Press release
Rising Global Trade Fueling Growth in Port & Industrial Tire Market: Notable CAGR of 6.6% Expected from 2024 to 2025
Port & Industrial Tire Market Share
The robust growth of the global port and industrial tire market is supported by expanding global trade, increasing industrialization, and advancements in tire design technology.
What Is The Projected Market Size Of The Global Port & Industrial Tire Market And Its Growth Rate?
• The port & industrial tire market displayed strong growth in recent years, anticipating a growth from $8.52 billion in 2024 to $9.08 billion in 2025 at an impressive compound annual growth rate (CAGR) of 6.6%.
• Owing to global trade expansion, growing industrialization and infrastructure, and the automotive industry's growth, among other factors, the market demonstrated positive growth during the historical period.
• The market size is projected to further grow to $12.11 billion in 2029 at a CAGR of 7.5%, with factors like e-commerce expansion, focus on sustainability, automation in material handling, and global infrastructure projects propelling the projected growth in the forecast period.
What Is Driving The Growth In The Port & Industrial Tire Market?
The surge in import and export activities is a major driver for the port & industrial tire market. These tires find primary usage in material handling and shipment trading in port areas and for global trading activities demanding sturdy tires. A significant case is the rise in the pharmaceutical trade in Canada in 2022 as reported by the Government of Canada. Therefore, the boost in import and export activities effectively drives the port & industrial tire market growth.
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Who Are the Key Players Driving Port & Industrial Tire Market Growth?
• Continental AG
• Cheng Shin Rubber Industry Co. Ltd.
• Camso Tire Inc.
• The Goodyear Tire and Rubber Company
• Nokian Tyres PLC
• 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
• Advance Tire Co. Ltd.
• Hankook Tire & Rubber Co. Ltd.
• Cooper 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.
What Are The Key Trends In The Port & Industrial Tire Market?
• Changes in global trade dynamics
• Technological advancements in tire design
• Adoption of automation and robotics in material handling
• Increased focus on safety and environmental standards
• Growth of e-commerce and last-mile delivery
What Are The Segments Of The Global Port & Industrial Tire Market?
• By Tire Type: Solid Tire, PU Tires, Cushion Tires, Pneumatic Tires
• By Vehicle Type: Stacker, Lift Truck, Terminal Tractor, Electric Forklift, IC Engine Forklift, IC Engine Industrial Trucks
• By Sales Channel: OEM, After market
• By Application: Forklift, Large Industrial Trucks, Hand Trucks, Pallet Trucks, Dump Trucks
Which Region Leads The Port & Industrial Tire Market?
Asia-Pacific was the largest region in the port and industrial tires market in 2024. The report covers multiple regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Port & Industrial Tire Market Global Market Report?
- Market Size Analysis: Analyze the Port & Industrial Tire Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Port & Industrial Tire Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Port & Industrial Tire Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Port & Industrial Tire Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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