The port and handling equipment tire market is a sub-segment of the global tire market, which caters specifically to the material handling equipment used in ports, warehouses, and logistics centers. This market primarily includes tires used in forklifts, container handlers, reach stackers and other port and material handling equipment. The global port and handling equipment tire market is expected to grow at a CAGR of 5.6% from 2024 to 2032. This growth is attributed to increasing investments in port infrastructure and logistics, rising demand for material handling equipment, and increasing trade activities across the globe. This growth is driven by the increasing demand for automobiles, particularly in emerging economies such as China and India. Additionally, the growing trend towards electric and hybrid vehicles is expected to further fuel the growth of the tire market, as these vehicles require specialized tires.

Increasing Investments in Port Infrastructure and Logistics

One of the major drivers of the port and handling equipment tire market is the increasing investments in port infrastructure and logistics. With the growing volume of international trade, there is a need for more efficient port facilities to handle the influx of goods. This has led to a significant increase in the number of ports being built and expanded around the world, which has in turn led to a higher demand for port and handling equipment tires. For instance, the Indian government has recently launched a program called Sagarmala to modernize the country's ports and connect them to the hinterland through rail and road networks. This initiative is expected to create a significant demand for port and handling equipment tires in the country.

Rising Demand for Material Handling Equipment

Another key driver of the port and handling equipment tire market is the rising demand for material handling equipment. This is driven by the growing need for efficient and cost-effective logistics operations in various industries, such as manufacturing, retail, and e-commerce. Material handling equipment such as forklifts, reach stackers, and container handlers are essential components of these operations and require specialized tires for optimal performance. For instance, according to a report by the US Material Handling Institute, the demand for material handling equipment in the US is expected to grow at a CAGR of 6.8% from 2018 to 2025, which will drive the demand for port and handling equipment tires in the country.

Increasing Trade Activities Across the Globe

The third driver of the port and handling equipment tire market is the increasing trade activities across the globe. The growth of international trade has led to an increase in the number of ports and logistics hubs around the world, which has created a significant demand for port and handling equipment tires. For instance, the African Continental Free Trade Area (AfCFTA) agreement, which was signed by 54 African countries in 2018, is expected to create a single market for goods and services across the continent, which will drive the demand for port and handling equipment tires in the region.

Fluctuating Raw Material Prices

One of the major restraints of the port and handling equipment tire market is the fluctuating prices of raw materials used in tire manufacturing. The cost of raw materials, such as natural rubber, synthetic rubber, carbon black, and steel, can vary greatly depending on various factors such as supply and demand, geopolitical issues, and weather conditions. For instance, the price of natural rubber, which is a key raw material for tire manufacturing, has been highly volatile in recent years due to factors such as droughts, floods, and diseases affecting rubber trees in major producing countries such as Thailand and Indonesia. This has led to a significant increase in the cost of raw materials, which has impacted the profitability of tire manufacturers. The fluctuating prices of raw materials not only impact the profitability of tire manufacturers but also the pricing of tires, which can ultimately affect the demand for port and handling equipment tires. The uncertainty around raw material prices also makes it difficult for manufacturers to plan and invest in new technologies and processes to improve the efficiency and sustainability of tire manufacturing.

Rubber Tire Segment Dominates the Material Type

While the rubber tire segment is expected to continue dominating the market in terms of revenue, the polyurethane tire segment is expected to witness significant growth in the coming years, driven by technological advancements and increasing demand for sustainable solutions. The rubber tire segment held the highest share of the market, with a revenue percentage of over 80% in 2023. This is attributed to the superior performance of rubber tires in terms of durability, puncture resistance, and load-carrying capacity. Rubber tires are also more affordable than polyurethane tires, which makes them more accessible to a larger customer base. However, the polyurethane tire segment is expected to witness the highest CAGR during the forecast period of 2024 to 2032. The polyurethane tire segment is expected to witness significant growth in the coming years, driven by the increasing demand for high-performance tires with superior traction, durability, and noise-reduction capabilities. Polyurethane tires are also more environmentally friendly than rubber tires, as they are made from recyclable materials.

Forklifts Segment Dominated the Application Market

Forklifts hold the largest share of the market, while the reach stackers segment is expected to witness the highest growth during the forecast period. The forklifts segment accounted for the largest share of the market in 2023, with a revenue share of 36%. The forklift segment is expected to witness steady growth during the forecast period, driven by increasing demand for efficient and cost-effective material handling equipment. The reach stackers segment is expected to witness the highest growth during the forecast period, driven by increasing demand for container handling equipment in ports and terminals. Reach stackers are used to move containers in port and terminal operations, and they require tires that can handle heavy loads and provide stability on uneven terrain. The reach stackers segment is expected to witness a CAGR of 5.6% during the forecast period of 2024 to 2032.

APAC Remains as the Global Leader

Asia Pacific currently dominates the market and is expected to continue its dominance in the coming years. Asia Pacific is the largest market for port and handling equipment tires, owing to the rapid industrialization and infrastructure development in countries such as China and India. The increasing investments in port infrastructure and growing trade volumes are driving the demand for port and handling equipment, which in turn is driving the demand for tires. The Asia Pacific port and handling equipment tire market is expected to grow at a CAGR of 6.2% during the forecast period of 2024 to 2032. The region accounted for the largest share of the market in 2023, with a revenue share of 38%. North America is also a significant market for port and handling equipment tires, driven by the increasing demand for automation and advanced technologies in the material handling industry. The growth of e-commerce and the need for efficient warehousing and logistics are also driving the demand for port and handling equipment, which in turn is driving the demand for tires. The growth of e-commerce and the need for efficient warehousing and logistics are also driving the demand for port and handling equipment, which in turn is driving the demand for tires and serves as the largest driver for European markets.

Competition to Intensify During the Forecast Period

The port and handling equipment tire market is highly competitive, with several players operating in the market. Some of the key players in the market include Bridgestone Corporation, Continental AG, Michelin, Goodyear Tire & Rubber Company, Yokohama Rubber Co., Ltd., Titan International Inc., Trelleborg AB, Sumitomo Rubber Industries Ltd., and Apollo Tyres Ltd., among others. These companies are focusing on various growth strategies, such as mergers and acquisitions, collaborations, and partnerships, to strengthen their market position and expand their product portfolio. For instance, in 2020, Bridgestone Corporation acquired iTrack Solutions Business from Transense Technologies PLC to enhance its portfolio of tire solutions for the mining and construction industries. The companies are also investing in research and development activities to develop innovative products and technologies to meet the changing customer requirements. For instance, Michelin launched its new CrossGrip range of tires in 2020, which are designed for material handling equipment used in ports and terminals. These tires provide improved traction, stability, and durability, and are designed to operate efficiently in challenging environments.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Port and Handling Equipment Tire market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Port and Handling Equipment Tire market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Port and Handling Equipment Tire market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Port and Handling Equipment Tire market?
• Which is the largest regional market for Port and Handling Equipment Tire market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Port and Handling Equipment Tire market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Port and Handling Equipment Tire market worldwide?