Material Handling Equipment Tire Market Size - By Tire (Pneumatic, Solid), Equipment (Forklift, Conveyor, Industrial Cart), Sales Channel (Aftermarket, OEM), End-User (Warehousing, Construction, Manufacturing, Retail & E-commerce) & Forecast, 2024 – 2032

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.
 

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:

• Alliance Tire Group (ATG)
• Balkrishna Industries Limited (BKT)
• Bridgestone Corporation
• Camso
• Carlstar
• Continental AG
• CST (Cheng Shin Tire)
• Guizhou Tyre Co., Ltd.
• Hankook Tire
• JK Tyre & Industries Ltd.
• Kenda Rubber Industrial Co., Ltd
• Maxam Tire International Ltd.
• Michelin Group
• Mitas Tires
• Nokian Tyres plc
• Shandong Linglong Tire Co., Ltd.
• Sumitomo Rubber Industries
• The Goodyear Tire & Rubber Company
• Trelleborg AB
• Yokohama Rubber Company
   

Material Handling Equipment Tire Industry News

• In December 2023, BKT, a division of Balkrishna Industries Ltd., an Indian multinational company, and a global leader in off-highway tires, unveiled state-of-the-art All-Steel Radial tires during the EXCON event.
   
• In February 2023, JK Tyre introduced three off-the-road tires at Bauma Conexpo 2023. The latest additions to their product lineup include the jet Trax ultima 6PR TL, Loader Champ 28PR E4/L4 TL, and jet Trax super II 4PR TL, expanding their existing product portfolio.
   

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

• Pneumatic
• Solid

Market, By Equipment

• Forklift
• Conveyor
• Industrial cart

Market, By Sales Channel

• Aftermarket
• OEM

Market, By End-User

• Warehousing
• Construction
• Manufacturing
• Retail & e-commerce

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA