Material Handling Equipment Tire Market Size & Share 2024 - 2032
Market Size by Tire (Pneumatic, Solid), Equipment (Forklift, Conveyor, Industrial Cart), Sales Channel (Aftermarket, OEM), End User (Warehousing, Construction, Manufacturing, Retail & E-commerce) & Forecast.
Report ID: GMI7977
|
Published Date: January 2024
|
Report Format: PDF
Download Free PDF
Authors:
Preeti Wadhwani, Aishvarya Ambekar
Material Handling Equipment Tire Market Size
Material Handling Equipment Tire Market size was valued at USD 6.8 billion in 2023 and is estimated to register a CAGR of over 7% between 2024 and 2032. The market is rising owing to technological advancements in tire design and materials. The rising trend of automation in material handling equipment further accentuates the demand for high-performance tires. As industries prioritize efficiency and innovation, the integration of advanced tire technologies to meet evolving automation needs drives the expansion of the market.
Material Handling Equipment Tire Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Companies are incorporating technological advancements into tires for high-intensity operations, introducing state-of-the-art products with the latest upgrades for enhanced performance, thereby fueling significant market growth. For instance, in 2022, Trelleborg introduced the XP1000 material-handling tire, specifically designed for high-intensity applications. This tire is well-suited for operations in ports, warehouses, and shop floors, aiming to provide optimal traction and reduced vibration. By enhancing comfort and safety, lowering fuel consumption, and extending tire life, the XP1000 contributes to more cost-effective and sustainable operations in various industrial settings.
A substantial increase in infrastructure projects and ongoing introductions of new products accelerated the growth of the material handling equipment tires market. Increasing investments in the construction and logistics sectors worldwide propel demand for efficient material handling equipment, necessitating durable and high-performing tires. The industry's growth is further catalyzed by ongoing innovation, with frequent launches of new products catering to evolving market needs, establishing a dynamic and competitive landscape within the m market.
The rise in infrastructure projects spurred tire manufacturers to incorporate new features and introduce enhanced versions of their products. This proactive approach strengthens the market size by aligning tire offerings with evolving infrastructural needs, fostering increased demand and market expansion. For instance, in 2021, Mitas, a division of the Trelleborg Group, introduced the newly developed EX-01 tire. This model represents the initial radial tire designed for wheeled excavators, showcasing the unique non-directional EX-01 tread pattern and reinforced sidewall construction specifically crafted for dual mounting systems.
However, escalating raw material costs and global trade fluctuations pose challenges to the growth of the material handling equipment tire market. Companies are navigating these obstacles through strategic cost management and innovative approaches to maintain competitiveness. Moreover, these challenges are driving a focus on sustainable practices and exploring alternative materials, fostering a culture of adaptability and forward-thinking within the sector. This proactive response positions the industry to overcome hurdles and thrive in a dynamic global economic landscape.
Material Handling Equipment Tire Market Trends
The rising demand for electric forklift is accelerating a surge in non-marking tires, contributing to the transformation of the material handling equipment tires industry. This trend aligns with eco-friendly practices, as non-marking tires reduce carbon emissions and floor marking. As industries transition towards cleaner and sustainable solutions, the adoption of electric forklifts and the corresponding demand for non-marking tires play a pivotal role in driving the market's growth while meeting environmental standards.
Manufacturers are actively designing and producing the latest iterations of tires to meet specific requirements, offering a diverse range of options. For instance, in 2021, Trelleborg Wheel Systems, a supplier of tires and wheels, unveiled its latest tire range designed for forklift operations, known as the XP800. This new product line delivers outstanding performance in material-handling applications with a medium intensity level.
Material Handling Equipment Tire Market Analysis
Based on tire, the solid tires segment is expected to grow at fastest CAGR of over 8% through 2032, attributed to the inherent advantages of solid tires, offering puncture resistance, longer durability, and lower maintenance costs. Industries prioritize solid tires for their resilience in demanding environments, contributing to enhanced operational efficiency. With a steadfast demand for reliability and longevity, the solid tires segment continues to lead, maintaining a significant foothold in the market.
Based on the equipment, the forklift segment held over 55% of the material handling equipment tire market share in 2023, owing to its pivotal role in industrial operations. Forklifts are essential for efficient material handling across diverse sectors, emphasizing the significance of reliable tires. The forklift tires segment, with its specialized designs to withstand heavy loads and challenging environments, has become the preferred choice. This dominance is further fueled by the expanding industrial landscape, solidifying the forklift tires segment's position at the forefront.
Asia Pacific material handling equipment tires market accounted for 40% of the revenue share in 2023. Asia Pacific achieved a noteworthy share in the material handling equipment tires industry by leveraging robust industrial growth and increased manufacturing activities. The region capitalized on a burgeoning demand for efficient material handling solutions, driven by expanding economies. Favorable government initiatives and investments in infrastructure further propelled the demand for specialized tires. This sustained momentum, coupled with a proactive response to market dynamics, propelled Asia Pacific to the forefront of the industry, capturing the largest market share.
Material Handling Equipment Tire Market Share
Bridgestone Corporation and Michelin hold a significant market share of over 10% in the material handling equipment tire industry. These prominent companies expanded their market foothold by investing in research and development initiatives. By introducing innovative tire technologies tailored to the specific needs of diverse material handling applications, these players positioned themselves as industry innovators. Collaborative partnerships with manufacturers and end-users further amplified their market reach, enabling seamless integration of their tire solutions and solidifying their positions as key contributors to the industry.
Furthermore, these companies emphasized customer-centric strategies for improved market penetration. They provided a diverse array of customizable material handling equipment tires, catering to varying specifications and application needs. With expertise in tire design and manufacturing, coupled with a commitment to durability and performance, these firms heightened customer satisfaction. Their integrated approach to innovative tire solutions and customer-focused strategies significantly expanded their market presence, playing a pivotal role in shaping the market size.
Material Handling Equipment Tire Market Companies
Major companies operating in the material handling equipment tire industry are:
Material Handling Equipment Tire Industry News
The material handling equipment tire market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) and volume (Units) from 2018 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Tire
Market, By Equipment
Market, By Sales Channel
Market, By End-User
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →