Raipur, Dec. 11, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Global Material Handling Tires Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
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How is the Report Helpful?
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the rapid expansion of the retail and e-commerce industries is creating a high demand for material handling vehicles, which, in turn, is likely to increase the demand for tires for those vehicles.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Material Handling Tires Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
- Application Type - Forklift, Reach Stackers and Container Handlers & Top Loader, and Others
- Tire Type - Radial Tires and Bias Tires
- End-User Type - OE and Aftermarket
- by Region - North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Turkey, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, South Africa, and Others].
Material Handling Tires Market Insights
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.
Based on the tire type, 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.
Based on the end-user type, 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.
Which region offers the best opportunity and growth?
Asia-Pacific is expected to remain the largest market for material handling tires during the forecast period. 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.
COVID-19 Impact on the Material Handling Tires Market
In 2020, the market for material handling tires witnessed a decline of -1.2% due to the COVID-19 pandemic. However, this is a short-term fiasco, and the market is expected to recover in the coming years. Once the recovery begins, major players will regain ground by expanding production and increasing capacity utilization.
To know more about the covid-19 impact, get a free sample report, here:
https://www.stratviewresearch.com/Request-Sample/2885/material-handling-tires-market.html#form
Who are the Top Market Players?
The market consolidation is mostly similar to the other specialty tires market. The market is fragmented as the leading players are holding a small chunk of the market share. The following are the key players in the material handling tires market (arranged alphabetically).
- 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 deliverables will you get in this report?
- In-depth analysis of the Material Handling Tires Market
- Detailed market segmentation.
- Competitive-landscape analysis.
- Historical, present, and future market size analysis.
- Industry trends, technologies, and advancements.
- Growth and operation strategies adopted by key players.
- Potential segments/regions offering promising growth.
- Geographical presence of the key players.
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