Material Handling Tires Market Analysis | 2022-2027

Market Insights

The material handling tires market is projected to grow at a CAGR of 5.5% from 2022 to 2027, reaching USD 9.2 billion by 2027.

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Market Dynamics

Introduction

Material handling equipment is widely used across various industries, including automotive, warehouses, recycling operations, and dockyards. These machines ensure the smooth movement, storage, and control of items within factories, warehouses, and other facilities. Material handling tires play a crucial role in these vehicles, offering superior surface qualities and the ability to bear pressure while minimizing excessive surface deformation.

COVID-19 Impact 

The market for material handling tires experienced a slight decline of -1.2% in 2020 due to the impact of the COVID-19 pandemic. However, this setback is considered short-term, and the industry is expected to recover as economic activities resume. Major players are anticipated to regain market traction by expanding production and increasing capacity utilization. 

Market Drivers

Several factors are driving the growth of the material handling tires market. The increasing average vehicle life, growing concerns regarding maintenance and safety, and the rising annual distance traveled by material handling vehicles are key contributors to market expansion. Forklifts, reach stackers, loaders, trailers, and telehandlers are among the most commonly used vehicles that rely on material handling tires. Additionally, the rapid growth of the retail and e-commerce industries is creating a surge in demand for material handling vehicles, further boosting the need for specialized tires.

Segment Analysis

By Application Type

"Forklift is expected to remain the biggest demand generator for tires among all material handling vehicle types during the forecast period"

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.

By Tire Type

"Radial tires are expected to be the faster-growing tire type in the market during the forecast period"

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.

By End-User Type

"Aftermarket is expected to be the dominant end-user type in the market during the forecast period"

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.

Regional Analysis

"Asia-Pacific is expected to remain the largest market for material handling tires 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.

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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:

• 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.

Note: The above list does not necessarily include all the top players in the market.

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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 market dynamics and will enable strategic decision-making for 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, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

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

By Application Type

• Forklift 
• Reach Stackers and Container Handlers & Top Loader 
• Others 

By Tire Type

• Radial Tires
• Bias Tires 

By End-User Type

• OE 
• Aftermarket 

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)

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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 [email protected]