Dublin, Nov. 01, 2024 (GLOBE NEWSWIRE) — The “Port and Industrial Tires – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global market for Port and Industrial Tires was estimated at US$8.8 Billion in 2023 and is projected to reach US$11.2 Billion by 2030, growing at a CAGR of 3.6% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth of port infrastructure, particularly in emerging markets such as Asia-Pacific and Latin America, is a key factor driving the demand for port and industrial tires. Ports serve as critical nodes in the global supply chain, handling massive volumes of goods and commodities that require the seamless operation of heavy machinery. As ports expand and modernize to accommodate larger vessels and increased cargo throughput, there is a corresponding need for high-performance tires that can support the intense operational demands of port environments.
Furthermore, the rise in automation and the adoption of advanced material-handling equipment in ports and logistics centers are influencing the specifications and performance requirements of industrial tires. Manufacturers are responding by developing tires with enhanced load-carrying capacities, greater resistance to punctures and wear, and improved traction on both paved and unpaved surfaces. As a result, port and industrial tires are becoming a cornerstone in supporting the efficiency and reliability of global trade and industrial operations.
The growth in the global port and industrial tires market is driven by several key factors, including the expansion of port infrastructure, increasing automation in material handling, and the rising demand for durable and long-lasting tires. One of the primary growth drivers is the ongoing expansion and modernization of port facilities worldwide. Ports are investing in state-of-the-art equipment and infrastructure to handle larger vessels and higher cargo volumes, which is generating substantial demand for high-performance tires that can support heavy machinery and intensive operations.
The growing number of container terminals, dry ports, and logistics hubs is also contributing to the demand for industrial tires, as these facilities require specialized tires for equipment such as gantry cranes, container handlers, and forklifts. The construction of new ports and the expansion of existing ones, particularly in emerging markets such as Southeast Asia, the Middle East, and Africa, are creating significant opportunities for tire manufacturers.
Another major growth driver is the increasing adoption of automation and advanced material-handling technologies in ports and industrial facilities. Automated guided vehicles (AGVs), autonomous forklifts, and robotic material handlers are being deployed to improve operational efficiency and reduce labor costs. These automated systems require tires that offer precise handling, low rolling resistance, and extended service life to operate effectively.
The integration of smart tire technologies, such as sensors and predictive maintenance tools, is also supporting the growth of the port and industrial tires market. These technologies enable operators to monitor tire conditions in real-time, optimize maintenance schedules, and reduce unplanned downtime, leading to improved overall operational efficiency. Additionally, the rising demand for energy-efficient and low-emission solutions is driving the development of eco-friendly tire options, such as low rolling resistance tires, which help reduce fuel consumption and greenhouse gas emissions.
Furthermore, the increasing focus on reducing total cost of ownership (TCO) is influencing purchasing decisions in the port and industrial tires market. Businesses are seeking tires that offer a balance of durability, performance, and cost-effectiveness to minimize operational expenses and maximize productivity. The trend towards using retreaded and remanufactured tires is gaining traction, as these options provide cost savings and environmental benefits by extending the lifecycle of tires.
The development of innovative retreading processes and high-quality tread compounds is enhancing the performance and reliability of retreaded tires, making them a viable alternative for heavy-duty applications. As the global demand for port and industrial tires continues to rise, driven by expanding industrial activities, technological advancements, and a focus on sustainability, the market is expected to experience sustained growth, with manufacturers and service providers capitalizing on emerging opportunities in both developed and developing regions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Aftermarket End-Use segment, which is expected to reach US$7.1 Billion by 2030 with a CAGR of a 3.9%. The OEM End-Use segment is also set to grow at 3.0% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $2.4 Billion in 2023, and China, forecasted to grow at an impressive 6.8% CAGR to reach $2.3 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Port and Industrial Tires market such as Balkrishna Industries Ltd., Bridgestone Corporation, Camso, Inc., Cheng Shin Rubber Ind. Co., Ltd., Continental Reifen Deutschland GmbH and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 163 |
| Forecast Period | 2023 – 2030 |
| Estimated Market Value (USD) in 2023 | $8.8 Billion |
| Forecasted Market Value (USD) by 2030 | $11.2 Billion |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Port and Industrial Tires – Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Increasing Investments in Port Infrastructure and Expansion Projects Expand Addressable Market for Tires
- Case Overview: Growth in E-Commerce and Logistics Drives Demand for High-Performance Port and Industrial Tires
- Increasing Adoption of Electric and Autonomous Vehicles in Ports Expands Opportunities for Specialized Tire Solutions
- Technological Advancements in Tire Design and Tread Patterns Propel Market Growth
- Case Overview: Growth in Mining and Construction Activities Bodes Well for Demand for Industrial Tires
- Technological Innovations in Puncture-Resistant and Anti-Skid Tires Propel Market Adoption
- Increasing Use of Data-Driven Tire Monitoring Systems Expands Market Opportunities for Smart Tires
- Technological Advancements in Radial and Tubeless Tires Propel Market Growth for Port and Industrial Applications
- Increasing Use of Recycled and Retreaded Tires Expands Market Opportunities for Sustainable Solutions
- Case Overview: Growth in Cold Storage and Refrigerated Warehousing Drives Demand for Specialty Industrial Tires
- Rising Demand for Heavy-Duty Tires in Port Cranes and Material Handling Equipment Expands Market Scope
FOCUS ON SELECT PLAYERS:Some of the leading 25 companies in the Port and Industrial Tires market include
- Balkrishna Industries Ltd.
- Bridgestone Corporation
- Camso, Inc.
- Cheng Shin Rubber Ind. Co., Ltd.
- Continental Reifen Deutschland GmbH
- Cooper Tire & Rubber Company Europe Ltd.
- Ecomega Europe Industries Srl
- Goodyear Tire & Rubber Company, The
- Magna Tyres Group
- Malhotra Rubbers Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/gcyv59
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- Port and Industrial Tires Market
