Material Handling Tires Market is Forecasted to Reach US$ 9224.2 million in 2027, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global Material Handling Tires Market , which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2022: US$ 6585 million

Market Size in 2027: US$ 9224.2 million

Growth (CAGR): 5.5% during 2022-2027

Cumulative Sales Opportunity 2022 to 2027: US$ 49106 million

Leading Application Type: Forklift

Leading Tire Type: Radial tires

Leading End-User Type: Aftermarket

Leading Region: Asia-Pacific

Forecast Period: 2022-2027

Trend Period: 2016-2020

Base Year: 2021

Number of Segments Covered: 4

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Material Handling Tires Market:

The global Material Handling Tires Market is segmented based on Application type, Tire type, End-User type and region.

Based on Application Type

• Based on the application type, the material handling tires market is segmented as forklift, reach stackers and container handlers & top loader, and others.
• Forklift is expected to remain the biggest demand generator for tires among all material handling vehicle types during the forecast period.
• Forklifts are one of the most commonly used material handling equipment in several industries and tires are a vital part as they have to bear the load of the object being moved.

Based on Tire Type

• Based on the tire type, the market is segmented into radial tires and bias tires.
• Radial tires are expected to be the faster-growing tire type in the market during the forecast period.
• The significant growth of radial tires can be attributed to the benefits it offers, such as higher durability, increased safety, and reduced vibration.
• The flourishing material handling market is expected to drive the demand for these tires even more in the coming years.

Based on End-User Type

• Based on the end-user type, the market is segmented as OE and aftermarket.
• Aftermarket is expected to be the dominant end-user type in the market during the forecast period.
• Tires exposed to heavy loads, cause high wear and tear, which necessitates the replacement of tires regularly.
• The aftermarket segment is likely to account for a significant portion of the global material handling tires market during the forecast period.

To know the most attractive segments, click here for a free sample of the report:

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Which region shows the most promising growth forecast and opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest market for material handling tires during the forecast period. This growth outlook is mainly attributed to the following:

• The region's high level of exports has boosted the goods transportation industry, resulting in a significant increase in demand for material handling equipment.
• China, India, Japan, South Korea, and other Asian countries have established themselves as global industrial hubs, consequentially generating demand for material handling equipment in the region.
•  As a result, Asia-Pacific has emerged as the leading material handling equipment tire producer.

Material Handling Tires Market Drivers:

Some of the key drivers listed in the report are given below.

• The increasing average vehicle life, growing concerns regarding maintenance and safety, and the rising annual distance traveled by material handling vehicles are key contributors to market expansion.
• Forklifts, reach stackers, loaders, trailers, and telehandlers are among the most commonly used vehicles that rely on material handling tires.
• Additionally, the rapid growth of the retail and e-commerce industries is creating a surge in demand for material handling vehicles, further boosting the need for specialized tires.

Key players

Competitive Landscape: Top 10 Companies in the Material Handling Tires Market:

The market is moderately fragmented, with over 20 players. Most of the major players compete on some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:

• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• Carlisle Companies Incorporated
• Compagnie Generale Des Etablissements Michelin S.C.A.
• Continental AG
• Goodyear Tire and Rubber Company
• Nokian Tyres PLC.
• Titan International
• Trelleborg AB
• Yokohama Rubber Co. Ltd.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Material Handling Tires Market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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-      Mining Tires Market

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Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to make convincing business decisions.

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