Global Port Equipment Tire Market Trends, Business Overview, Industry Growth and Forecast to 2022-2028

The global Port equipment tire market is anticipated to grow at a significant CAGR 2% during the forecast period (2022-2028). The growth in the port industry owing to government investments and rising cargo traffic is anticipated as one of the major factors driving the growth of the global port equipment tire market. According to the data published by India Brand Equity Foundation (IBEF) in 2021, approximately 95.0% of India's trading by volume and 70.0% by value is done through maritime transport. India contains 12 major and 205 notified minor and intermediate ports. In addition, under the National Perspective Plan for Sagarmala, six mega ports are anticipated to be developed in the forthcoming years.
The government of India had allowed Foreign Direct Investment (FDI) of up to 100.0% under the automatic route for port and harbor construction and maintenance projects. India's key ports possessed a capacity of 1534.9 million tonnes per annum (MTPA) in 2020, whereas, in 2021, key ports in India handled 672.60 million tonnes (MT) of cargo traffic. Between April 2021 and August 2021, cargo handled by India's 2 state-owned major ports accounted for an increase of 19.54% from 245.289 MT to 293.22 MT. Further, in FY22 (until October 2021), cargo traffic handled by India's 12 state-owned major ports reached 406.98 MT, a 14.59% increase over the same period last year. Thus, the growing port industry owing to cargo traffic and government investments in the sector is simultaneously fueling the demand for the global port equipment tire market.

Looking toward the demand for the port equipment tire, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, on March 25, Goodyear Tire & Rubber Co., launched the EV-4M Port Handler to assist increase efficiency, a decisive factor in modern port and industrial handling. The EV-4M balances long operating hours and assists reduce heat generation to further boost wear resistance. Its higher TKPH/TMPH rating will support higher average operating speed and long-distance travel. The 4M also features a robust casing construction, an oversized strength bead bundle, and sidewall inserts that provide improved stability when the port handler is under high load conditions. Thus, such launches are anticipated to drive the growth of the global port equipment tire market.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Continental Tire the Americas, LLC., Michelin, and Hankook Tire & Technology Co., Ltd., among others

Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

A full report of Global Port Equipment Tire Market is available at:
https://orionmarketreports.com/global-port-equipment-tire-market/106315/

Global Port Equipment Tire Market Report by Segment

By Type
• Pneumatic
• Solid
• Polyurethane

By Application
• OEM
• Aftermarket

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This release was published on openPR.