Port & Industrial Tire Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

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.

Market Overview -
Port and industrial tires refer to tires that provide effective performance for shuttle sprinter carriers, straddle carriers, reach stackers, container handlers, and other comparable machinery. These industrial tires are intended for use in port and marina applications that need large loads and extensive cycle durations.

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Rising Import-Export Activities Drive Momentum In Port & Industrial Tire Sector
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.

Competitive Landscape -
Major companies operating in the port & industrial tire market report are Continental AG, Cheng Shin Rubber Industry Co. Ltd., Camso Tire Inc., The Goodyear Tire and Rubber Company, Nokian Tyres PLC, RovInc.e Tire Co. Ltd., Bridgestone Corporation, Balkrishna Industries Limited, Michelin & Cie Cie en Commandite par Actions, ATG Tires Inc., Firestone Tire and Rubber Company, Xuzhou Armor Rubber Company Limited, Maxxis International Co. Ltd., Sumitomo Rubber Industries Ltd., Titan Company Limited, Trelleborg AB, Aichi Tire Co. Ltd., Mitas Cooling Solutions Pvt Ltd., Advance Tire Co. Ltd., Hankook Tire & Rubber Co. Ltd., Armour Tire Corp., Cooper Tire & Rubber Company, Goodyear Tire & Rubber Company, Yokohama Rubber Co. Ltd., Pirelli & C. S.p.A., Toyo Tire & Rubber Co. Ltd., Kumho Tire Co. Inc., Giti Tire Co. Ltd., Linglong Tire Co. Ltd., Double Coin Holdings Ltd. .

Innovative Tires Set New Standards For Industrial Performance
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.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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