Global Material Handling Tires Market Size & Analysis - By Type (Pneumatic Tires, Cushion Tires), By End-Use (OEM, Replacement Tires), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), Company Market Share Analysis, End-use Landscape, Vendor Landscape and Competitive Landscape - Forecasts To 2026
The global Material Handling Tires market stood at USD 906.76 million in 2016 and is projected to grow at a CAGR of 4.47% from 2017 to 2026. Material handling equipment is extensively used in automotive industry, construction sites, warehouses, recycling operations, and dockyards among others. It is used to ensure smooth movement, storage and control of materials inside a factory, warehouse, and other facilities. This, in turn, is projected to increase the demand for suitable vehicles, thereby propelling the demand for material handling tires over the forecast period. Also, the safety, functional efficiency, and cost effectiveness associated with these tires are projected to boost the overall market growth over the coming years.
The global material handling tires market is segmented into Pneumatic Tires and Cushion Tires, based on type. The growing vehicle fleet in countries such as China, Mexico, Indonesia, Japan, U.S., South Korea, Germany and India is expected to boost the demand for pneumatic tires over the coming years.
On the basis of end-use, the global material handling tires market is divided into OEM and replacement tires. The replacement tires market is expected to grow at a CAGR of 4.85% from 2017-2026. The advent of several disruptive technologies coupled with increased emphasis on replacement cycles and growing number of vehicles is projected to boost the segmental growth over the forecast period.
Asia Pacific dominated the overall material handling tire market. The regional growth is attributed to growing retail, construction, and automotive sector among others. Material handling equipment has wide application in warehouses and distribution centers. The increasing use of forklift trucks and other vehicles for carrying out these processes are expected to influence the demand for material handling tires over the coming years. Also, Asia Pacific is projected to register the highest growth rate in terms of construction spending, particularly in emerging economies such as China, India and, Indonesia. These factors are further projected to increase the demand for material handling tires market in Asia Pacific region.
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The demand for material handling tires in North America is expected to register a growth rate of 4.43% over the coming years. The growth of retail segment in North America is expected to boost the demand for vehicles used for movement of materials in warehouses and other facilities. The regional growth can also be attributed to customers’ demand for sophisticated and efficient retail services coupled with the need to save time and achieve accuracy and high living standards. Along with this, the presence of major players in the retail ecosystem results in the increasing adoption of material handling tires in North America. The increasing investment in technological innovations is likely to affect the North American market positively.
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The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Material Handling Tires Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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