WILMINGTON, DE / ACCESSWIRE / February 9, 2023 / Transparency Market Research Inc. - The global port and handling equipment tire market size stood at US$ 740.0 million in 2021 and is anticipated to reach US$ 1.1 billion by 2031. The global industry is projected grow at a CAGR of 3.7% between 2022 and 2031.Demand for port equipment tires is anticipated to increase due to high competition among off the road (OTR) tire producers and introduction of new and updated trade and globalization policies in several countries.

Aerial lifts, heavy-duty forklifts, and other automated equipment are increasingly used for material handling as well as other industrial applications at ports. Surge in demand for earthmoving machinery offering heavy-duty solutions and technological developments in tires are anticipated to propel the global port and handling equipment tire market. Usage of industrial material handling equipment is rising, which is expected to boost expansion of the material handling tire business.

Introduction of new trade and globalization policies by different countries is fueling the global port and handling equipment tire market. Rise in demand for forklifts and port vehicles in developing countries, such as India, Mexico, and Brazil, is anticipated to fuel market demand.

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Key Findings of Market Report

• The manufacturing industry is witnessing an increase in real-time coordination across processes and systems. Hence, automated systems are expected to dominate industrial activities with the help of advanced technologies such as Internet of Things (IoT). Demand for port trailer tires is driven by increase in the quantity of containers at ports and number of multinational companies requiring equipment for handling containers.

• Based on tire type, the bias segment held 34.0% share of the global market in 2021. Demand for bias tires is rising owing to enhanced vehicle stability, low cost, and capacity to generate a damage-resistant sidewall.

• In terms of application, the automated guided vehicles (AGVs) segment is likely to lead the global industry between 2022 and 2031. Installation of AGVs in distribution centers and warehouses without the use of operator intervention or a permanent conveying system is likely to propel the segment. AGVs can follow programmed instructions for optimization of raw material transport, storage, and picking processes, making them suitable for various industrial purposes.

Global Port and Handling Equipment Tire Market: Growth Drivers

• Hybrid port and material handling equipment increases productivity, while using less fuel and emitting fewer pollutants by combining effective heavy-duty technology with advanced, environmentally friendly features. Expansion of the manufacturing sector in the near future is likely to bolster port and handling equipment tire market development.

• Warehouse facilities require more advanced material handling equipment due to the growing popularity of online shopping. E-commerce and third-party logistic firms are increasingly using material handling equipment to sort and arrange merchandise in distribution and warehouses facilities. The e-commerce and logistics industries are expanding significantly, which is increasing the usage of port and handling equipment. Hence, the demand for tires needed for this machinery is rising, which in turn is projected to drive industry growth.

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Global Port and Handling Equipment Tire Market: Regional Landscape

• Asia Pacific led the global port and handling equipment tire market, with leading market share in 2021. The region is projected to dominate the global market between 2022 and 2031 owing to increase in port infrastructure developmental activities. Additionally, rise in the number of warehouses in Asia Pacific is expected to fuel demand for port trailer tires in the near future.

Global Port and Handling Equipment Tire Market: Key Players

• Sumitomo Rubber Industries Ltd

• JK Tire & Industries Ltd

• Yokohama Rubber Co. Ltd.

• Bridgestone Corporation

• Titan International Inc.

• Apollo Tyres Ltd.

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Global Port and Handling Equipment Tire Market: Segmentation

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

• Europe

• Asia Pacific

• Middle East & Africa

• South America

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