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Industrial Tires Market Segmented By tire ply such as Cross ply, Radial ply, Belted-bias ply having tire types such as Pneumatic tires and Solid tires
Industrial Tire are integral part of industrial vehicles such as forklifts, tractors, excavators, road rollers, and bucket loaders, which are used on smooth surfaces have a smooth tread, similarly soft surfaces typically have large tread features. Some industrial tires are designed to resist damage from chemicals, oils, and other materials that can destroy the tires.
Industrial Tires are widely used in application of industrial vehicles to carry out the day to day operations, which envisages the flexible movement of raw materials, labour, machinery and other equipment’s used in the process of manufacturing, construction and logistic industries for loading or excavating, lifting or material handling. Industrial Tire are considered to be used in off road vehicles for free and easy movement on uneven terrains.
Industrial Tires provide better surface qualities and bearing pressure that will not deform the surface excessively and used as medium of transportation in various industries, which find their major application in forklift vehicles, side loaders, trailer, telehandlers, and military vehicles, universal vehicles.
The key traits driving the industrial tire market are increased average life of vehicles, growing miles driven per year, increasing concern towards maintenance and safety, technological advancements leading to longer life of tires and other factors.
Demand for vehicles from the mining, construction and logistics sectors owing to surge the demand for the industrial tires markets. Also with tires being a replacement item will result in replacement or retrofit sales thus sustaining the growth of industrial tires market.
In developing countries, industrial tires are considerably attracting global markets in the growth of industries, mining, construction, defense sectors which is expected to drive the demand for industrial tires market in the upcoming years.
However, the industrial tires market facing major challenges due to limited quantum of off road vehicles sales and slowdown from end use sectors such as mining and industrial utilities in last 3 years.
The ongoing COVID-19 pandemic will act as a hindrance to mining, construction and industrial activities across all end use sectors, with the industrial sector to take the most hit and capital investments to be subdued. The new equipment including off road vehicles sales will be impacted during the ongoing period.
However, in spite of current downtime, with the resumption of mining and industrial sector operations followed by subsequent investments of equipment, the industrial tires market will foresee a gradual recovery spanning between 4-6 quarters of the ongoing fiscal.
|Based on the tire ply||
|Based on the tire type||
|Based on the design||
|Based on the application||
Asia-Pacific has been a prominent regional market contributing the high number of industrial tires manufacturers in the region, which has contributed to a significant share of the global industrial tires market.
Countries like India, China, Japan and South Korea are considerably increased the usage of industrial tires in the industrial, agriculture, construction and mining sectors has surged the sales in the region compared to other regions.
North America is the second key demand market for industrial tires, with significant demand. Also, large number of industrial tires manufacturers are based in USA, which makes it a supply hub for industrial tires in North America region.
The significant foreign direct investments of the industrial tires across Asia Pacific region aims to increase the market size across the region over the forecast period.
In Europe countries like Germany, France are anticipated to have prominent growth of industrial tires market owing to its application in various sectors.
List of some of the prominent market participants in industrial tires market are:
“The research report on industrial tires market presents a comprehensive assessment of the market and contain thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The industrial tires market report also contains projections using a suitable set of assumptions and methodologies. The research report on industrial tires market provides analysis and information according to market segments such as of product type, by installation and by material and by application.
The industrial tires market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The industrial tires market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The industrial tires market report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company