Tires are an integral part of industrial vehicles such as forklifts, tractors, excavators, road rollers, and bucket loaders. Industrial tires are specially designed to withstand working conditions encountered by vehicles such as forklifts. These tires have a smooth profile and excavators and tractors generally have a heavy tread profile. Some industrial tires are designed to resist damage from chemicals, oils, and other materials that can destroy the tire.
Demand for industrial tires is anticipated to expand during the forecast period owing to rising industrialization, specifically in developing countries such as China and India. Rise in per capita income, globally, has boosted the production of industries. Industrial vehicles such as tractors and forklifts are utilized for loading, unloading, and smooth transportation of products. Therefore, increasing production of industries is likely to boost the demand for industrial tires. Retreading of the tire is likely to hamper the industrial tire market, as retreading of tires enhances the life of older tires and reduces the demand for new tires.
The industrial tire market can be segmented based on tire ply, tire type, belt, design, vehicle, and region. In terms of tire ply, cross ply is likely to be a leading segment of the industrial tire market owing to the heavy load carrying capacity of cross ply tires. Popularity of radial tires has risen in the last few years; however, cross ply tires are preferred over radial tires for industrial applications.
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Based on tire type, pneumatic tire is expected to be a prominent segment, as it enhances fuel economy and boosts the speed of the vehicle. Solid tires are mostly preferred for their application in material handling equipment such as forklifts, as they are less prone to wear and tear, and these vehicles are not speed-oriented vehicles. The pneumatic tire segment is anticipated to expand during the forecast period owing to its application in almost all types of industrial vehicles.
Based on the outermost layer of the tire, i.e., belt of the tire, the belted segment is likely to hold a major share of the industrial tire market. Ability of belted tires to travel on all kind of surfaces with high strength to resist wear and tear has fueled the demand for the belted tires.
Based on design, lug tire segment is expected to hold a major share of the market, followed by OTR (Off the Road) tire segment. Lug tires have high load carrying capacity with decent fuel efficiency and are preferred for applications in tractors, excavators, and road rollers, which in turn is propelling the industrial tire market.
In terms of vehicle, the industrial tire market is dominated by the trucks segment owing to their application for transportation, which is a major industry. Transportation of goods, raw materials, and machinery boosts the demand for trucks, thereby causing the trucks segment to hold a major share the industrial tire market, in terms of revenue.
Among all the regions, Asia Pacific is anticipated to be a prominent market for industrial tires followed by North America. Manufacturing industries are major contributors to the GDP (Gross Domestic Product) for most countries; hence, most countries encourage their manufacturing industries by different campaigns and provisions. The industrial sector in Asia Pacific witnessed rapid expansion, which in turn a key factor that is likely to drive the industrial tire market during the forecast period.
Key players operating the global industrial tire market include Bridgestone Corporation, Continental AG, MICHELIN, Pirelli & C. S.p.A., The Goodyear Tire & Rubber Company, Nokian Tyres plc., and CEAT.