Material Handling Equipment Tire Market Analysis

Material Handling Equipment Tire Market Analysis

To get key market trends

  Download Free Sample

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.