The Port & Industrial Tire by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Port & Industrial Tire, 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 in the historic period can be attributed to global trade expansion, growing industrialization and infrastructure, automotive industry growth, supply chain optimization, 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 growth in the forecast period can be attributed to e-commerce expansion, focus on sustainability, automation in material handling, global infrastructure projects, trade and tariff policies, pandemic recovery. Major trends in the forecast period include global trade dynamics, technological advancements in tire design, automation and robotics in material handling, focus on safety and environmental standards, e-commerce growth and last-mile delivery.
The increased import and export activities are expected to propel the growth of the port & industrial tire market going forward. Exporting is the sale of goods and services to a foreign country. Importing, on the other hand, is the act of getting products from outside and bringing them into one’s own country. Port and industrial tires are primarily used in material handling and the trading of shipments from one place to another in port area, that require sturdy tires for global trading activities. For instance, in February 2022, according to the Global Trade report shared by the United Nations Conference On Trade And Development (UNCTAD), a Switzerland-based intergovernmental organization within the United Nations Secretariat, in 2021, global trade rebounded from the pandemic, increasing by more than $6 trillion from 2020 to a record high of more than $28 trillion. This represents a 25% increase over 2020 and a 13% increase over 2019. Therefore, the increased import and export activities are driving the growth of the port & industrial tire market.
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The port & industrial tire market covered in this report is segmented –
1) By Tire Type: Solid Tire, PU Tires, Cushion Tires, Pneumatic Tires
2) By Vehicle Type: Stacker, Lift Truck, Terminal Tractor, Electric Forklift, IC Engine Forklift, IC Engine Industrial Trucks
3) By Sales Channel: OEM, Aftermarket
4) By Application: Forklift, Large Industrial Trucks, Hand Trucks, Pallet Trucks, Dump Trucks
Product innovations are a key trend gaining popularity in the port & industrial tire market. Major companies operating in the port & industrial tire market are focused on developing new innovative solutions to strengthen their position in the market. For instance, in March 2022, The Goodyear Tire & Rubber Company, a US-based tire manufacturing company, launched the new Endurance RSA ULT and Fuel Max RSA ULT, innovative specialized tires for last-mile delivery fleets and other commercial and industrial activities. Fuel Max RSA ULT is Goodyear’s premium 19.5-inch with new features including Goodyear’s Fuel Max Technology, a tread compound that provides low rolling resistance for increased fuel efficiency, longer wear, and a cheaper cost per mile. Endurance RSA ULT features IntelliMax Rib Technology, stiffens tire tread, giving it extra durability for deliveries.
The port & industrial tire market report table of contents includes:
1. Executive Summary
- Port & Industrial Tire Market Characteristics
- Port & Industrial Tire Market Trends And Strategies
- Port & Industrial Tire Market – Macro Economic Scenario
- Global Port & Industrial Tire Market Size and Growth
. - Global Port & Industrial Tire Market Competitive Benchmarking
- Global Port & Industrial Tire Market Competitive Dashboard
- Key Mergers And Acquisitions In The Port & Industrial Tire Market
- Port & Industrial Tire Market Future Outlook and Potential Analysis
- Appendix
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