forklift Trucks
• Container Handlers
• Terminal Tractors
• Terminal Trailers
• Straddle/Shuttle Carriers
• Others
  

Sales Channel

• OEM
• Aftermarket

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

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