Port & Industrial tires are special purposes tires that are used for off-road conditions such as industrial floors and on ports. Industrial tires are designed to be utilized for demanding heavy-duty applications.
Expansion of maritime logistics owing to expansion of port infrastructure in order to cater to the demand for material handling is boosting the demand for port & industrial tires. Expansion of the global economy due to emergence of new trade ports is driving the demand for port handling vehicles and, in turn, port & industrial tires. Expansion of industries in developing countries, such as Mexico, Brazil, India, and those in ASEAN, is driving the demand for forklifts and internal combustion engine vehicles. This, in turn, is estimated to boost the port & industrial tire market.
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The global Port & Industrial Tire market can be segmented based on tire type, vehicle type, sales channel, and region. Based on tire type, the Port & Industrial Tire market can be classified into solid tires, pneumatic tires, non-marking tires, and foam tires. Internal combustion engine vehicles forklifts and trucks that are utilized for outdoor applications prefer pneumatic tires. Rise in freight logistics is expected to boost the demand for material handling on ports and thereby, boost the sales of pneumatic tires. Demand for non-marking tires is increasing in healthcare, hygiene, pharmaceutical and food & beverage industries. Non-marking tires do not create carbon footprint, which helps to keep the shop floor stain & dust free. Penetration of non-marking tires is increasing in industry spaces, which observe strict guidelines to avoid adulteration of carbon.
Based on vehicle type, the port & industrial tire market can be split into reach stacker, lift trucks, terminal tractors, electric forklifts, and internal combustion industrial trucks. The electric forklift segment is anticipated to expand significantly due to a rise in adoption of electric forklifts in retail warehouses and industrial shop floors. The terminal tractor segment is anticipated to expand at a steady pace owing to the expansion of marine logistics industry.
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IN terms of sales channel, the Port & Industrial Tire market can be segregated into OEM and aftermarket. The aftermarket segment accounted for a major share of the port & industrial tire market. The wear & tear nature of these tires demand periodic replacement of the tires and hence, the aftermarket accounted for a major share of the market.
Based on region, the global port & industrial tire market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe and North America held a notable share of the global port & industrial tire, in terms of volume. The presence of large industrial spaces and awareness about tire replacement have led Europe to dominate the global port & industrial tire market. The market in Asia Pacific is estimated to expand at a prominent growth rate during the forecast period owing to expansion of industries in China and India.
Key players operating in the global Port & Industrial Tire market include Bridgestone Corporation, Continental AG, Michelin, Nokian Tyres, CEAT, and The Goodyear Tire & Rubber Company.
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